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The global precision gearbox market grew at a CAGR of around 6% during 2015-2020. A precision gearbox refers to a mechanical device that is widely used to offer higher tolerance as compared to conventional gearboxes. These devices are machined to exhibit an efficiency of more than 90% by increasing or decreasing the torque and altering speed under precise limits. Comprising two or more gears, their use assists in saving space as they contain compact component structures. They operate at low-frequency noises and are suitable for applications that require low speed. As a result, they find extensive applications in various industry including material handling, medical, robotics, packaging, machine tools and food and beverages.
The global market is primarily driven by the increasing automation across various industries to enhance productivity and reliability, achieve energy efficiency and significantly reduce labor costs. Precision gearboxes form a crucial component of the systems that are extensively being deployed for automating processes, which, in turn, is providing a boost to their sales. Along with this, there has been a considerable rise in the deployment of robots in the manufacturing sector as a response to the rapid outbreak of the coronavirus disease (COVID-19) across the globe. This has created an incessant need for automation across the medical, pharmaceuticals, and food and beverage sectors to avoid manual operations and ensure minimum human intervention in the manufacturing and packaging processes. This, in turn, is acting as a major growth-inducing factor. Furthermore, continual technological advancements are anticipated to create a positive outlook for the market. Numerous players are now introducing lightweight and highly efficient product variants in the market that are gaining widespread prominence in applications that require low backlash and higher transmission accuracy. Other factors, including the rising preference for tailored precision gearboxes and the increasing product utilization in the automotive sector, are also contributing to the market growth. Looking forward, IMARC Group expects the global precision gearbox market to exhibit moderate growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global precision gearbox market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, axis of orientation, gear technology and end use industry.
Breakup by Axis of Orientation:
Breakup by Gear Technology:
Breakup by End Use Industry:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
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