Precision Gearbox Industry Overview
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.
Precision Gearbox Market Segmentation
Grand View Research has segmented the global Precision Gearbox market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Planetary, Harmonic, and Cycloid
- Planetary precision gearbox led the market and accounted for about 67% share of the revenue in 2021. The product is increasingly used in several industrial & mobile applications, including track drives, mixing, pumps, auger & drilling drives, hoist drives, and cutter head drives.
- The high precision harmonic gearbox is used in robots and semiconductor devices that have compact designs and need high accuracy levels, whereas, the low precision gearbox is used for antenna systems; and standard precision systems are most widely used in food, beverage & tobacco, and machine tools
Based on the Application Insights, the market is segmented into Military & Aerospace, Food, Beverage, & Tobacco, Machine Tools, Materials Handling, Packaging, Robotics, Medical, and Others
- The robotics application segment led the precision gearbox market and accounted for more than 19% share of the global revenue in 2021. The demand for the application can be attributed to the growing utilization of robotic devices, owing to the advantages they provide concerning consistency & precision, high throughput rates, and minimization of waste & scrap.
- The market growth in material handling applications is expected to be driven by their wide usage in bucket elevators and stacker reclaimer drives to control their movement and speed.
- The manufacturers are providing customized gearboxes to food, beverage & tobacco companies, with high torque density and high precision to improve the output of food processing equipment. In addition, they offer products with advanced safety protection to avoid contamination of food products due to corrosion of gearboxes.
Precision Gearbox Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
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.
Some prominent players in the global Precision Gearbox market include:
- 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
Order a free sample PDF of the Precision Gearbox Market Intelligence Study, published by Grand View Research.
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