The precision gearbox market is expected to witness substantial growth by 2027 owing to the mounting demand for precision gearboxes across varied end-use verticals. Additionally, the increasing integration of automation along diverse industries is projected to further boost market growth over the forecast period.
The COVID-19 pandemic has impacted virtually all industries across the globe, particularly the packaging industry. Increased consumer focus on hygienic and secure packaging, coupled with the COVID-induced e-commerce boom, has propelled the growth of the packaging sector. An efficient packaging machine needs to move at a consistent pace and achieve precise positioning and repeatability to accommodate proliferating consumer demands.
Thus, planetary precision gearboxes find extensive applications in the packaging sector. Benefits of these gearboxes like higher power density than typical gearing systems are impelling product adoption across the packaging sector, thereby fostering market outlook.
Precision gearboxes are also considered pivotal in the robotics sector, which has positively impacted market dynamics. Typically, industry robots offer accuracies of ??0.1 mm while some models can offer even higher precision. However, gear backlash can hamper the accuracy of robots as well as other precision servomotors, including CNC machinery.
Machining gears that give minimal backlash can be expensive. Thus, industry players are deploying technological integration to expand their offerings to include products with minimal backlash. For instance, in June 2019, Conic Systems, a precision harmonic gearing technology company, launched its Lifetime (LT) Series - precision harmonic gearboxes with zero backlash.
The LT series was developed to serve as a high-performance direct replacement for conventional high-ratio planetary gearheads. It came in metric sizes and NEMA 42, 34, 23, and 17 frames. As a result, the improving product landscape has been propelling market adoption across key sectors.
The precision gearbox market has been bifurcated on the basis of material, application, and region. In terms of application, the market has further been divided into military & aerospace, medical, materials handling, machine tools, robotics, packaging, food, beverage & tobacco, and others.
The military & aerospace sub-segment is anticipated to witness considerable growth at a CAGR of approximately 6% through the assessment period. Surging requirement of high precision machineries for manufacturing components in the aviation industry and for military equipment is expected to fuel segmental adoption through the assessment timeframe.
The precision gearbox market from the medical application segment is estimated to progress at a notable pace over 2021-2027. Increasing product demand in emerging regions is expected to bolster market expansion over the projected timeline.
From the perspective of region, the Middle East & Africa precision gearbox market is estimated to rise at a steady CAGR of around 3.4% through the analysis period. Industry players are expanding their service range to enhance revenue generation, which is likely to contribute to segmental growth through 2027.