July 19, 2024
Precision Gearbox Market

Accelerating Automation Trend Projected to Boost the Growth of Precision Gearbox Market

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 gearbox refers to gear system that provides high precision motion transmission along with minimum noise, backlash, and chatter. It offers precise motion control and high torque in limited space. Precision gearboxes find major application in automation industries where consistent torque and speed are critical. It is integrated in machine tools, assembly lines, packaging machines, food processing equipment, medical devices and robotics. Growing automation in various industries has boosted demand for precision gearboxes to achieve high output with accuracy.

Market key trends:
Rising adoption of robotics across industries is a major trend fueling precision gearbox market growth. Industrial robots have integration of precision gearboxes to perform wide range of material handling and assembling applications. Growing healthcare sector is another factor propelling market demand. Medical devices rely on precision gearboxes for applications like diagnostic imaging, patient monitoring, surgical robots and more. Stringent regulations regarding workplace safety has increased adoption of industrial robots which in turn is driving demand for precision gearboxes. Precision agriculture is also witnessing integration of robots with gearboxes for agricultural automation. Developing economies are witnessing rapid industrialization which will further create opportunities for precision gearbox suppliers.
Porter’s Analysis
Threat of new entrants: The precision gearbox market requires high initial investment costs, thereby limiting the threat of new entrants. Additionally, existing players have established brand names and distribution networks.
Bargaining power of buyers: Customers have moderate bargaining power due to availability of substitutes and presence of regional and global players offering similar precision gearbox products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternate raw material suppliers and dependence on smooth supply chain for operations.
Threat of new substitutes: Threat of new substitutes is low as precision gearboxes are highly engineered products with no close substitutes that can replicate their performance.
Competitive rivalry: The precision gearbox market features intense competition among key global and regional players due to their international presence.

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 for precision equipment across industries such as material handling, robotics, aerospace, medical and electronics.

Regional analysis
North America dominated the market in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to presence of key players and higher demand for precision gearboxes from end use industries such as robotics, material handling and medical in the region. Asia Pacific is projected to witness fastest growth during the forecast period, led by countries such as 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