The global precision gearbox market size is anticipated to value USD 2.7 billion until 2025. It is also expected to register a CAGR of 7.4% in the forecasted years, 2019 to 2025. The emerging trend towards the adoption of automation technologies coupled with the rising demand for products is projected to drive the market growth in the upcoming years.
The planetary gearbox segment held a dominant share on account of its enhanced features such as higher efficiency and compact design. While the segment of the parallel precision gearbox is anticipated to register the highest CAGR in the upcoming years due to their ease of mounts and a wide range of applications across the material handling segment.
The robotics application segment dominated the global market in 2018 owing to the increasing usage of robots across many industries like automotive, electronics and electrical. On the other hand, the packaging segment is anticipated to register the highest CAGR in the upcoming years on account of their rising usage of gearboxes for the manufacturing of primary, secondary & tertiary packaging machines.
The Asia Pacific accounted for the largest share of more than 35.5% across the global market in 2018 due to an increasing number of manufacturing facilities across this region. While, North America is anticipated to register a 6.1% CAGR from 2019 to 2025 owing to the rising number of industries like aerospace, food and beverages and pharmaceuticals in countries like the U.S. and Canada.
The precision gearbox market includes key players such as Dana Incorporated, WITTENSTEIN SE, Siemens AG, Rexnord Corporation, and Neugart GmbH. They are constantly engaged in product development and innovation to gain a competitive advantage over other players.
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Further key findings from the report suggest:
• In 2018, the planetary gearbox segment accounted for dominant share across the global market.
• The packaging segment is projected to witness fastest growth over the forecasted period, 2019 to 2025.
• In 2018, Asia Pacific held the largest share of 35.5% across the global market.
• The key players in this market are Dana Incorporated, WITTENSTEIN SE, Siemens AG, Rexnord Corporation and Neugart GmbH.
Million Insights has segmented the global precision gearbox market on the basis of product, application and region:
Precision Gearbox Product Outlook (Revenue, USD Million, 2014 - 2025)
• Right Angle
Precision Gearbox Application Outlook (Revenue, USD Million, 2014 - 2025)
• Military & Aerospace
• Food, Beverage& Tobacco
• Machine Tools
• Material Handling
Precision Gearbox Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East and Africa
• Saudi Arabia