Precision Gearbox Market Worth $2.7 Billion by 2025 | CAGR: 7.4%: Grand View Research, Inc.

SAN FRANCISCO, Nov. 13, 2019 /PRNewswire/ -- 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.

Key suggestions 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.

Read 100 page research report with ToC on "Precision Gearbox Market Size, Share & Trends Analysis Report By Product (Parallel, Right Angle, Planetary), By Application (Machine Tools, Robotics, Packaging), By Region, And Segment Forecasts, 2019 - 2025: https://www.grandviewresearch.com/industry-analysis/precision-gearbox-market

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. 

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

• Precision Gearbox Product Outlook (Revenue, USD Million, 2014 - 2025)
• Parallel
• Right Angle
• Planetary
• Precision Gearbox Application Outlook (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
• Japan
• China
• India
• South Korea
• Australia
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• UAE

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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.

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