Precision Gearbox Machinery Market poised to increase at a steady CAGR of 5.8%, reaching US$ 8.95 Bn by 2032, Says FMI

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DUBAI, UAE, March 8, 2022 /PRNewswire/ -- Future Market Insights (FMI), Dubai: With an estimated CAGR of 6% during the projected period, the precision gearbox machinery market is expected to reach US$ 9.49 Bn by 2032, finds a recent report published by FMI. The study finds that technological developments by manufacturing industries improve energy efficiency, accuracy, and reliability in operations.

Many businesses are working on employing robotics to automate the assembly line. Precision gears with high torque and little noise are used by these robots for accurate picking and positioning of things. Precision gearboxes enable maintenance-free construction, high load capacity, and compact design robots, according to market players.

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The adoption of precision gearbox machinery will rise as the demand for automating the manufacturing process grows in order to enhance productivity and eliminate errors and delays. Precision gearbox machinery with customized features is gaining popularity in the industry to meet application-specific needs.

 Moreover, the temporary shutdown of industrial units during the lockdown period, the COVID-19 pandemic, had a significant influence on the precision gearbox machinery industry in the first half of 2020. 

During the second half of 2020, the market saw a jump in product sales, owing to the digitization of manufacturing processes in numerous industries. This has resulted in a major increase in demand for precision gearbox machinery, which aids in the design of automobile transmission systems.

 Manufacturers are fully integrated and involved in the distribution and supply of their products. As a result, the manufacturers are able to increase their market share and strengthen their market position. Furthermore, manufacturers prefer a consultative approach to deliver the best solutions and satisfy the particular needs of their customers.

On account of the factors stated above, the precision gearbox machinery market size is expected to rise to US$ 2.4 Bn by 2026.

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Key Takeaways

• The increasing agriculture sector is expected to propel the India precision gearbox grinding machinery market to 9% growth through 2028.
• The spike in demand for advanced packaging equipment used in pharmaceutical manufacturing is expected to push the planetary precision gearbox machinery market in the United States to grow at a rate of roughly 6% until 2028.
• In 2020, the robotics application category dominated the market, accounting for over 19.0% of total revenue.
• In 2020, Asia Pacific dominated the precision gearbox market, accounting for 64.0% of total revenue. The increased use of robotics and automation technology, as well as modern material handling equipment, in numerous industries such as cement, metallurgy, and machine tools, has contributed to this expansion.

 Competitive Landscape 

 DANOBAT S. Coop, DMG MORI AKTIENGESELLSCHAFT, DVS Technology Group, EMAG GmbH & Co. KG, Gleason Corporation, Lagun Engineering, Liebherr-International Deutschland GmbH, Matrix Precision Co., Ltd., Nidec Corporation, Reishauer AG, Samputensili Cutting Tools S.r.l., J.G. WEISSER S.r.l., and Starrag Group Holding AG are some of the major key players in the market

Industry leaders are concentrating their efforts on research and development in order to introduce innovative precision gearbox machinery and expand their product offerings. 

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Precision gearbox machinery manufacturers are concentrating on providing customized goods and services for a variety of industries, including robotics, packaging, automobiles, and material handling, among others.

• To suit end user expectations, key industry participants invest extensively in product innovation and customized products. The launch of a tiny and miniature-sized exact line-up of gearboxes used in robotics and motion control industrial applications is the result of continuous design research and development.
• Key industry players are likely to maintain their market position by releasing new items and therefore growing their product portfolio. The industry participants' positions are likely to be strengthened by product launches with sophisticated features and tailored product offers.

Key Segments

By Manufacturing Process:

• Hobbing
• Grinding
• Turning
• Honing

By Product:

• Planetary
• Right Angle
• Parallel

By Application:

• Machine Tools
• Material Handling
• Packaging
• Robotics
• Automobile
• Off-Road Vehicles
• Wind Towers
• Agriculture
• Railways
• Marine

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Key Questions Answered in the Report

• How is the Growth Outlook for the Precision Gearbox Machinery Market?
• What was the Precision Gearbox Machinery Market Size in 2022?
• How much is the Adoption Potential of Precision Gearbox Machinery Market?
• Which Region Leads the Global Precision Gearbox Machinery Market?
• What will be the Size of the Precision Gearbox Machinery Market by 2032?

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About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

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SOURCE Future Market Insights