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 ...