July 19, 2021
According to the research report titled ‘Global Precision Gearbox Market Size study, by Axis of Orientation (In-line/Coaxial, Right Angle and Parallel), by Gear Technology (Planetary, Bevel, Helical, Spur and Others), by Application (Food & Beverage, Machine Tools, Materials Handling, Packaging, Robotics, Medical and Others), and Regional Forecasts 2021-2027’, available with Market Study Report LLC, global precision gearbox market size was remunerated at USD 2.69 billion in 2020 and is expected to multiply at a CAGR of 9.1% over 2021-2027.
As per the findings of the report, surging demand for automation in manufacturing vertical for improved productivity, and increasing deployment of robots are propelling global precision gearbox market growth. Besides, inclination towards tailored precision gearboxes is adding to the industry progression.
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In fact, Statista cites that the number of industrial robots installed worldwide climbed from 294000 in 2016 to 422000 in 2018. Similar progress in the field is anticipated to significantly contribute to the market development.
For the unversed, a precision gearbox is a mechanical device used to provide better assembly lines or tolerance machines as compared to traditional gearboxes in manufacturing industries. These devices can demonstrate over 90% efficiency by increasing or reducing the torque and changing speed within precise limits.
Supportive government initiatives for the expansion of manufacturing sector in emerging countries is projected to boost the product demand, positively impacting the business scenario.
Despite the favorable prospects, hefty cost of automation is likely to hinder worldwide precision gearbox industry remuneration over the study period.
Considering geographical ambit, Asia Pacific, North America, Europe, and Latin America are the key contributors to the overall market growth. Of these, Asia Pacific leads the growth forecast presently, attributable to reduction in prices of robots and computer numerical controllers, which resulted in a short payback time for the manufacturing equipment.
Meanwhile, Europe precision gearbox industry is poised to amass high profits over 2021-2027, creditable to increasing preference for automation due to unavailability of skilled workforce and growing workplace accidents.
Top companies profiled in the market report are The Timken Company, Dana Incorporated, SEW-Eurodrive GmbH & Co. KG, ABB Ltd., Rexnord Corporation, Siemens AG, Neugart GmbH, Wittenstein SE, and Bonfiglioli Riduttori S.p.A.