Precision Gearbox Market 2022 Deep Analysis of Current Trends and Future Demand by Top Key Players By 2030

Posted by Mrudula Karmarkar on December 22nd, 2022

The global precision gearbox market size is expected to reach USD 5.72 billion by 2030, as per a new report by Grand View Research Inc. The market is anticipated to expand at a CAGR of 9.6% from 2022 to 2030. Increasing implementation of automation technology throughout the production process is likely to propel the demand for the installation of robots and is anticipated to drive the growth of the market.

The presence of a large number of raw material suppliers, providing multiple options to product manufacturers is projected to result in low bargaining power. In addition, the low switching cost for manufacturers is expected to decrease the bargaining power of suppliers. Hence, the bargaining power of suppliers is low to medium.

The increasing product demand in the medical industry is anticipated to benefit the market growth. In addition, the outbreak of the coronavirus pandemic across the globe has promoted the demand for medical equipment, which is anticipated to further benefit the growth of the market for precision gearbox in the forthcoming years.

The market is characterized by the presence of established players with a strong financial base, as a result, the entry barriers are high. In addition, the manufacturers are heavily investing in the development of application-specific precision gearboxes, which further provides a competitive edge to the manufacturers. Thus, the threat of new entrants is expected to be low.

Rising awareness about the product benefits across various industries including, military & aerospace, machine tools, material handling, robotics, and medical, is expected to drive the market growth. The market witnessed a steep decline in growth, owing to the lack of demand from the industrial sector. The government imposed restrictions caused a temporary closure across a wide range of industries, which resulted in a lack of new installations and maintenance and repair of existing automation systems, thereby limiting the product demand.

In addition, a large number of manufacturers suffered huge financial losses due to the pandemic, leading to a number of manufacturers opting to postpone the installation of new automation systems. However, the industry witnessed a significant rise in product demand from the medical sector, which benefitted the growth of the market during the forecast period.

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https://www.grandviewresearch.com/industry-analysis/precision-gearbox-market/request/rs1

The market in China is expected to be driven by an increase in the adoption of several advanced material handling equipment such as wagon tipplers, belt conveyor systems, and bucket elevators for easy movement and handling and materials, in the cement industry. In addition, the adoption of advanced robotic systems in warehousing as per the trend of zero-labor warehousing in China is expected to benefit the growth of the market.

Direct-drive actuators are likely to pose a threat of substitution owing to their benefits such as low maintenance, minimized cost, and compact design. However, a lack of precision in movements is likely to restrict its demand across the application industries. This is projected to keep the threat of substitution low.

Precision Gearbox Market Report Highlights

  • Harmonic precision gearboxes are expected to witness the fastest CAGR of 12.4% over the forecast period, on account of their broad application scope including rotary tables, positioning systems, industrial robots, and cutting machines across various industries
  • Military and aerospace application is expected to reach USD 728.7 million by 2030, owing to high investments by governments across several countries toward the adoption of advanced and dependable equipment in the defense sector, such as electro-optical targeting systems, gimbal systems, periscope systems, and smart munitions
  • The market in North America was estimated to be valued at USD 360 million in 2021, owing to investments by several companies in the adoption of advanced material handling equipment in steel, power generation, and cement industries
  • The growth of the market in China is expected to be driven by the adoption of advanced robotic systems in the warehousing as per the trend of zero-labor warehousing
  • The market is competitive owing to the presence of several multinational players that are primarily consolidated in Europe and North America, whereas, the Asia Pacific exhibits a limited presence of the established players

Product manufacturers are forward integrated and engaged in the distribution and supply of manufactured goods. This allows the manufacturers to gain a higher market share and build a stronger market position. In addition, the manufacturers prefer a consultative approach to provide optimum solutions and meet the exact consumer requirements.

Key industry participants spend heavily on product innovation and customized products to meet customer needs. Continuous Research & Development (R&D) in designing has led to the introduction of a compact and miniature-sized precise lineup of gearboxes used in robotics and motion control industrial applications.

Key industry players are expected to maintain their position in the market by introducing innovative products, thereby expanding their product portfolio. The product launches with advanced features and customized product offerings are likely to strengthen the position of the industry players.

List of Key Players in the Precision Gearbox Market

  • Harmonic Drive LLC
  • NIDEC-SHIMPO CORPORATION
  • Stöber Antriebstechnik GmbH and Co. KG
  • WITTENSTEIN SE
  • GAM ENTERPRISES, INC.
  • DieQua Corporation
  • Neugart GmbH
  • Apex Dynamics, Inc.
  • Sumitomo Drive Technologies
  • Nabtesco Corporation
  • Cone Drive
  • Hiwin Corporation

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Mrudula Karmarkar

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Mrudula Karmarkar
Joined: March 30th, 2020
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