PRECISION GEARBOX MARKET ANALYSIS

Precision Gearbox MarketSize and Trends

The global precision gearbox market size was valued at US$ 2,632.5 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 9.1% from 2023 to 2030. Increasing demand for automation from various industries including military & aerospace, food & beverage, machine tools, material handling, packaging and robotics is expected to drive the market of precision gearbox. The automation process involves replacement of manual labor with automated machines which reduces operational costs and increase total output production. Rising investments in the regional manufacturing landscape are also projected to fuel the demand of this machinery.

Global Precision Gearbox Market Trends:

Growing use of automation and robotics in emerging countries is a recent trend

According to Coherent Market Insights, robotics applications accounted for nearly 30% of the precision gearbox market in 2020. Increasing use of artificial joints and limbs for robots used in manufacturing and humanoid robots for achieving precise movements for different service and industrial operations is likely to drive the demand for precision gearboxes. Thus, this trend is likely to continue in the global precision gearbox market over the forecast period.

Increasing mergers and acquisition among market players is another trend

Major players in the global precision gearbox market are increasingly adopting growth strategies such as mergers and acquisitions to strengthen their product offerings. For instance, in March 2019, Nidec Corporation announced the acquisition of DESCH Antriebstechnik GmbH & Co. KG and its group companies. With this acquisition, the position of Nidec-Shimpo Corporation has been strengthen in the sales and manufacturing of precision reduction gears in the market of Europe. This trend is anticipated to continue in the global precision gearbox market over the forecast period.

Global Precision Gearbox Market: Key Companies Insights

The global precision gearbox market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R & D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global precision gearbox market are Designatronics Inc., Grudel Group AG, igus GmbH, Harmonic Drive LLC, Designatronics Inc., Stöber Antriebstechnik GmbH and Co. KG, EGT Eppinger Getriebe Technologie GmbH, Cone Drive, Framo Morat, Apex Dynamics Inc., ATLANTA Drive Systems, Inc., GAM ENTERPRISES, INC., HIWIN Corporation, Wilhelm Vogel GmbH, DieQua Corporation, Motus Labs, Onvio LLC, and Georgii Kobold GmbH & Co. KG