New York, United States , July 11, 2024 (GLOBE NEWSWIRE) -- The Global Precision Gearbox Market Size is to Grow from USD 2.92 Billion in 2023 to USD 7.48 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 9.86% during the projected period.
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Precision gearboxes are industrial machinery that reduces the speed of conveyor belts in the food and pharmaceutical industries while maintaining a constant rate of output. It decreases raw material waste while increasing machine efficiency through lower energy consumption. The constantly growing aerospace sector is expected to enhance the precision gearbox market over the forecast period. A precision gearbox is a mechanical device that provides greater tolerance than standard gearboxes. These devices are machined to achieve greater than 90% efficiency by varying torque and speed within specific limitations. Their use saves space because they have compact component designs and are constructed up of two or more gears. They utilize low-frequency vibrations and are suitable for low-speed applications. Increasing demand for novel agricultural machinery, artificial intelligence (AI)-based programs, and rising government funding are among the most important factors driving the precision gearbox market worldwide. Furthermore, Gearbox failures might arise as the consequence of unplanned system interactions or the effects of operation modes. The majority of these errors are caused by bearings instead of gears.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Precision Gearbox Market Size, Share, and COVID-19 Impact Analysis, By Product (Planetary, Harmonic, and Cycloid), By Application (Military & Aerospace, Food, Beverage, & Tobacco, Machine Tools, Materials Handling, Packaging, Robotics, Medical, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The planetary segment dominated the market with the highest market share of the precision gearbox market during the projected timeframe.
Based on the product, the precision gearbox market is divided into planetary, harmonic, and cycloid. Among these, the planetary segment dominated the market with the highest market share of the precision gearbox market during the projected timeframe. This is connected to the growing demand for planetary precision gearboxes due to their profitable qualities. Planetary precision gearboxes are applied in equipment such as servo systems, conveyors, wheel drives, and coil tubing injectors. These gearboxes are profitable due to their great power density and efficiency, among other factors.
The robotics segment is expected to grow at the fastest CAGR of the precision gearbox market during the projected timeframe.
Based on the application, the precision gearbox market is categorized into military & aerospace, food, beverage, & tobacco, machine tools, materials handling, packaging, robotics, medical, and others. Among these, the robotics segment is expected to grow at the fastest CAGR of the precision gearbox market during the projected timeframe. Due to the growing use of robotics for precise movement in many different applications. Several organizations are focusing on giving customization to robotic system makers for use in a variety of industrial applications. This is driving the use of precision gearboxes in the industry, which is projected to drive the segment's growth.
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North America is expected to hold the largest share of the precision gearbox market over the forecast period.
North America is expected to hold the largest share of the precision gearbox market over the forecast period. The region's rise can be credited to indicate such as increased investment in the adoption of innovative material handling equipment in industries such as power generation, cement, and steel. In addition, rising military and aerospace industry expenditure on advanced technological systems, smart munitions, and motion control systems contributes to the growth of the worldwide precision gearbox market in North America.
Asia Pacific is predicted to grow at the fastest pace in the precision gearbox market during the projected timeframe. The widespread adoption of precision gearboxes for material handling applications in sectors like metallurgy and cement in nations like China, Japan, India, and South Korea is anticipated to propel the industry's expansion in the Asia Pacific region. Furthermore, it is anticipated that the increasing consumption of processed and packaged products in a number of the region's nations is going to open up new growth prospects for the industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the precision gearbox market include DieQua Corporation, Neugart GmbH, Hiwin Corporation, SEW-EURODRIVE GmbH & Co KG, Cone Drive, Apex Dynamics, Inc., Sumitomo Drive Technologies, Nabtesco Corporation, Wilhelm Vogel GmbH, Sureservo, Onvio LLC, PARKER HANNIFIN CORP, Harmonic Drive LLC, and others.
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Recent Developments
- In January 2022, Schaeffler purchased Melior Motion GmbH, a precision gearbox supplier for robots and other applications. Schaeffler improved its robotics offerings as a result of the acquisition.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the precision gearbox market based on the below-mentioned segments:
Global Precision Gearbox Market, By Product
- Planetary
- Harmonic
- Cycloid
Global Precision Gearbox Market, By Application
- Military & Aerospace
- Food, Beverage, & Tobacco
- Machine Tools
- Materials Handling
- Packaging
- Robotics
- Medical
- Others
Global Precision Gearbox Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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