Global Precision Gearbox Market to Grow at 9% During 2024-2032, Bolstered by Continual Technological Advancements

May 20, 2022 | Automotive Industry

The latest report by IMARC Group, titled “Precision Gearbox Market Report by Axis of Orientation (In-Line/Coaxial, Right Angle, Parallel), Gear Technology (Planetary, Bevel, Helical, Spur, and Others), End Use Industry (Food and Beverage, Machine Tools, Materials Handling, Packaging, Robotics, Medical, and Others), and Region 2024-2032,” finds that the global precision gearbox market is expected to grow at a CAGR of 9% during 2024-2032. A precision gearbox refers to a mechanical device that increases or decreases the torque by changing speed under specific limits. It consists of two or more gears where one gear on the input shaft is driven by a motor that drives the lay shift in order to rotate gears on the main shaft for its functioning. Precision gearbox is specifically designed to provide extreme accuracy and precision in automation. It is compact and features low noise operation as compared to conventional gearboxes. A precision gearbox is known to reduce the reflected inertia by the square of the reduction ratio. It also offers high precision, efficiency, power density, and tolerance, due to which it finds applications in aircraft, spacecraft, and land-based defense vehicles and systems. It is also utilized across a wide variety of industries such as material handling, medical, robotics, packaging, machine tools, and food and beverages.

Global Precision Gearbox Market Trends: 

The market is primarily driven by the significant growth of the manufacturing industry. Precision gearbox improves the efficiency and reliability in production and reduces the delays and faults in the processes, including bottling, assembly lines, and packaging. Nowadays, the growing need for automation across various industries to enhance productivity and reliability as well as achieve energy efficiency is facilitating the demand for precision gearboxes. With the advent of coronavirus disease (COVID-19) pandemic worldwide, the medical, pharmaceutical, and food and beverage sectors are deploying robots in their manufacturing processes to avoid manual operation and ensure minimal human intervention. This represents another major growth-inducing factor. Moreover, technological advancements, along with the introduction of lightweight and highly efficient product variants, are creating a positive outlook for the market. Furthermore, extensive investments by companies in industries, such as cement and steel, for the adoption of advanced systems for increasing their production capacity are also contributing to the market growth further.

Market Summary: 

  • Based on the axis of orientation, the market has been segmented into in-line/coaxial, right angle, and parallel.
  • On the basis of gear technology, the market has been classified into planetary, bevel, helical, spur, and others.
  • The market has been categorized based on the end user industry into food and beverage, machine tools, materials handling, packaging, robotics, medical, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being ABB Limited, Apex Dynamics Inc., Bonfiglioli Riduttori S.p.A., Dana Incorporated, Güdel Group AG, Melior Motion GmbH, Nabtesco Corporation, Neugart GmbH, Nidec-Shimpo Corporation (Nidec Corporation), Rexnord Corporation, SEW-EURODRIVE GmbH & Co. KG, Siemens AG, The Timken Company, and Wittenstein SE.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Axis of Orientation, Gear Technology, End Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered ABB Ltd., Apex Dynamics Inc., Bonfiglioli Riduttori S.p.A., Dana Incorporated, Güdel Group AG, Melior Motion GmbH, Nabtesco Corporation, Neugart GmbH, Nidec-Shimpo Corporation (Nidec Corporation), Rexnord Corporation, SEW-EURODRIVE GmbH & Co. KG, Siemens AG, The Timken Company and Wittenstein SE
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Precision Gearbox Market to Grow at 9% During 2024-2032, Bolstered by Continual Technological Advancements
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