Precision Gearbox Market Size To Reach $5.72 Billion By 2030

Precision Gearbox Market Growth & Trends

The global precision gearbox market size is expected to reach USD 5.72 billion by 2030, as per a new report by Grand View Research Inc. The market is anticipated to expand at a CAGR of 9.9% from 2024 to 2030. Increasing implementation of automation technology throughout the production process is likely to propel the demand for the installation of robots and is anticipated to drive the growth of the market.

The presence of a large number of raw material suppliers, providing multiple options to product manufacturers is projected to result in low bargaining power. In addition, the low switching cost for manufacturers is expected to decrease the bargaining power of suppliers. Hence, the bargaining power of suppliers is low to medium.

The increasing product demand in the medical industry is anticipated to benefit the market growth. In addition, the outbreak of the coronavirus pandemic across the globe has promoted the demand for medical equipment, which is anticipated to further benefit the growth of the market for precision gearbox in the forthcoming years.

The market is characterized by the presence of established players with a strong financial base, as a result, the entry barriers are high. In addition, the manufacturers are heavily investing in the development of application-specific precision gearboxes, which further provides a competitive edge to the manufacturers. Thus, the threat of new entrants is expected to be low.

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Precision Gearbox Market Report Highlights

• Harmonic precision gearboxes are expected to witness the fastest CAGR over the forecast period, on account of their broad application scope including rotary tables, positioning systems, industrial robots, and cutting machines across various industries

• Military and aerospace application is expected to reach USD 728.7 million by 2030, owing to high investments by governments across several countries toward the adoption of advanced and dependable equipment in the defense sector, such as electro-optical targeting systems, gimbal systems, periscope systems, and smart munitions

• The market in North America accounted for a significant revenue share of the global market in 2023, owing to investments by several companies in the adoption of advanced material handling equipment in steel, power generation, and cement industries

• The growth of the market in China is expected to be driven by the adoption of advanced robotic systems in the warehousing as per the trend of zero-labor warehousing

• The market is competitive owing to the presence of several multinational players that are primarily consolidated in Europe and North America, whereas, the Asia Pacific exhibits a limited presence of the established players

Precision Gearbox Market Segmentation

Grand View Research has segmented the global precision gearbox market based on product, application, and region:

Precision Gearbox Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Planetary

  • High Precision

  • Low Precision

  • Standard Precision

• Harmonic

  • High Precision

  • Low Precision

  • Standard Precision

• Cycloid

  • High Precision

  • Low Precision

  • Standard Precision

Precision Gearbox Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Military & Aerospace

• Food & Beverage, And Tobacco

• Machine Tools

• Materials Handling

• Packaging

• Robotics

• Medical

• Others

Precision Gearbox Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

List of Key Players in Precision Gearbox Market

• 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