Precision Gearbox Market Size, Share & Trends Analysis Report By Product (Planetary, Harmonic, Cycloid), By Application (Robotics, Military & Aerospace), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global precision gearbox market size was estimated at USD 2.5 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 9.6% from 2022 to 2030. Rising awareness about the product benefits across various industries including, military & aerospace, machine tools, material handling, robotics, and medical, is expected to drive the market growth. The market witnessed a steep decline in growth, owing to the lack of demand from the industrial sector. The government imposed restrictions caused a temporary closure across a wide range of industries, which resulted in a lack of new installations and maintenance and repair of existing automation systems, thereby limiting the product demand.

In addition, a large number of manufacturers suffered huge financial losses due to the pandemic, leading to a number of manufacturers opting to postpone the installation of new automation systems. However, the industry witnessed a significant rise in product demand from the medical sector, which benefitted the growth of the market during the forecast period.

The market in China is expected to be driven by an increase in the adoption of several advanced material handling equipment such as wagon tipplers, belt conveyor systems, and bucket elevators for easy movement and handling and materials, in the cement industry. In addition, the adoption of advanced robotic systems in warehousing as per the trend of zero-labor warehousing in China is expected to benefit the growth of the market.

Direct-drive actuators are likely to pose a threat of substitution owing to their benefits such as low maintenance, minimized cost, and compact design. However, a lack of precision in movements is likely to restrict its demand across the application industries. This is projected to keep the threat of substitution low.

Product manufacturers are forward integrated and engaged in the distribution and supply of manufactured goods. This allows the manufacturers to gain a higher market share and build a stronger market position. In addition, the manufacturers prefer a consultative approach to provide optimum solutions and meet the exact consumer requirements.

Product Insights

Planetary precision gearbox led the market and accounted for about 67% share of the revenue in 2021. The product is increasingly used in several industrial & mobile applications, including track drives, mixing, pumps, auger & drilling drives, hoist drives, and cutter head drives. Their high efficiency, high power density, and low backlash make them ideal for usage in several applications such as material handling equipment, machine tools, and food, beverage & tobacco processing.

Planetary precision gearboxes are one of the most commonly used gearing systems, utilized in several industrial & mobile applications, including track drives, mixing, pumps, auger & drilling drives, hoist drives, and cutter head drives. Planetary precision gearboxes are generally used for applications that need high accuracy and reliability of the system.

Harmonic precision gearboxes are used across several industries in applications such as machine tools, and electronic equipment. The high precision harmonic gearbox is used in robots and semiconductor devices that have compact designs and need high accuracy levels, whereas, the low precision gearbox is used for antenna systems; and standard precision systems are most widely used in food, beverage & tobacco, and machine tools applications.

The cycloidal precision gearbox is primarily utilized for applications that require precise and accurate positioning properties. These gearing systems display better shock resistance characteristics as compared to industrial gearboxes, thus driving their demand over the forecast period. The primary advantage of the cycloidal gearbox is the property of zero or near-zero backlash, leading to high accuracy and precision for the system.

Application Insights

The robotics application segment led the precision gearbox market and accounted for more than 19% share of the global revenue in 2021. The demand for the application can be attributed to the growing utilization of robotic devices, owing to the advantages they provide concerning consistency & precision, high throughput rates, and minimization of waste & scrap.

The market growth in material handling applications is expected to be driven by their wide usage in bucket elevators and stacker reclaimer drives to control their movement and speed. Precision gearboxes help to regularize the right movement of conveyer belts and wagon tipplers by maintaining the required speed of operation of the equipment.

The product is widely used in assembly with servo motors for driving the packaging manufacturing process and plays a crucial role in maintaining uniformity of product by driving the machine at a constant set speed, thus leading to its increased demand. In addition, these gearboxes have high torque efficiency that helps to increase the efficiency of packaging in manufacturing machines.

The manufacturers are providing customized gearboxes to food, beverage & tobacco companies, with high torque density and high precision to improve the output of food processing equipment. In addition, they offer products with advanced safety protection to avoid contamination of food products due to corrosion of gearboxes.

Regional Insights

Asia Pacific region led the market and accounted for over 64% share of global revenue in 2021. The region has the largest market share owing to the growing utilization of robotics and automation technologies and advanced material handling equipment in several industries such as cement, metallurgy, and machine tools. China, India, and Japan are witnessing high investments by companies in industries such as cement and steel for the adoption of advanced systems for increasing their production capacity.

The rapid growth in the military and aerospace industry in U.S. and Canada is expected to drive the market growth in North America. Precision gearboxes are utilized in several military applications such as smart munitions, periscope systems, and electro-optical targeting systems. Precision gearboxes are also used in motion control systems in aircraft.

The market in Europe is witnessing wide product adoption as a substitute for industrial gearboxes, owing to the ability to perform repetitive tasks with higher uniformity and precision. In addition, the growing adoption of technologies such as Artificial Intelligence (AI), and machine learning, is expected to drive the usage of Robotics and Advanced (R&A) machinery technologies to perform industrial operations with high accuracy and less time.

Growth of the medical sector in the Middle East & Africa is anticipated to benefit the product demand over the forecast period. Factors such as the rising focus on prevention and well-being rather than simple treatment are projected to propel the demand for medical devices. Expansion of the medical industry is projected to fuel the product demand to ensure the smooth functioning and efficiency of devices.

Key Companies & Market Share Insights

Key industry participants spend heavily on product innovation and customized products to meet customer needs. Continuous Research & Development (R&D) in designing has led to the introduction of a compact and miniature-sized precise lineup of gearboxes used in robotics and motion control industrial applications.

Key industry players are expected to maintain their position in the market by introducing innovative products, thereby expanding their product portfolio. The product launches with advanced features and customized product offerings are likely to strengthen the position of the industry players. Some prominent players in the global precision gearbox market include:

• Harmonic Drive LLC

• NIDEC-SHIMPO CORPORATION

• Stöber Antriebstechnik GmbH and Co. KG

• WITTENSTEIN SE

• GAM ENTERPRISES, INC.

• DieQua Corporation

• Neugart GmbH

• Apex Dynamics, Inc.

• Sumitomo Drive Technologies

• Nabtesco Corporation

• Cone Drive

• Hiwin Corporation

• Wilhelm Vogel GmbH

• Sureservo

• SEW-EURODRIVE GmbH & Co KG

• Onvio LLC

• PARKER HANNIFIN CORP

• ATLANTA Drive Systems, Inc.

• Framo Morat

• Güdel Group AG

• SWG Solutions

• Bonfiglioli Riduttori S.p.A.

• EGT Eppinger Getriebe Technologie GmbH

• ABB Motors and Mechanical Inc.

• Ondrives Ltd.

• Designatronics Inc.

• Genesis Robotics

• Motus Labs

• GEORGII KOBOLD GmbH & Co. KG

• igus GmbH 

Precision Gearbox Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global precision gearbox market report based on technology, product, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Planetary

    • High Precision

    • Low Precision

    • Standard Precision

  • Harmonic

    • High Precision

    • Low Precision

    • Standard Precision

  • Cycloid

    • High Precision

    • Low Precision

    • Standard Precision

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Military & Aerospace

  • Food, Beverage, & Tobacco

  • Machine Tools

  • Materials Handling

  • Packaging

  • Robotics

  • Medical

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE