December 18, 2019
According to the research report titled ‘Precision Gearbox Market Size By Product (Parallel, Right Angle, Planetary), By Application (Military & Aerospace, Food Beverage & Tobacco, Machine Tools, Material Handling, Packaging, Robotics, Medical), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’ available at MarketStudyReport.com, the global precision gearbox market is projected to cross USD 3 billion by the year 2026.
Advancements in robotics technology, in consort with growing inclination towards automated processes across various applications are major factors driving the precision gearbox market growth. Precision gearbox aids in maintaining torque under specified speed limits. These products offer high reduction ratio, hence are used in robotics, material handling, and machine tools applications. Moreover, utilization of precision gearbox technology in operations improves the productivity of labor and boosts production rate. This factor, coupled with surging need of robotic control systems to enhance reliability and accuracy of operations is aiding the precision gearbox market expansion.
On the other hand, direct drive motors are an efficient alternative to precision gearbox systems. Hence, rising adoption of direct drive motors among consumers may impede the growth of the industry. However, growing utilization of precision gearbox for medical, aerospace, and military applications will fuel the market demand by the year 2026.
In terms of product type, right angle precision gearbox market is expected to grow with a CAGR of 4% through the year 2026, due to their compact design and capability to be integrated with other gearboxes. These gearboxes are used extensively in operations that need high torque under speed limits.
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Considering geographical landscape, North America held 20% revenue share of precision gearbox market in 2018 and is estimated to grow substantially during the forecast period. This growth is attributed to escalating investments in aerospace & military activities. For instance, in 2019, the Department of Defense in US allocated USD 693 million for military & defense sector. Moreover, mounting investments in space exploration activities will further fuel the demand for precision gearbox systems across the region.
The prominent companies operating in the precision gearbox industry are Oerlikon Graziano Drive Systems, Horsburgh & Scott, David Brown Engineering, David Brown Engineering, Cone Drive Operations, Brevini Power Transmission, Siemens, SEW Eurodrive, Rexnord, Emerson, Bonfiglioli, and ABB Ltd.
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