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Precision Gearbox Market Size Worth $4.9 Billion By 2027

The global precision gearbox market size is anticipated to reach USD 4.97 billion by 2027 registering a CAGR of 9.1%, according to a new report by Grand View Research, Inc. The novel coronavirus pandemic along with the possibility of the occurrence of future pandemics has accelerated the implementation and development of automation technologies. Automation minimizes the degree of manual operation and ensures minimum human intervention, which, in turn, is expected to benefit sparsely populated regions or countries with a less skilled labor force. Therefore, the demand for such automated machines and systems is likely to have a positive impact on market growth over the coming years.

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Improved capabilities of robots and production flexibility offered by them are anticipated to attract a wide range of labor-intensive countries, such as India, to invest in automation technologies, thereby creating opportunities for precision gearbox manufacturers over the coming years. Robotics offers several benefits including higher throughput rates, greater precision & consistency, and minimization of scrap & waste. These benefits have encouraged a wide range of industries, such as food & beverage, medical, packaging, and materials handling, to incorporate industrial robots, which, in turn, has increased the product demand in recent years.

Precision Gearbox Market Report Highlights

·         The planetary precision gearbox segment is anticipated to account for the highest market share by 2027 on account of lower weight, compact size, high power density, modular arrangements, high efficiency, low backlash, and longer gear life of these products

·         The in-line segment is expected to maintain its dominance over the forecast period owing to high energy savings, low noise, low vibration, and high overload capacity

·         The material handling segment is expected to grow at a CAGR of 5.8% over the forecast period

·         Asia Pacific accounted for the largest revenue share in 2019 and is anticipated to expand further at the fastest CAGR of 10.4% over the forecast period

·         Product demand in the APAC region is expected to be driven by several major developing economies, such as China, South Korea, and India

·         Moreover, major companies are establishing their manufacturing facilities in emerging economies of APAC to cater to the growing product demand as well as to cut down the costs associated with exporting

For Inquire please visit @: https://www.grandviewresearch.com/inquiry/6739/ibb

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