SAN FRANCISCO, Sept. 9, 2021 /PRNewswire/ -- The global precision gearbox market size is expected to reach USD 4.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.9% from 2020 to 2028. Increasing implementation of automation technology in the production process is likely to propel the demand for the installation of robots, thereby driving the market.
The presence of a large number of raw material suppliers, providing multiple options to product manufacturers, is projected to result in low bargaining power. In addition, the low switching cost for manufacturers is expected to decrease the bargaining power of suppliers. The increasing product demand in the medical industry is anticipated to benefit the market growth. In addition, the outbreak of the coronavirus pandemic across the globe has promoted the demand for medical equipment, which is anticipated to further benefit market growth.
Key Insights & Findings:
The harmonic precision gearboxes segment is expected to witness the fastest CAGR of 11.6% from 2020 to 2028, on account of its broad application scope including rotary tables, positioning systems, industrial robots, and cutting machines across various industries
The military and aerospace application segment size is expected to reach USD 596.5 million by 2028, owing to high investments by governments across several countries toward the adoption of advanced and dependable equipment in the defense sector, such as electro-optical targeting systems, gimbal systems, periscope systems, and smart munitions
North America dominated the market and accounted for revenue valued at USD 348.3 million in 2020, owing to increasing investment by several companies towards the adoption of advanced material handling equipment in the steel, power generation, and cement industries
In China, the market was valued at USD 586.5 million and is expected to be driven by the adoption of advanced robotic systems in warehousing, as per the trend of zero-labor warehousing
The market is competitive in nature owing to the presence of several multinational players that are primarily consolidated in Europe and North America, whereas Asia Pacific exhibits a limited presence of the established players
The market is characterized by the presence of established players with a strong financial base; as a result, the entry barriers are high. In addition, the manufacturers are investing heavily towards the development of application-specific precision gearboxes, which further provides a competitive edge to the manufacturers. Thus, the threat of new entrants is expected to remain low.
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, 2017 - 2028)
Precision Gearbox Application Outlook (Revenue, USD Million, 2017 - 2028)
Military & Aerospace
Food, Beverage, & Tobacco
Precision Gearbox Regional Outlook (Revenue, USD Million, 2017 - 2028)
Material Handling Equipment Market – The global material handling equipment market size was valued at USD 26.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028.
Machine Tools Market – The global machine tools market size was valued at USD 77.21 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.