Precision Gearbox Market Revenue to Hit USD $3.1 Billion by 2026: Global Market Insights, Inc.
The right-angle precision gearbox market is likely to grow at a significant rate of over 4% during the forecast timeframe due to its compact design and ability to be combined with other gearboxes.
SELBYVILLE, Del. , November 12, 2019 (Newswire.com) - According to latest report “Precision Gearbox Market by Product (Parallel, Right Angle, Planetary), Application (Military & Aerospace, Food Beverage & Tobacco, Machine Tools, Material Handling, Packaging, Robotics, Medical), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation for precision gearboxes will reach $3.1 billion by 2026. Rising automation across several end-use sectors will boost the industry demand.
Some major findings of the precision gearbox market report include:
- Escalating automation and the use of robotic control systems, as operating equipment will improve operational accuracy and reliability.
- Growing use of precision gearbox for various end-use applications to alter torque under precise speed limits will drive growth in the market.
- Technology advancements and the use of automated machinery and instruments will positively drive the industry's growth.
- Highly fragmented market with a larger number of manufacturers across the world. A few of the eminent players in the precision gearbox market include Siemens, Emerson, SEW Eurodrive, Rexnord, Brevini Power Transmission and Bonfiglioli.
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A precision gearbox usually helps to maintain torque under specific speed limits. Moreover, these gearboxes also provide high reduction ratios that increase their demand in machine tools, robotics, and materials-handling applications. Recent advancements in robotics and an increase in the use of automated machinery for various operations, such as material handling or inspection, machining, processing, and assembly by several end-use sectors, will increase the use of precision gearbox in the coming years. In addition to this, the use of precision gearboxes in the manufacturing sector will not only improve the production rate and labor productivity but also reduce labor shortages and manufacturing lead times. This, in turn, will surge the use of precision gearboxes over the forecast period.
Escalating the use of direct drive motors may hamper the precision gearbox market's value over the short term. Direct drive motors prove to be a suitable substitute for the high-priced precision gearboxes in some application areas. Nevertheless, the growing popularity of these gearboxes for military and aerospace and medical applications in order to increase operational efficiencies will further boost the market size by 2026.
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On the basis of product, the market is segmented into right-angle, planetary, and parallel precision gearboxes. The right-angle precision gearboxes account for a reasonable share in the overall product revenue and are likely to increase with a significant CAGR of more than 4% over the anticipated timeframe, which is due to its compact design and ability to be combined with other gearboxes. Moreover, these gearboxes also find wide usage in applications that require high operational torque under precise speed limits.
The increasing use of precision gearboxes in robotics, military & aerospace, and food, beverage & tobacco will drive its growth in the coming years. Moreover, increasing automation or the use of automatic, controlled machines will further expand its usage in materials handling, machine tools, medical, packaging, and other applications, such as woodworks, rubber & plastics, etc.
North America accounts for a fair share of more than 20% of overall precision gearbox market revenue in 2018 and will grow at a significant rate from 2019 to 2026, owing to huge spending on military & aerospace activities. For instance, the U.S. Department of Defense has allocated more than USD $693 billion for the military & defense budget in 2019. Additionally, increasing investments in space exploration activities will further drive the use of precision gearboxes in the coming years.
Browse key industry insights spread across 115 pages, with 81 market data tables and 22 figures and charts from the report, “Precision Gearbox Market” in detail, along with the table of contents at
Table of Contents (ToC) of the report:
Chapter 3. Precision Gearbox Market Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2016 - 2026
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distribution channel analysis
3.4. Technology & Innovation landscape
3.5. Regulatory landscape
3.6. Precision gearbox Industry impact forces
3.6.1. Growth drivers
184.108.40.206. Rising automation demand across wide applications
220.127.116.11. Increasing use of precision gearboxes in robotics
3.6.2. Industry pitfalls & challenges
18.104.22.168. Growing adoption of direct drive mechanism
3.7. Growth potential analysis
3.8. Competitive landscape, 2018
3.8.1. Company market share, 2018
3.8.2. Strategy dashboard
3.9. Porter’s analysis
3.9.1. Supplier power
3.9.2. Buyer power
3.9.3. Threat of new entrants
3.9.4. Threat of substitutes
3.9.5. Industry rivalry
3.10. PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights, Inc.