New York, Aug. 09, 2023 (GLOBE NEWSWIRE) -- A Detailed Research By Consegic Business Intelligence, Harmonic Drive Market is expected to witness significant growth at a remarkable CAGR of 9.6% during the forecast period of 2023-2030. This growth is attributed to the increasing demand for industrial robots in operational facilities. The market is also driven by rising automation. The market was sized at USD 915.19 million in 2022 and is expected to reach over USD 1,870.10 million by the year 2030.
Harmonic drive is a mechanical speed changing system used to increase the torque and reduce gear ratio in rotary machines. Harmonic drive comprises of three main components including circular spline, flexspline, and wave generator. Additionally, the circular spline consists of internal teeth attached to the external teeth of flexspline. The wave generator has an elliptical shape to act as a link between rollers within flexspline.
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Furthermore, harmonic drives are used to increase output torque in manufacturing machinery, milling, robotics arm, and others. Harmonic drive has a wide range of applications in medical equipment, aerospace equipment, robotics, semiconductors, printing, packaging, laser cutting technology, and others.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 1,870.10 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 9.6% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Beijing CTKM Harmonic Drive, China Trans-tech Co., Ltd, Cone Drive, GIGA Precision Technology Co., Limited, Harmonic Drive, Harmonic Drive LLC, Harmonic Drive SE, Leaderdrive, Nidec Drive Technology America Corporation, Ningbo Totel Imp. & Exp. Co., Ltd, Zhejiang Laifual Drive Co., Ltd |
| By Type | Cup Style, Hat Style, Ring Style, Pancake Style, and Others |
| By Material | Steel, Aluminium, Stainless Steel, and Others |
| By Sales Channel | Online and Offline |
| By Application | Robotics, Medical Equipment, Semiconductors, Aerospace Equipment, Printing, Packaging Equipment, Laser Cutting Technology, Measurement & Test Equipment, and Others |
| By End User | Automotive, Aerospace and Defense, Electronics & Semiconductor, Healthcare, Retail, Manufacturing and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
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Global Harmonic drive Market Growth Drivers:
Rising automation and growing adoption of industrial robots are driving the growth of harmonic drive market
Various factors including growing automation and rising adoption of innovative medical equipment are propelling the growth of harmonic drive market. Additionally, increasing adoption of industrial robots for operational facilities is promoting the growth of harmonic drive market.
Restrains:
High cost of maintenance and manufacturing are hindering the growth of harmonic drive market
The high cost of manufacturing is hampering the growth of the harmonic drive market. The manufacturing complexities are hampering the growth of the harmonic drive market. Additionally, high maintenance costs are limiting the growth of the harmonic drive market.
Opportunity:
Increasing inclination towards lightweight, compact solutions will create growth opportunities for harmonic drive market
The rising inclination towards lightweight and compact solutions will create growth opportunities for harmonic drive market. Additionally, increasing demand for industrial robots in operational facilities of various industries including automotive, healthcare, manufacturing, and others will strengthen the growth opportunities for harmonic drive market.
Global Harmonic Drive Market Segmentation Details:
Based on Type, the cup style segment accounted for the major market share for the year 2022 due to rising demand for cup style to provide high precision torque density. Additionally, increasing demand for high performance robots in various industries including automotive, healthcare, manufacturing, and others is propelling the growth of cup style segment in harmonic drive market.
Based on Material, stainless-steel segment is expected to grow during the forecast period due to increasing adoption of stainless steel for component manufacturing. Additionally, growing demand for efficient and cost-effective raw materials for manufacturing is promoting the growth of stainless steel segment in harmonic drive market.
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Based on Sales Channel, the online segment is expected to grow during the forecast period owing to increasing digitalization and rising technological developments. Moreover, increasing internet penetration is driving the growth of online segment in harmonic drive market.
Based on Application, robotics segment accounted for major market share in harmonic drive market in the year 2022 due to increasing technological advancements. Additionally, increasing demand for industrial robots in various industries including manufacturing, aerospace, healthcare, and others is promoting the growth of robotics segment in harmonic drive market. Moreover, rising technological developments in robotics sector are propelling the growth of robotics segment in harmonic drive market.
Based on End User, the automotive segment accounted for the largest market share in the year 2022 due to rising adoption of industrial robots and increasing automation. Moreover, the growing number of industrial robots in operation facilities is promoting the growth of automotive segment in harmonic drive market.
Based on region, Asia Pacific holds a major market share of harmonic drive market due to technological advancements in automotive, healthcare, manufacturing, and other industries. Additionally, increasing adoption of industrial robots for operational facilities is driving the growth of harmonic drive market in Asia Pacific region.
Recent Developments
- In September 2020, Harmonic Drive LLC launched a new series of CSF-ULW, the ultra-lightweight gearhead. The various features of CSF-ULW include zero backlash, high efficiency, smooth operation, and high torsional stiffness.
Key Market Highlights
- Globally, Harmonic Drive are divided based on the type into cup style, hat style, ring style, pancake style, and others.
- In the context of material, the market is separated into steel, aluminium, stainless steel, and others.
- Based on the sales channel, the market is bifurcated into online and offline.
- On the basis of application, the market is categorized into robotics, medical equipment, semiconductors, aerospace equipment, printing, packaging equipment, laser cutting technology, measurement & test equipment, and others.
- In the context of end user, the market is divided into automotive, aerospace and defense, electronics & semiconductor, healthcare, retail, manufacturing, and others.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- Asia Pacific is estimated to support the market growth during the forecast period in terms of the technological advancements in robotics, automotive, healthcare, manufacturing, and others combined with increasing adoption of industrial robots.
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List of Major Global Harmonic Drive Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
-
- Beijing CTKM Harmonic Drive
- China Trans-tech Co., Ltd.
- Cone Drive
- GIGA Precision Technology Co. Limited
- Harmonic Drive
- Harmonic Drive LLC
- Harmonic Drive SE
- Leaderdrive
- Nidec Drive Technology America Corporation
- Ningbo Totel Imp. & Exp. Co., Ltd.
- Zhejiang Laifual Drive Co., Ltd.
Global Harmonic Drive Market Segmentation:
- By Type
- Cup Style
- Hat Style
- Ring Style
- Pancake Style
- Others
- By Material
- Steel
- Aluminium
- Stainless Steel
- Others
- By Sales Channel
- Online
- Offline
- By Application
- Robotics
- Medical Equipment
- Semiconductors
- Aerospace Equipment
- Printing
- Packaging Equipment
- Laser Cutting Technology
- Measurement & Test Equipment
- Others
- By End User
- Automotive
- Aerospace and Defense
- Electronics & Semiconductor
- Healthcare
- Retail
- Manufacturing
- Others
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Key Questions Covered in the Harmonic Drive Market Report
- What will be the potential market valuation for the Harmonic Drive market by 2030?
- The market valuation for the harmonic drive Market is expected to be approximately USD 1,870.10 million by 2030 owing to the increasing adoption of industrial robots.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the industrial Ethernet switch market's growth in the coming years?
- Asia Pacific is anticipated to witness the fastest CAGR during the forecast period due to the increasing technological advancements in automotive, manufacturing, healthcare, and other industries.
- What specific segmentation details are covered in the Harmonic Drive market report, and how do dominating segment is impacting the market growth?
- The robotics sector dominates the market in 2022 due to increasing adoption of industrial robots in various industries including automotive, manufacturing, healthcare, aerospace, and others. Industrial robots offer enhanced productivity and time efficiency.
- What specific segmentation details are covered in the Harmonic Drive market report, and how is the fastest segment anticipated to impact the market growth?
- The healthcare sector will emerge as the fastest segment owing to the increasing adoption of robots for drug development, pharmaceutical dispensing, hospital logistics, and other applications. Mobile robots are used for medical equipment transportation and hospital logistics.
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