Global Precision Gearbox Market

Global Precision Gearbox Market is expected to reach US$ 3.9 Billion by 2026 from US$ 2.3 Billion in 2017 at a CAGR of 6.04% during forecast period. Global precision gearbox industry share is driven by technological advancements to improve energy efficiency. Speed reducers with higher torque, maintenance-free construction, smooth running, compact design, high load capacity and lower costs are some of the characteristics of these products which manufacturers are providing as their unique selling propositions. Emerging applications such as robotics will create demand for highly precise movements fulfilled by these products. Rising automation requirements in the manufacturing sector will drive the precision gearbox market size for use in assembly lines, controlling conveyor belts, bottling, packaging, and precise positioning of products. Presence of substitutes like direct drive systems may hamper the global market share. These products eliminate the use of gears, thus reducing the weight and complexity, and increasing the efficiency as there is no energy loss. The shift from using coil-driven to permanent magnet driven products has reduced the overall costs of the direct drive systems. Simulation of direct drives through software leads to more accurate power conversion as investments are saved in simulation processes. Precision Gearbox market is segmented based on product, application and geography. By product segment, the market is segmented into parallel, right angle and planetary. By applications, the market is segmented as military & aerospace, food beverage & tobacco, machine tools, material handling, packaging, robotics and medical. Robotic precision gearbox dominates the market with over 50% share and will exhibit rapid growth over the forecast timeframe. This can be credited to increased demand in prosthetic limbs and joints for balancing and achieving precise movements in service and industrial robotics applications. Geographically, the Precision Gearbox market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is expected to be largest market for Precision Gearbox during the forecast period. Rising manufacturing base with increased focus towards minimum operational costs & increased accuracy will support the demand over the forecast timeframe. Several countries have adopted their national regulations with international recommendations (IEC 60034-1), resulting in temperature classes, coolant temperatures, and temperature rise limits of the gearboxes under permissible values in any region.