The global precision gearbox market size is expected to be worth around US$ 14.2 billion by 2030, according to a new report by Vision Research Reports.
The global precision gearbox market size was valued at US$ 5.4 billion in 2020 and is anticipated to grow at a CAGR of 12.9% during forecast period 2021 to 2030.
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Precision Gearbox Market (By Product: Planetary, Harmonic, Cycloidal; By Application: Military & Aerospace, Food, Beverage, & Tobacco, Machine Tools, Materials Handling, Packaging, Robotics, Medical, Others) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Report Coverage
| Report Scope | Details |
| Market Size | USD 14.2 billion by 2030 |
| Growth Rate | CAGR of 12.9% From 2021 to 2030 |
| Base Year | 2020 |
| Historic Data | 2017 to 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, Application |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | Nidec-Shimpo Corporation; Neugart GmbH; Bonfiglioli Riduttori S.p.A.; Nabtesco Corporation; Parker-Hannifin Corporation |
Growth Factors
Increasing implementation of automation technology in the production process is likely to propel the demand for the installation of robots, thereby driving 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. 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 market growth.
Report Highlights
The planetary precision gearbox segment dominated the market and accounted for the largest revenue share of about 80.0% in 2021. The product is increasingly used in several industrial and mobile applications, including track drives, mixing, pumps, auger and drilling drives, hoist drives, and cutter head drives.
Harmonic precision gearboxes are used across several industrial applications such as machine tools and electronic equipment. The high precision harmonic gearbox is used in robots and semiconductor devices that have compact designs and need high accuracy levels, whereas a low precision gearbox is used for antenna systems. Standard precision systems are most widely used in food and beverages and machine tools applications.
The robotics application segment dominated the market and accounted for the largest revenue share of about 29.0% in 2021. This growth can be attributed to the growing utilization of robotic devices, owing to the advantages they provide with respect to consistency and precision, high throughput rates, and minimization of waste and scrap.
The product is widely used in assembly with servo motors to drive the packaging process and play a crucial role in maintaining uniformity of product by driving the machine at a constant set speed, thus leading to its increased demand. In addition, these gearboxes have high torque efficiency that helps to increase the efficiency of packaging in manufacturing machines.
Asia Pacific dominated the precision gearbox market and accounted for the largest revenue share of 74.0% in 2021. This growth is owing to the growing utilization of robotics and automation technologies and advanced material handling equipment in several industries such as cement, metallurgy, and machine tools. China, India, and Japan are witnessing high investments by companies in industries such as cement and for the adoption of advanced systems for increasing their production capacity.
Key Players
- Nidec-Shimpo Corporation
- Neugart GmbH
- Bonfiglioli Riduttori S.p.A.
- Nabtesco Corporation
- Parker-Hannifin Corporation
Market Segmentation
- Product
- Planetary
- High Precision
- Low Precision
- Standard Precision
- Harmonic
- High Precision
- Low Precision
- Standard Precision
- Cycloidal
- High Precision
- Low Precision
- Standard Precision
- Planetary
- Application
- Military & Aerospace
- Food, Beverage, & Tobacco
- Machine Tools
- Materials Handling
- Packaging
- Robotics
- Medical
- Others
- Regional
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- South Korea
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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