Ocean View, DE -- (SBWire) -- 06/24/2020 --As per the estimates put forth by Global Market Insights, Inc., precision gearbox market is anticipated to target an overall valuation of USD 3.1 billion by the end of 2026. Massively driven by the growing automation across myriad industrial sectors, the growth graph of precision gearbox market is poised to display a marked ascent during 2019-2026. High end use of robotic control systems as operating equipment has propelled the market to grow at a prodigious pace over the forecast period. It is imperative to mention that these precision gearboxes support in maintaining torque under specific speed limits whilst providing high reduction ratios. This parameter prompts increased demand of the gearboxes in machine tools, robotics, and several other applications.
Precision gearbox market is also stimulated by the transforming trends across the robotics and automation realm. The ongoing technological advancements in robotics and proliferating use of automated machinery for myriad applications would propel the penetration of the gearboxes globally in the upcoming years. Considering the manufacturing sector, the precision gearboxes not only augment the production rate of the equipment or enhance the productivity, but it also minimizes the labor shortage and shortens the manufacturing lead time.
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Precision gearbox usually helps to maintains torque under specific speed limits. Moreover, these gearboxes also provide high reduction ratios that increases its demand in machine tools, robotics, and materials handling applications. Recent advancements in robotics and increase in 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, use of precision gearbox in manufacturing sector will not only improves the production rate and labor productivity but also reduces labor shortage and manufacturing lead time. This in turn will surge the use of precision gearboxes over the forecast spell.
Escalating use of direct drive motors may hamper precision gearbox market over the near term. Direct drive motors prove to be a suitable substitute for the high priced precision gearboxes in some application areas. Nevertheless, growing popularity of these gearboxes for military & aerospace and medical applications in order to increase the operational efficiencies will further boost precision gearbox market by 2026.
On the basis of product, the precision gearbox 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 is 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.
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 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.
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North America accounts a fair share of more than 20% of overall revenue in 2018 and will grow with a significant rate from 2019 to 2026. Owing to huge spending on military & aerospace activities. For instance, U.S Department of Defense has allocated more than USD 693 billion for military & defense budget in 2019. Additionally, increasing investments in space exploration activities will further drive use of precision gearboxes in the coming years.
Table of Contents (ToC) of the report:
Chapter 5. Precision gearbox Market, By Application
5.1. Global precision gearbox market application insights
5.2. Military & Aerospace
5.2.1. Market estimates and forecast, 2016 - 2026
5.2.2. Market estimates and forecast, by region, 2016 - 2026
5.3. Food, Beverage & Tobacco
5.3.1. Market estimates and forecast, 2016 - 2026
5.3.2. Market estimates and forecast, by region, 2016 - 2026
5.4. Machine Tools
5.4.1. Market estimates and forecast, 2016 - 2026
5.4.2. Market estimates and forecast, by region, 2016 - 2026
5.5. Materials Handling
5.5.1. Market estimates and forecast, 2016 - 2026
5.5.2. Market estimates and forecast, by region, 2016 - 2026
5.6. Packaging
5.6.1. Market estimates and forecast, 2016 - 2026
5.6.2. Market estimates and forecast, by region, 2016 - 2026
5.7. Robotics
5.7.1. Market estimates and forecast, 2016 - 2026
5.7.2. Market estimates and forecast, by region, 2016 - 2026
5.8. Medical
5.8.1. Market estimates and forecast, 2016 - 2026
5.8.2. Market estimates and forecast, by region, 2016 - 2026
5.9. Others (Rubber & Plastics, Woodworking)
5.9.1. Market estimates and forecast, 2016 - 2026
5.9.2. Market estimates and forecast, by region, 2016 - 2026
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/precision-gearbox-market
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Precision Gearbox Market – 4.5% Growth Forecast from 2020 to 2026 : Bonfiglioli, Emerson, Rexnord, SEW Eurodrive, Siemens, Horsburgh & Scott, ABB Ltd