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Precision Gearbox Market for Automated Material Handling sector will witness stable growth due to rising developments in newly installed equipment

Author : Ronak Bora | Published Date : 2019-03-15 

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 Market will witness growth on account of increasing automation and adoption of operational efficient machinery.

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The rising need for automation in the manufacturing and industrial sectors will heavily influence the growth of precision gearbox market, which held a valuation of USD 1.85 billion in 2015. These gearboxes are basically speed reducers with a compact design, high load capacity, and higher torque. They are designed to run smoothly with minimal maintenance, owing to which they are extremely suitable to be used for bottling, precise product positioning, assembly lines, packaging, and controlling conveyor belts, thereby stimulating precision gearbox industry.

Advanced technology to improve energy efficiency will catapult the global Precision Gearbox Market. The fast-emerging field of industrial and service robotics will generate demand for these products in applications such as packaging, conveyor belts, bottling, and assembly lines. Manufacturers often implement features such as maintenance-free construction, high torque speed reduction, smooth running, and efficient design to fuel product demand.

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.

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The developing Material Handling Equipment Industry has been deploying automation on a large scale, subject to which precision gearbox industry is set to gain heavy traction over the coming years. This growth can be attributed to the increasing number of developments designed in new equipment. In addition, plant expansion, rising number of warehouses, and a substantial number of production facilities will fuel precision gearbox market in material handling applications.

Planetary, parallel, and right angle precision gearboxes, each designed with a specialized mechanism and end-use requirement, constitute the product landscape of precision gearbox industry. The material handling sector, in particular, makes use of special parallel gearboxes that use gear units. These units are mounted on shafts on parallel axes and are very convenient for usage in material handling and for conveyor belts. Parallel precision gearbox market, having been valued at USD 200 million in 2015, will witness a remarkable CAGR over 2016-2024.

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U.S. precision gearbox industry from food, beverages, & tobacco applications is expected to chart out a profitable growth graph, as this regional market will concentrate on providing sustainable and cost-effective transportation, packaging, and production solutions. Manufacturers will achieve the highest rate of productivity at reasonable costs, by implementing automation to enable operational efficiency, thereby spurring U.S. precision gearbox market from food, beverage, and tobacco applications.

Global precision gearbox market is quite fragmented, however the top players have already established a strong brand identity, posing a challenge to fresh players. Companies such as SEW Eurodrive, Siemens, and Brevini are strong participants in this market and they often engage in R&D activities to manufacture products with supremely high precision and accuracy.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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