The global precision gearbox market size was estimated to be US$ 2.25 billion in 2020 and is expected to reach US$ 5.15 billion by 2031 at a CAGR of 7.8%.
A precision gearbox refers to a mechanical device that is broadly used to offer higher resistance when compared with traditional gearboxes. These devices are machined to deliver a productivity of over 90% by expanding or diminishing the force and modifying speed under exact regulations. Involving at least two cog wheels, their utilization helps with saving space as they contain smaller part constructions. They work at low-frequency sound and are appropriate for applications that require low speed. Accordingly, they fit across broad applications in different industries including material handling sector, clinical, advanced mechanics, packaging, machine tools, food and refreshments.
The gear system is broadly utilized in combination with servo engines to drive the packaging system and assume a pivotal part in keeping up with consistency of product by driving the machine at a steady set speed, accordingly maintaining its expanded demand in the market for cited reason. What's more, these gearboxes have high productivity that helps with expanding the proficiency of packing in assembling machines.
The manufacturers are giving evolved gearboxes to food and refreshment organizations, with high-energy density and high precision, to work on the production of food handling hardware. Also, the products for food industry come with health assurance to stay away from contamination of food items because of coming in contact with gearboxes.
The worldwide market is going through a paradigm shift and digitalization is penetrating across various sectors. Alongside this, there has been an impressive rise in the deployment of robots in the manufacturing process as a solution to the episode of the Covid19 across the globe. This has resulted into constant requirement for robotization across the clinical, drugs, and food and beverage sector to stay away from manual activities and guarantee the least human intervention in the manufacturing and packaging activities.
This is going about as a significant development inciting factor. Besides, nonstop industrial progressions are expected to make a positive perspective for the market. Various players are presently working on lightweight and exceptionally effective gear variations in the market that are acquiring evident applications that require low backfire and higher transmission accuracy. Different factors, including the rising inclination towards custom-made precision gearboxes and the booming use in the automotive area, are likewise adding to the market development at present.
The planetary precision gearbox segment ruled the market and represented the biggest income share around in 2020. Harmonic precision gearboxes are utilized across a few industrial applications, for example, machine devices and electronic hardware. The high precision consonant gearbox is utilized in robots and semiconductor devices that need high accuracy levels, though a low precision gearbox is utilized for receiving wire systems. Standard precision systems are most generally utilized in food and drinks and machine tools applications.
The industrial technology application segment was seen dominating the market and represented the biggest income share during 2020. This development can be credited to the increased use of automated devices, resulting from the benefits they give namely, consistency and precision, high throughput rates, and minimization of waste and scrap generated.
The market development in material handling uses is relied upon to be driven by their wide utilization in bucket elevators and stacker reclaimer drives to control their motion and speed. Precision gearboxes help to regularize the movement of transport lines and conveyor belts by keeping up with the necessary speed of activity of the hardware.
In Europe, the market is seeing wide product use as a substitute for modern gearboxes, resulting from the capacity to perform dreary errands with higher consistency and precision. What's more, the developing use of computer based intelligence and AI is relied upon to drive the use of Robotics and Advanced(R&A) machinery innovations to perform industrial activities with high exactness and within less time.
Precision Gearbox Market Value Share Analysis, by Geography (2022)
The report titled “Precision Gearbox Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032” wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the Precision Gearbox Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The Precision Gearbox market is segmented as product, application, and region. Based on product, the Precision Gearbox market is segmented into Planetary (High Precision, Low Precision, Standard Precision.), Harmonic (High Precision, Low Precision, Standard Precision.), Cycloidal (High Precision, Low Precision, Standard Precision.), Others. Based on application, the Precision Gearbox market is segmented into Military & Aerospace, Food, Beverage, Tobacco, Machine Tools, Materials Handling, Packaging, Robotics, Medical, other.
Based on geography, the Precision Gearbox Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Italy, France, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, UAE, South Africa and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Precision Gearbox Market. Further, market share of prominent companies in the Precision Gearbox Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Precision Gearbox companies. The Precision Gearbox Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the Precision Gearbox business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the Precision Gearbox Market.
The key players of the Precision Gearbox Market are Siemens AG, ABB Ltd., Apex Dynamics Inc., SEW-EURODRIVE GmbH & Co. KG, Dana Incorporated, Güdel Group AG, Melior Motion GmbH, Nabtesco Corporation, Nidec-Shimpo Corporation (Nidec Corporation), Rexnord Corporation, The Timken Company, and others.
Precision Gearbox Market Key Segments:
Based on product
Based on Application
The global precision gearbox market size was estimated to be US$ 2.25 billion in 2020.
Precision Gearbox market To witness CAGR of 14.6% through 2031.
Siemens AG, ABB Ltd., Apex Dynamics Inc., SEW-EURODRIVE GmbH & Co. KG, Dana Incorporated, Güdel Group AG, Melior Motion GmbH, Nabtesco Corporation, Nidec-Shimpo Corporation (Nidec Corporation), Rexnord Corporation, The Timken Company.
Prominent applications of precision gear box include Military & Aerospace Food, Beverage ,Machine Tools, Materials Handling, Packaging, Robotics, Medical.
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