Precision Gearbox Market size worth around $3.1bn by 2026
Published Date: October 30, 2019 Authors: Kiran Pulidindi, Hemant Pandey
Precision Gearbox Market size will likely surpass USD 3.1 billion by 2026; according to a new research report by Global Market Insights, Inc.
Precision gearbox is a set of integrated gear system that helps to alter torque under precise speed limits. Precision gearboxes are usually driven by motors that provides initial movement to the input shaft, which then drives layshaft followed by main shaft for its operation. Precision gearboxes offer high reduction ratios which increases there demand in robotics, machine tools, and materials handling for various applications.
Increasing automation demand across extensive applications to drive growth
Escalating automation and use of several control systems as functioning equipment i.e., use of automated machinery and processes with reduced or minimal human intervention in manufacturing industry will further drive the precision gearbox market growth in the coming years. Advancements and innovation in robotic structures will further boost the demand of precision gearboxes for precise positioning of robotic movements. Additionally, growing popularity to support specific machine needs for different application has increase the use of customized precision gearboxes over the recent years. A variety of compact, strong and cost-effective gear drives are produced to manage complex designs. Moreover, the production sector is focused towards the advancing gearboxes with compact, precise and cost-effective gear drivers that operates under high accuracy and find application in several end-use sectors.
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Well-framed regulations will augment precision gearbox market growth
Regulations in various regions governing this sector mainly focuses on energy consumption, conservation and efficient functioning. For instance, United States has defined several regulations under ANSI standards that specify the use of precision gearbox for robotic applications. Likewise, in Europe, the certification mark (CE) on products indicates conformity with environment, health, and safety protection standards for products traded within the European Economic Zone. However, increasing adoption of direct drive units may restrict the growth of precision gearboxes over the forecast spell. This is because these drives not only eliminate the use of gears for the transmission of power but also improves the overall efficiency of the device. Nevertheless, increasing use of precision gearbox in medical and military & aerospace applications will further propel precision gearbox market share in the near-term.
Browse key industry insights spread across 115 pages with 81 market data tables & 22 figures & charts from the report, “Precision Gearbox Market Size By Product (Parallel, Right Angle, Planetary), By Application (Military & Aerospace, Food Beverage & Tobacco, Machine Tools, Material Handling, Packaging, Robotics, Medical), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Precision gearbox market is broadly segmented in products, applications and regions, where the product segment includes planetary, right angle, and parallel precision gearboxes. Whereas, the applications segment includes military & aerospace, food, beverage & tobacco, machine tools, materials handling, packaging, robotics, and medical applications.
Accuracy and reliability of planetary precision gearbox will drive growth
By product, the industry is largely classified into planetary, parallel and right angle precision gearboxes. Here, parallel precision gearboxes generate a revenue of USD 268.8 million in 2018 and is anticipated to expand with a significant rate over the near term. This is due to the increasing use device to transmit rotary motion between parallel shafts and the shaft rotating in opposite directions. Moreover, improving innovations in gears have enabled many companies to produce small, precise and light-weight aluminum housing gears, which are used for applications that require high transmission accuracy with minimal backlash.
Automation in manufacturing activities will positively drive growth in robotics
Precision gearbox market on application basis is classified into military & aerospace, materials handling, machine tools, food, beverage & tobacco, packaging, robotics, medical and other applications, where other applications mainly includes woodworks. Here, Material handling is likely to observe a steady growth of 3.8% during the forecast spell. This is due to rising advancements in the newly installed equipment. Additionally, increase in manufacturing facilities, construction of new warehouses and extension of plants will support the application of material handling equipment in the near-term. Precision gearbox application in machine tools holds a fair share in the segment, which is due to rise in automation and operational efficient machineries that finds wide usage in manufacturing sector.
Asia Pacific will dominate the precision gearbox market over the forecast span
Asia Pacific is likely to dominate the market with growth rate of more than 5% from 2019 to 2026, which is due to rise in investments from North America and Europe in the regional manufacturing sector. For instance, in 2018, Germany and UK had invested over USD 32 billion in Asia, which is half of the total European investment in the region. Moreover, as per World Economic Forum (WEF), UK investments in Asian markets is twice as that in Europe, with India accounting the greatest share. Additionally, growing automation in robotics, materials handling, and machining will further propel the market growth by 2026.
Market is highly fragmented as local manufacturers holds considerable share in many regions
Some prominent players in the precision gearbox market share includes ABB Ltd, Bonfiglioli, Siemens, SEW Eurodrive, and Emerson. Whereas, other manufacturers in the industry are Rexnord, Brevini Power Transmission, Curtis Machine Company, Cone Drive Operations, David Brown Engineering, Oerlikon Graziano Drive System, Horsburgh & Scott etc.