Precision Gearbox Market Is Anticipated To Reach $2.7 Billion By 2025: Grand View Research, Inc.

Precision Gearbox Market Is Anticipated To Reach $2.7 Billion By 2025: Grand View Research, Inc.

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According to report published by Grand View Research, Growing demand for automation, coupled with increasing product demand from several application industries, is likely to have a positive impact on precision gearbox market growth.

The global precision gearbox market size is projected to be valued at USD 2.7 billion by 2025, expanding at a CAGR of 7.4%, according to a new report by Grand View Research, Inc. Growing demand for automation, coupled with increasing product demand from several application industries, is likely to have a positive impact on market growth.

Factors such as increasing focus on improving energy efficiency and automating several processes in automotive as well as non-automotive sectors is expected to augment the demand for precision gearboxes over the forecast period. Advantages such as low noise operation, high torque-to-strength ratio, and compact design are some of the factors that are increasing the usage of precision gearboxes in industrial applications.

Based on product, the market has been segmented into parallel, right angle, and planetary. The planetary precision gearbox segment dominated the market in 2018. These gearboxes have a compact design and offer high efficiency. Moreover, they produce low backlash and have a high torque-to-weight ratio owing to which they are used in applications where extreme accuracy is essential.

The parallel precision gearbox segment is likely to exhibit the highest growth rate over the forecast period. These are easy to mount and are generally used in material handling applications. Right angle precision gearboxes, as the name suggests, have their input and output shaft perpendicular to each other and are used in applications where the installation space is a major constraint.

Robotics was the largest application segment in 2018 while the packaging application segment is likely to exhibit the fastest growth rate over the forecast period. Growing implementation of robots owing to several benefits like automation of several repetitive tasks, low labor costs, increased efficiency and speed, and versatility is expected to boost their sales.

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Key Takeaways from the report:

  • In terms of value, the market is anticipated to reach USD 2.70 billion by 2025 on account of factors such as increasing demand for automation and growing product demand from several application industries

  • Machine tools was the second largest application segment in the market. Growing use of computer numerical control (CNC) machines for manufacturing of various components and parts with greater precision is expected to enhance market growth

  • Asia Pacific accounted for the largest revenue share in 2018 and is anticipated to grow at a CAGR of 8.7% over the forecast period. This demand is expected to be driven by major developing economies in the region such as China and India

  • The U.S. market is anticipated to reach USD 243.8 million by 2025. Growing implementation of robotics across several industries in order to automate various processes is likely to have a positive impact on the market

  • The global precision gearbox market is fragmented with the presence of numerous market participants. Key players operating in the market include Bonfiglioli Riduttori S.p.A, WITTENSTEIN SE, Neugart GmbH, Siemens AG, ABB Ltd., and SEW-EURODRIVE GmbH & Co KG

  • In March 2019, Wittenstein SRL, the Romanian subsidiary of Wittenstein SE, commenced the expansion of its production facility in Șura Mică, Romania.

U.S. precision gearbox market size, by product, 2014 - 2025 (USD Million)

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

Precision Gearbox Product Outlook (Revenue, USD Million, 2014 – 2025)

  • Parallel

  • Right Angle

  • Planetary

Precision Gearbox ApplicationOutlook (Revenue, USD Million, 2014 – 2025)

  • Military & Aerospace

  • Food, Beverage, & Tobacco

  • Machine Tools

  • Material Handling

  • Packaging

  • Robotics

  • Medical

  • Others

Precision Gearbox Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East and Africa

    • Saudi Arabia

    • UAE

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About Grand View Research, Inc.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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