Global precision gearbox market is likely to follow an exponential track driven by rising automation in the material handling, robotics, F&B, and packaging sectors. The manufacturing industry is emphasizing on technological improvements to make gearbox more energy efficient. Precision gearbox is machined to offer more than 90% of efficiency, offering high torque multiplication. Thus, increasing demand for tailored versions of standard gear will spur precision gearbox industry share. With a registered revenue of USD 1.85 billion in 2015, precision gearbox market is estimated to register a CAGR of 5.2% over the period of 2016-2024.
At present, the global precision gearbox market is highly fragmented as local manufacturers are spreading their roots in occupying a significant industry share by providing competitive cost benefits to customers. Major market players comprising Brevini, Siemens AG, and SEW Eurodrive have established a firm grip and control over the business space, thus creating a reputable brand identity.
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Increasing demand in processes such as fluid injection, products transfer via conveyor belt, positing, and precise turning will accelerate precision gearbox industry growth. Right angle gearbox market is gaining considerable traction, owing to its flexibility within limited construction space. Rising demand for miniature, lightweight, and highly precise gears will augment parallel and planetary precision gearbox industry.
Surging requirement for operational efficient machineries and automation will lead to a potential upswing in automated material handling application. Precision gearbox market in robotic applications is set to witness a Y-O-Y growth rate of 6.5% over the period of 2016-2024. Furthermore, food & beverage and tobacco applications, worth USD 170 million in 2015, are also slated to be effective revenue contributors by providing sustainable production, transportation, and production solutions.
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In terms of regional split, U.S. precision gearbox industry, having had over 80% of the overall share in 2015, is booming on account of rising automation requirement in the region. Adoption of regulatory norms regarding effective energy consumption will deliver favorable growth avenues. China market, worth USD 270 million in 2015, is also set to witness escalating economic growth, which in turn will propel product sales in the region.
Precision gearbox industry has contributed significantly in applications that can withstand low speed and high torque. Automation in manufacturing bases will provide high potential by ensuring value creation. This industry demands constants innovation and advancements in technology, as the gearbox is an integral part of many systems and industries.
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