Precision Gearbox Market Size to Worth Around USD 6.8 Bn by 2030

Tokyo, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The global precision gearbox market size was valued at USD 3.38 billion in 2022. The model of the precision gearbox is aimed at providing maximum precision and accuracy in the field of technology. With the rapid development taking place in every sector the adoption of automation has become a common trend as a result of the high efficiency provided by the precision gearboxes. This advanced technology is highly resilient and increases the production with maximum accuracy at the same time. The structure of the precision gearbox is very compact and it can function at a very low frequency of noise as compared to the other traditional gearboxes.

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Various mechanical applications make use of these advanced devices and equipments in order to carry out the processes smoothly for multiple number of hours without letting the factor of fatigue coming in the way. The sectors of robotics, material handling and packaging mainly make use of the precision gearbox in order to increase they are total production in a shorter period of time.

Key Insights:

• In 2021, the planetary product segment generated 68% revenue share
• The harmonic segment is growing at a CAGR of 12.4% between 2022 to 2030
• In 221, robotics application segment hit market share of 20%
• In 2021, Asia Pacific region has generated 65% market share
• The North America precision gearbox market size was accounted at USD 427 million in 2021
  
  

Recent Developments

• In 2021- A proposal of offering around 4 million robots to the manufacturing and packaging sector has been put forward in order to boost the total production.
  
  

Why Asia Pacific region dominates the precision gearbox market?

• The Asia Pacific region has dominated the segment as a result of the maximum revenue return produced in this sector. As a result of the huge number of manufacturing units present in the countries belonging to this region the use of automated services has been adopted on a large scale in order to increase the total production of the companies in a shorter period of time and earn more profit.
• Presence of highly skilled labor force along with automated machines proves to be a major growing factor for the market.
• The developing status of the countries belonging to this region is mainly responsible for the extensive use of robotics and precision gearbox in the manufacturing process of the companies.
  
  

Why North America growing faster in the precision gearbox market?

• The North American market has recorded the fastest growth in terms of revenue and is foreseen to continue the same during the future period. Rapidly developing aerospace sector and the manufacturing process is related to it has proved to be very beneficial for the precision gearbox market.
• The use of precision gearbox has been mainly seen in the developing pharmaceutical sector and food industries that make use of conveyor belts in order to maintain a standard speed of production.

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Scope of the Report

Market Dynamics

Drivers

The increasing research and development carried out by the various key market players has led to the modernization of the manufacturing units with a view to increase the total production. The packaging industry proves to be a major driving force for the precision gearbox market as a result of the automatic machines which are put into use in order to maintain a particular speed and precision in the process. various different sectors are also making use of precision gearbox in order to make the devices technologically advanced to provide better results. The rapid use of precision gearbox in the aerospace manufacturing sector has also proved to be a major driving force for the growth of the market.

The inclusion of robotics in almost every field all over the world has increased the sales and demand of precision gearbox in the society. The increasing demand for automated systems in order to boost the production and efficiency by reducing the total cost of production has helped the market to record a considerable growth.

Restraints

The introduction of a self-driving system which is foreseen to be introduced in the current market proves to be a major challenge for the precision gearbox market as a result of the high chances of technical errors which have been projected by the key market players. The adoption of this system restrained the growth of the market as a result of the questions on its accuracy. Has proved to be a potential alternative in front of the precision gearbox market. These systems have the capacity to transmit power to the system directly by bypassing the mechanical components involved in the system such as belts, chains, pulleys and gears.

Opportunities

Adoption of automated machines in the manufacturing process all over the world has reduced the dependence on human workforce which proves to be uncertain as a result of the chances of fatigue which can be experienced over a long period of time. This factor can be dealt with the help of precision guided gearboxes which help to automate the process as per the requirements customized to obtain the maximum output. The inclusion of robotics in the manufacturing process has proved to be a boon for the key market players.

The packaging industry has made use of precision gearboxes to a great extent in order to increase the production by making use of the systems for long continuous hours which was not possible previously with the use of human labor force as it included a high investment process on the part of the manufacturers.

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Challenges

The high cost associated with the use of precision gearbox proves to be a matter of concern for the small-scale industries which do not possess much capital in order to adopt automated machines. Though the investment on skilled labor force is reduced the total cost of production increases as a result of the maintenance factor which involves with the use of robotics. In order to deal with the technical errors caused by the machines, skilled technicians are required to handle the process further. A lack of this labor force has proved to be a challenge for the growth of the market.

Market Segmentation

By Product

• Harmonic
• Cycloid
• Planetary
  
  

By Type

• Planetary Gearbox
• Worm Gearbox
• Helical Gearbox
• Bevel Gearbox
• Spiral Bevel Gearboxes
• Others (Flange Gearboxes, hypoid gearboxes etc.)

By Application

• Machine Tools
• Materials Handling
• Military & Aerospace
• Food, Beverage, & Tobacco
• Packaging
• Robotics
• Medical
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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