The precision gearbox markett is set to grow from its current market value of more than 1 billion to over 1.4 billion. A rapid uptick in the usage of automated machinery and palpable development in robotics have fared well for precision gearbox market outlook. Precision gearbox helps in maintaining torque under specific speed limits and provides high reduction ratios, thereby propelling demand in robotics, machine tools and material handling applications.
North America accounted for over a-fifth of total revenue in precision gearbox market in 2018 and is expected to expand robustly during the assessment period 2019-2026. Although gearbox technology has gained traction in the past few years, commercialization of precision gearbox has witnessed an upward trend lately. When it comes to accuracy and reliability, advanced economies such as the U.S. and Canada have added further impetus and market value to precision gearboxes.
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Precision gearbox market share is witnessing remarkable growth rate in the wake of robust demand from end-users, including food & beverages, military & aerospace, and robotics. For instance, investment in military & aerospace activities has witnessed a huge uptick since a while. Notably, U.S. Department of Defense allocated over US$ 693 bn for military and defense budget in 2019.
When it comes to food & beverages, soaring investment in the development of food production facilities coupled with innate innovations in food and packaging technology is expected to remain catalyst in fueling precision gearbox market trends. In addition, uptick in investment in space exploration activities is likely to impel market trends.
Of late, demand for precision gearbox in manufacturing sector has been overwhelming for it enhances labor productivity, production rate, reduces labor turnover and lead time. As such, rising popularity of precision gearbox among end-users is expected to uphold growth in precision gearbox market.
Even though increasing use of direct drive motors may derail the growth of the industry, precision gearboxes are highly sought-after for medical and military & aerospace applications given the gearboxes propel their operational efficiencies.
Amid escalating US-China trade war, stakeholders are embracing long-term supply agreements in the U.S. to keep up with the product demand. As such, these factors are expected to augment the importance of the U.S. in fueling precision gearbox market share.
Right angle gearboxes have made a name for itself with compact design and capability to amalgamate with other gearboxes. Stakeholders tend to prefer right angle precision gearboxes for they provide high operational torque with accurate speed limits. Accordingly, Global Market Insights, Inc. has claimed a steady growth rate of 4% for right angle precision gearboxes during the assessment period 2019-2026.
Soaring popularity of precision gearboxes such as right angle, parallel and planetary are majorly attributed to upsurge in automation and use of automatic controlled machines in machine tools, material handling, medical, packaging, rubber & plastics, and woodworks, among others.
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Partial Chapter of the Table of Content
Chapter 4 Precision Gearbox Market, By Product
4.1 Global market product insights
4.2.1 Market estimates and forecast, 2017 - 2027
4.2.2 Market estimates and forecast, by region, 2017 - 2027
4.3 Right Angle
4.3.1 Market estimates and forecast, 2017 - 2027
4.3.2 Market estimates and forecast, by region, 2017 - 2027
4.4.1 Market estimates and forecast, 2017 - 2027
4.4.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 5 Precision Gearbox Market, By Application
5.1 Global market application insights
5.2 Military & Aerospace
5.2.1 Market estimates and forecast, 2017 - 2027
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3 Food, Beverage & Tobacco
5.3.1 Market estimates and forecast, 2017 - 2027
5.3.2 Market estimates and forecast, by region, 2017 - 2027
5.4 Machine Tools
5.4.1 Market estimates and forecast, 2017 - 2027
5.4.2 Market estimates and forecast, by region, 2017 - 2027
5.5 Materials Handling
5.5.1 Market estimates and forecast, 2017 - 2027
5.5.2 Market estimates and forecast, by region, 2017 - 2027
5.6.1 Market estimates and forecast, 2017 - 2027
5.6.2 Market estimates and forecast, by region, 2017 - 2027
5.7.1 Market estimates and forecast, 2017 - 2027
5.7.2 Precision gearbox market estimates and forecast, by region, 2017 - 2027
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