December 5, 2024

Growing Automotive Industry to Boost the Growth of Precision Gearbox Market

Precision gearboxes are mechanical devices that are used to transmit motion between two rotating shafts through gears. They are designed for applications that demand high accuracy, repeatability, low backlash, and minimum run out. Precision gearboxes provide accurate positioning and motion control capabilities. They offer advantages such as high torque to weight ratio, load carrying capacity, smooth transmission of motion between shafts, and ability to reduce or increase speed. Rapid automization across industries and growing applications of precision gears in automation systems, robotics, medical devices, and aerospace industry are driving the demand for precision gearboxes.

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 key trends:

 

One of the key trends in the precision gearbox market is the growing adoption of gearboxes integrated with servo motors. Servo motor integrated precision gearboxes offer enhanced performance and precision for motion control applications. Another major trend is the growing demand for electric precision gearboxes. Electric precision gearboxes are advantageous over hydraulic or pneumatic gearboxes as they provide quiet operation, energy efficiency, reduced maintenance requirements, and greater design flexibility. Miniaturization of precision gearboxes is also a key trend in the market, aided by advancements in materials and manufacturing processes. Miniaturized precision gearboxes enable development of smaller industrial robots, medical devices, high-precision instrumentation, and automation equipment.

 

Porter’s Analysis:



Threat of new entrants: Precision gearbox requires high technical expertise and initial investments which acts as a barrier for new players. Regulations also play a role in restricting new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, customized gearboxes give an edge to existing players.

Bargaining power of suppliers: Suppliers have low bargaining power due to availability of alternative component suppliers and integrated manufacturing processes.

Threat of new substitutes: Products like electric motors pose minimal threat currently due to precision and efficiency advantages of gearboxes.

Competitive rivalry: The precision gearbox market is dominated by global established brands and price competition is low due to customized systems.

Key Takeaways:



The Global Precision Gearbox Market Size  is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing demand from industrial machinery and automation.

Regional analysis:

North America dominated the global precision gearbox market in 2023, owing to extensive presence of large multinational robotics and automation equipment manufacturers in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by rapid industrialization and expanding manufacturing sector in developing economies like China and India.

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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

 

Ravina
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Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

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