Global precision gearbox market from robotic applications will observe a CAGR of 6.5% over the years of 2016-2024. This growth can be primarily credited to the global surge in robotics, coupled with the rising demand for prosthetic joints to achieve precise mobility across the service robotics and manufacturing sectors.
The rising need for automation in the manufacturing and industrial sectors will heavily influence the growth of precision gearbox market, which held a valuation of USD 1.85 billion in 2015. These gearboxes are basically speed reducers with a compact design, high load capacity, and higher torque. They are designed to run smoothly with minimal maintenance, owing to which they are extremely suitable to be used for bottling, precise product positioning, assembly lines, packaging, and controlling conveyor belts, thereby stimulating precision gearbox industry.
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With a target revenue anticipation of more than USD 2.5 billion by 2024, Precision Gearbox Market will grow at a CAGR of 5.2% over 2016-2024. The era of automation is here to stay, as is evident from the many instances of daily life. Companies are striving to automate most of their processes to save on time and increase efficiency. For instance, ServiceNow, a massive Santa Clara-based cloud computing firm, recently launched an AI product named Intelligent Automation Engine, that is designed to be tailored exclusively to every customer’s account.
The extensive growth of the manufacturing and robotics sector in China will also contribute to China precision gearbox industry earning a significant revenue. China’s contribution toward global manufacturing industry was around 25% in 2016. This is a marked improvement from the 7% contribution that the country made in the year 2000. With a valuation of USD 270 million in 2015, China precision gearbox market is slated to observe a high growth rate over 2016-2024. The Chinese government is also introducing initiatives to help companies automate most of their processes, which will spur the regional precision gearbox industry.
The developing Material Handling Equipment Industry has been deploying automation on a large scale, subject to which precision gearbox industry is set to gain heavy traction over the coming years. This growth can be attributed to the increasing number of developments designed in new equipment. In addition, plant expansion, rising number of warehouses, and a substantial number of production facilities will fuel precision gearbox market in material handling applications.
Planetary, parallel, and right angle precision gearboxes, each designed with a specialized mechanism and end-use requirement, constitute the product landscape of precision gearbox industry. The material handling sector, in particular, makes use of special parallel gearboxes that use gear units. These units are mounted on shafts on parallel axes and are very convenient for usage in material handling and for conveyor belts. Parallel precision gearbox market, having been valued at USD 200 million in 2015, will witness a remarkable CAGR over 2016-2024.
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The surging demand for automation will also lead to the growth of precision gearbox industry from food, beverage, & tobacco applications. With a valuation of USD 170 million in 2015, precision gearbox market from food, beverages, & tobacco applications is anticipated to grow significantly over 2016-2024, subject to the growing consumption of packaged food and the huge requirement for operational efficient machinery in the sector.
Global precision gearbox market is quite fragmented, however the top players have already established a strong brand identity, posing a challenge to fresh players. Companies such as SEW Eurodrive, Siemens, and Brevini are strong participants in this market and they often engage in R&D activities to manufacture products with supremely high precision and accuracy.
Of late, companies have been focusing on manufacturing compact, lightweight, small-sized, and precise aluminum housing gears that find usage in low backlash and high transmission accuracy requirements. Increasing product demand for processes such as precise turning, bottling, food packaging, good transportation on conveyor belts, and fluid injection will heavily drive the growth of global precision gearbox market.
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U.S. precision gearbox industry from food, beverages, & tobacco applications is expected to chart out a profitable growth graph, as this regional market will concentrate on providing sustainable and cost-effective transportation, packaging, and production solutions. Manufacturers will achieve the highest rate of productivity at reasonable costs, by implementing automation to enable operational efficiency, thereby spurring U.S. precision gearbox market from food, beverage, and tobacco applications.
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