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Global precision gearbox market size is expected to grow at a CAGR of over 5% from 2016 to 2023.: Global Market Insights, Inc.

Press Release   •   Oct 11, 2016 06:14 EDT

Global precision gearbox market size is expected to grow at a CAGR of over 5% from 2016 to 2023. Proliferating demand in the automotive sector is likely to positively drive the industry over the coming few years.

It is mainly a mechanical process to transmit energy from one system to another. These systems are equipped at the junction of motor and power shaft. It is primarily deployed for generating right angle change in the desired direction. 

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Gearboxes differ mainly on the arrangement and construction basis of the gears. They provide power densities that are further being translated into small package size. In addition it offers efficiency of over 90% throughout the process.

With rise in sales of industrial robots and machine tools, the precision gearbox market size has advanced at a rapid rate. In addition, growth in automotive transmission sector has also spurred the demand for this industry.

Growing acceptance of direct drive technology is likely to hamper the industry. Mounting demand for turnkey solutions is expected to be the key trend over the next few years. Planetary gearbox consists of ring gear, sun gear, and planet gear that are equipped on the outer casing of the gearbox.

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Growing population and consumer spending is anticipated drive demand for packaged products. Despite growing inclination towards low calorie and healthy food alternatives in the U.S., packaged food demand is robust, which in turn is expected to fuel the precision gearbox industry. These are primarily incorporated for direct mounting on servomotors that are being deployed in high accuracy applications.

The global precision gearbox market share can be segmented on the basis of application, rating and region. Major application sectors are military and aerospace, material handling, printing, food and beverages, medical, robotics, machine tools, packaging, and rubber and plastics. Low precision (>20 arc-min) and high precision (<5 arc-min) are the two ratings for the industry. Key regions include Asia Pacific, Europe, Latin America, North America, and Middle East and Africa.

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Precision gearbox market share is constituted of Bonfiglioli, Rexnord, Siemens, ABB, Emerson Electric, and SEW Eurodrive. Other prominent vendors include Cone Drive Operations, David Brown Engineering, Oerlikon Graziano Drive Systems, Brevini Power Transmission, Curtis Machine Company and Horsburgh & Scott.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.