Sellbyville, DE -- (SBWIRE) -- 01/23/2019 -- Precision Gearbox Market will grow at 5.2% CAGR to surpass USD 2.5 billion by 2024. Planetary, parallel, and right angle precision gearboxes, each designed with a specialized mechanism and end-use requirement, constitute the product landscape of precision gearbox industry. The material handling sector, in particular, makes use of special parallel gearboxes that use gear units. These units are mounted on shafts on parallel axes and are very convenient for usage in material handling and for conveyor belts. Parallel precision gearbox market, having been valued at USD 200 million in 2015, will witness a remarkable CAGR over 2016-2024.

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U.S. precision gearbox industry from food, beverages, & tobacco applications is expected to chart out a profitable growth graph, as this regional market will concentrate on providing sustainable and cost-effective transportation, packaging, and production solutions. Manufacturers will achieve the highest rate of productivity at reasonable costs, by implementing automation to enable operational efficiency, thereby spurring U.S. precision gearbox market from food, beverage, and tobacco applications.

U.S. contributed to more than 80% of North America precision gearbox industry in 2015. The huge requirement for automation across the extensive manufacturing, F&B, packaging, and industrial sectors will lead U.S. precision gearbox market to earn a massive revenue over the next seven years. In addition, the U.S. government has mandated norms regarding precision gearbox utilization in ANSI standard for robotic applications. Thus, the rapidly evolving robotic sector in the region coupled with the growing manufacturing sector that concentrates on high precision, accuracy, and low operational costs will stimulate U.S. precision gearbox industry.

China precision gearbox market was worth USD 270 million in 2015, and is expected to witness healthy gains in the years to come. The nation's efforts to manufacture high quality products using automation to reduce labor costs will support product demand.

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Global precision gearbox market is quite fragmented, however the top players have already established a strong brand identity, posing a challenge to fresh players. Companies such as SEW Eurodrive, Siemens, and Brevini are strong participants in this market and they often engage in R&D activities to manufacture products with supremely high precision and accuracy.

Of late, companies have been focusing on manufacturing compact, lightweight, small-sized, and precise aluminum housing gears that find usage in low backlash and high transmission accuracy requirements. Increasing product demand for processes such as precise turning, bottling, food packaging, good transportation on conveyor belts, and fluid injection will heavily drive the growth of global precision gearbox market.

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