Precision Gearbox Market Anticipated to Expand at a CAGR of 9.6% by 2030 Due To Increasing Implementation Of Automation Technology

Precision Gearbox Industry Overview

The global precision gearbox market size was estimated at USD 2.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of  9.6% from 2022 to 2030

Rising awareness about the product benefits across various industries including military and aerospace, machine tools, material handling, robotics, and medical, is expected to drive the market growth over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Precision Gearbox Market

The market witnessed a steep decline in growth, owing to a lack of demand from the industrial sector. The government-imposed restrictions caused a temporary closure across a wide range of industries, which resulted in a lack of new installations and maintenance and repair of existing automation systems, thereby limiting product demand.

In addition, a large number of manufacturers suffered huge financial losses due to the pandemic, leading to a number of manufacturers opting to postpone the installation of new automation systems. However, the industry witnessed a significant rise in product demand from the medical sector, which benefitted the market.

The market in the U.S. is expected to be driven by increased military expenditure towards the adoption of advanced munition, advanced technology systems, and advanced targeting systems. In addition, the increasing installation of automation systems in several industries such as automotive, food and consumer goods, metals, and semiconductors is expected to drive the market.

Direct-drive actuators are likely to pose a threat of substitution owing to their benefits such as low maintenance, minimized cost, and compact design. However, a lack of precision in movements is likely to restrict its demand across the application industries. This is projected to keep the threat of substitution low.

Product manufacturers are forward integrated and engaged in the distribution and supply of the manufactured goods. This allows the manufacturers to gain a higher market share and build a stronger market position. In addition, the manufacturers prefer a consultative approach to provide optimum solutions and meet the exact consumer requirements.

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Precision Gearbox Market Segmentation

Grand View Research has segmented the global precision gearbox market on the basis of product, application, and region:

  • Precision Gearbox Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Planetary
      • High Precision
      • Low Precision
      • Standard Precision
    • Harmonic
      • High Precision
      • Low Precision
      • Standard Precision
    • Cycloidal
      • High Precision
      • Low Precision
      • Standard Precision
    • Precision Gearbox Application Outlook (Revenue, USD Million, 2017 - 2028)
      • Military & Aerospace
      • Food, Beverage, & Tobacco
      • Machine Tools
      • Materials Handling
      • Packaging
      • Robotics
      • Medical
      • Others
    • Precision Gearbox Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
    • Europe
    • Asia Pacific
    • Central & South America
    • Middle East & Africa (MEA)

Market Share Insights

  • August 2021: Parker Hannifin Corporation (NYSE: PH, “Parker”), the global leader in motion and control technologies, today confirms that the European Commission (“EC”) has cleared the acquisition of Meggitt PLC (“Meggitt”), conditional on full compliance with commitments offered by Parker.

Key Companies profiled:

Some of the prominent players in the precision gearbox market include:

  • Nidec-Shimpo Corporation
  • Neugart GmbH
  • Bonfiglioli Riduttori S.p.A.
  • Nabtesco Corporation
  • Parker-Hannifin Corporation

Order a free sample PDF of the Precision Gearbox Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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