The latest report by IMARC Group, titled “Precision Gearbox Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global precision gearbox market is expected to grow at a CAGR of 10.44% during 2022-2027. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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.
- 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.
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