Precision Gearbox Market worth USD 2.5 Billion by 2024
Published Date: February 9, 2017 Author: Global Market Insights, Inc.
Precision Gearbox Market size is set to exceed USD 2.5 billion by 2024; as per a new research report by Global Market Insights, Inc.
Growing automation demand in machine tools, food & beverage processing and tobacco industry, materials handling and packaging applications will support the industry growth. The manufacturing industry is focused towards developing gearboxes of small size and lower weights, thus driving the precision gearbox market.
Advancements in robotic systems will support precision gearbox market demand owing to its precise positioning. Moreover, increased focus towards reducing overall weight of the robot will increase the hard-plastic components demand used in the business. Customized precision gearboxes are gaining popularity to support the application-specific machine requirements. A variety of strong, compact, and cost-effective gear drives are manufactured to cope with complex designs.
Companies are focusing towards collaboration of human and robots, also known as collaborative robots for simplified applications. Commercialization of co-bots will further support the demand for precision gearbox market over the forecast period.
Regulations governing this industry mainly pertain to efficient operation and energy consumption. The U.S. has defined regulations regarding the use of precision gearbox in ANSI standard for robotic applications. Similarly, in Europe, the CE mark on products entitles them free circulation in European Economic boundary. Growing adoption of direct drive mechanisms will hamper the precision gearbox market over the forecast timeline. It eliminates gear usage in power transmission by taking power from input shaft without any reductions, thus improving the efficiency of the mechanism.
Browse key industry insights spread across 115 pages with 71 market data tables & 57 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 (U.S., Canada, Germany, UK, France, Russia, China, Japan, South Korea, India, Brazil, Mexico), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Planetary segment accounted for more than 70% of 2015 overall industry revenue. These are niche rather than standard products which provide greater volatility in the precision gearbox industry. Parallel precision gearbox market size was over USD 200 million in 2015. The parallel gearboxes use shaft-mounted gear units on parallel axes which are ideal for use in conveyors and other material handling applications.
Ability to perform low speed cutting operations in range of different materials will increase the demand for these products in machine tool applications. The materials handling industry is influenced by rising transportation of goods and changing overall consumption patterns. Growing consumption of fast foods in smaller packages will drive demand across the packaging sector.
U.S. F&B and tobacco industry is focused towards competitive pricing along with sustainable production, packaging, and transportation solutions. This operational efficiency can be achieved by adopting automation solutions enabling manufacturers to develop high-quality products at lower costs. Rising automation needs in the U.S. will further support the market over the next eight years. Europe precision gearbox market share was responsible for over 30% of overall 2015 revenue and will grow significantly throughout the forecast timeline.
The industry participants focus on providing unique selling propositions by offering characteristics such as speed reducers with higher torque, high efficiency up to 96%-98% and maintenance-free construction. Some of the competitors are Brevini, SEW Eurodrive and Siemens.
Precision gearbox market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2012 to 2024, for the following segments:
- Right Angle
- Military & aerospace
- Food, beverage & tobacco
- Machine tools
- materials handling
The above information is provided on a regional basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America