North America, mainly led by the U.S. precision gearbox market, captured over 20% of the revenue in the year 2015, due to rise in manufacturing plants in the region.
The APAC precision gearbox market will witness growth on account of increasing automation and adoption of operational efficient machinery.
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Emerging applications such as robotics is expected to create substantial demand for precision gearboxes as robots require highly precise movements which can be fulfilled by these products. However, the presence of substitute products such as direct drive systems pose a significant challenge and may hamper the overall precision gearbox market share. These products eliminate the use of gears and significantly reduce the complexity, weight and increase the efficiency without incurring any energy losses.
Robotics applications are expected to grow at 6.5% CAGR from 2016 to 2024. This growth is attributed to the increasing demand in designing prosthetic limbs and joints for balancing of robots and for achieving precise movements in industrial applications. Furthermore, the automated material handling segment is expected to witness a steady growth owing to increasing installations of these at manufacturing plants in order to fastened the overall production process. Growing demand for automation will further lead to new opportunities.
Precision Gearbox Market is projected to be valued at around USD 3 billion by 2024. These machines are designed to withstand high tolerances offering efficiencies of 90% and above and are used for speed reduction to provide high torque multiplication. Precision gearboxes are preferred by designer as they have smaller components, utilizes less space and saves cost.
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On the basis of product, the industry can be segregated into parallel, planetary and right-angle products. Planetary precision gearbox market accounted for over 70% of the revenue as of 2015. Right angle gearboxes are gaining popularity owing to benefits such as greater flexibility, less space occupancy. These products are preferred for their use in angular arrangement between the output shaft and the drive. Growing rate of innovations in miniature gears has enabled manufacturers to design highly precise, tiny and light weight housing gears. These miniature gears are used in high transmission, low backlash requirements. Rising demand for conveyor belts, positing, variable acceleration in packaging and bottling, fluid injection will drive the precision gearbox market growth in the forecast timeframe.
- Right Angle
- Military & aerospace
- Food, beverage & tobacco
- Machine tools
- materials handling
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The major players competing in the high precision gearbox market include Siemens, SEW Eurodrive, Brevini, etc. These companies possess a strong brand identity and pose a strong challenge for new entrants. Heavy research and developments costs acts as a major barrier for new entrants. The overall industry is highly fragmented owing to large number of regional and local players. Product development, merger and acquisitions, strategic partnerships comprise some of the key competitive strategies adopted by the industry players.