Precision Gearbox Machinery Market Size

Precision Gearbox Machinery Market Size

Precision Gearbox Machinery Market size crossed USD 5 billion in 2021 and is projected to expand at 6% CAGR from 2022 to 2028.

Technological advancements in the manufacturing sector to improve energy efficiency, accuracy, and reliability in operations is likely to fuel the industry growth. With the Industry 4.0, many companies are focusing on automating the assembly line with the help of robotics. These robots use precision gearboxes for accurate picking and placing of the objects with high torque & low noise features. The market players offer precision gearboxes that enable maintenance-free construction, high load capacity, and compact design robots.

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Rising demand for automating the manufacturing process to improve production and reduce faults & delays in the processes will surge the demand for precision gearbox machinery. Customized precision gearboxes machinery is gaining traction in the market to support application-specific requirements. According to the 2021 World Robot Report, the employment of industrial robots in industries throughout the world is rapidly increasing with 126 robots for every 10,000 employees.

The COVID-19 pandemic had a major impact on the precision gearbox machinery market in the first half of 2020 due to the temporary shutdown of manufacturing plants during the lockdown period. The market observed a surge in product sales during the second half of 2020, led by the digitization of manufacturing processes in various sectors. This has significantly accelerated the demand for precision gearbox machinery that helps to design transmission systems used in vehicles. Rapid expansion in the automobile sector owing to the increasing demand for electric vehicles has enhanced the market revenue.