Precision Gearbox Market size worth around $1.4 Bn by 2027

Precision Gearbox Market size is slated to reach USD 1.4 billion by 2027; according to a new research report by Global Market Insights Inc.
 

The ever-increasing use of various control systems and automation of operational equipment with minimal or reduced human intervention in manufacturing facilities will primarily boost the precision gearbox industry growth. Additionally, the rising popularity of advanced and innovative robotic structures for specific machine output in different applications has increased the usage of customized precision gearboxes. The shifting focus of manufacturers toward advanced gearboxes with precise, compact & cost-effective gear mechanism with high accuracy support product application.
 

Regulations governing this industry mainly concentrate on energy conservation, consumption, and efficient working. For instance, the U.S. has outlined multiple regulations under ANSI standards that stipulate the use of gearbox for robotic applications. Similarly, in Europe, the certification mark (CE) on goods indicates compliance with health, safety & environment protection standards for products. The rising adoption of direct drive units to reduce the implementation of gears for power transmission may hinder precision gearbox market demand. Nevertheless, the growing use of precision gearboxes in military & aerospace applications will further propel product penetration.
 

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Browse key industry insights spread across 115 pages with 81 market data tables & 22 figures & charts from the report, “Precision Gearbox Market Size By Product (Parallel, Right Angle, Planetary), By Application (Military & Aerospace, Food, Beverage & Tobacco, Machine Tools, Material Handling, Packaging, Robotics, Medical), COVID-19 Impact Analysis, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/precision-gearbox-market
 

Parallel precision gearboxes are anticipated to witness over 5.5% CAGR through 2027 owing to the increasing usage of this device to transmit rotary motion between parallel shafts and shafts rotating in opposite directions. Moreover, recent development in gears have empowered many manufacturers to produce small, lightweight and precise aluminum housing gears, used in applications requiring high transmission accuracy.
 

Automation in material handling equipment will positively drive market growth

Rising technological advancements in newly installed material handling equipment are likely to observe around 4.5% CAGR in precision gearbox market till 2027. Additionally, the growing construction & expansion of new warehouses and manufacturing facilities along with the rise in automation and operational efficient machinery across the globe will support the usage of precision gearboxes in the industry.
 

Expanding manufacturing facilities across Europe to surge the demand

Europe market captured around 30% revenue share in 2020 driven by increasing government investments in the domestic manufacturing sector. The German government in 2020 announced an investment of more than USD 1.8 billion in large-scale domestic production of industrial and automotive batteries.
 

Joint ventures, acquisitions, and mergers to upsurge market foothold

Key participants in the precision gearbox market include Bonfiglioli, ABB Ltd., Siemens, Emerson, and SEW Eurodrive. Other industry players include Brevini Power Transmission, Rexnord, Curtis, David Brown Engineering, Horsburgh & Scott, Cone Drive Operations, Oerlikon Graziano Drive System, etc.