The global Precision Gearbox Market is estimated to be valued at US$ 2872.06 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precision gearboxes are critical components used in various industrial applications including robotics, food processing machinery, packaging machinery and automated guided vehicles. They provide accurate and smooth transmission of power from one rotating shaft to another with high rigidity and precision. Precision gearboxes finds application where accuracy, repeatability and precision are of utmost importance.
Market key trends:
One of the key trends in the precision gearbox market is the increasing use of robots in agriculture. Agricultural robots are equipped with precision gearboxes to enable them navigate precisely through uneven fields and carry out tasks like weeding, spraying, harvesting with high accuracy. Their usage is growing due to shortage of labor and need to optimize farming operations. Precision gearbox allows agricultural robots to execute complicated maneuvers without damaging crops. Additionally, high accuracy agriculture robotics enabled by precision gearboxes help improve yield by optimized usage of inputs. Automation and robotics are considered crucial for sustainability of agriculture over the long run.
Segment Analysis
The precision gearbox market is segmented by product type, application and end user. Based on product type, worm gearbox segment dominates the market and accounted for around 31% of the overall sales in 2022. Worm gearboxes offer benefits like self-locking capability, compact design and ability to handle large loads with minimum input power requirement. These attributes make worm gearboxes highly suitable for applications requiring precision rotational movement like medical equipment, semiconductor manufacturing machines etc.
Key Takeaways
The global Precision Gearbox Market Growth is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing demand from medical devices industry.
Regional analysis
Asia Pacific is expected to grow at the fastest rate due to increasing manufacturing activities in countries like China and India. China dominates the precision gearbox market in the region holding around 25% market share in 2022 attributed to presence of large number of automotive and electronics manufacturers.
Key players
Key players operating in the precision gearbox market are Designatronics Inc., Grudel Group AG, igus GmbH, Harmonic Drive LLC, Designatronics Inc., Stöber Antriebstechnik GmbH and Co. KG, EGT Eppinger Getriebe Technologie GmbH, Cone Drive, Framo Morat, Apex Dynamics Inc., ATLANTA Drive Systems, Inc., GAM ENTERPRISES, INC., HIWIN Corporation, Wilhelm Vogel GmbH, DieQua Corporation, Motus Labs, Onvio LLC, and Georgii Kobold GmbH & Co. KG. The global precision gearbox market is fragmented in nature with top 5 players accounting for around 20% share.
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https://www.insightprobing.com/precision-gearbox-market-trends-size-and-share-analysis/
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