Selbyville, Delaware, June 23, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the precision gearbox market which estimates the market valuation for dry precision gearbox will cross US$ 1.4 billion by 2027. Rising atomization in manufacturing processes will propel precision gearbox market size.
The ongoing technological developments in robotics and increasing usage of automated controlled systems for various manufacturing operations including machining, processing, material handling or inspection, and component assembling will increase product penetration in the industry over the forecast timespan. Moreover, the product use in manufacturing facilities improves the production rate & labor productivity and reduces manufacturing lead time. These factors will induce significant growth potential in the industry landscape by 2027.
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Shifting focus toward energy conservation and efficient use of energy across various end-use sectors will have an opportunistic line for product demand in the industry over the forecast period. Rising popularity of direct drive systems in the streamlined arrangement of generators may restrict the market growth in the near term. Nevertheless, accelerating usage of these gearboxes in food, beverage & tobacco manufacturing applications will compound industry growth over the coming years.
Right angled precision gearbox industry will witness around 5% CAGR by 2027 led by its close-packed design, low maintenance, and orientation with other gearboxes. Additionally, these gearboxes offer excessive operational torque under precise speed limits, which makes them suitable for packaging machines, injection-molding machines, pick-and-place automation, conveyors, and linear slide applications.
Packaging applications is projected to witness around 4% CAGR in precision gearbox market through 2027 due to the increasing usage of this device in palletizing systems, pick-and-place applications, handling, and transport systems. Furthermore, increasing usage of automatic controlled machines or automation in machine tools, materials handling, and other packaging applications will surge product penetration in the industry in the near term.
The North America precision gearbox market accounted for a reasonable share of around 20% in 2020. It is attributed to its huge spending on military and aerospace activities. For instance, in 2020, the U.S. Department of Defense (DoD) allocated around USD 714 billion for military advancement, which is expected to increase to USD 733 billion in 2021. Furthermore, collective investments in aerospace exploration activities will positively influence product demand in the regional market over the coming years.
Some major findings of precision gearbox market report include:
- The ever-increasing use of automated control systems to improve operational reliability and accuracy of machines will positively encourage market growth
- Advancements in gearbox technology to play an important role in product penetration across the industry
- Growing automation in machine tools, materials handling equipment, and robotics structures will positively drive the precision gearbox market size
- Major players comprise Bonfiglioli, ABB Ltd., Siemens, Emerson, and SEW Eurodrive
- Key strategies implemented by product manufacturers to strengthen their competitive advantage in the market include joint ventures, product innovations, acquisitions, and mergers.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Precision gearbox market 3600 synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Precision Gearbox Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Vendor matrix
3.2.2 Distribution channel analysis
3.3 Technology & Innovation landscape
3.4 Regulatory landscape
3.4.1 U.S.
3.4.2 Europe
3.4.3 China
3.5 Precision gearbox Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Rising automation demand across wide applications
3.5.1.2 Increasing use of precision gearboxes in robotics
3.5.2 Industry pitfalls & challenges
3.5.2.1 Growing adoption of direct drive mechanism
3.6 Growth potential analysis
3.7 Competitive landscape, 2020
3.7.1 Company market share, 2020
3.7.2 Strategy dashboard
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Industry rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.