The Precision Gearbox Machinery Market To Achieve Valuation Of US$9.49 billionfostered by technological advancement in the manufacturing sector
DUBAIWATER, March 8, 2022 /PRNewswire/ — Future Market Outlook (IMF), dubai: With an estimated CAGR of 6% over the projected period, the precision gearbox machinery market is expected to reach US$9.49 billion by 2032, finds a recent report published by the IMF. The study reveals that technological developments in manufacturing industries are improving energy efficiency, precision and reliability of operations.
CAGR of Precision Gearbox Machinery Market (2022-2032)
Precision Gearbox Machine Market (2026)
Precision Gearbox Machinery Market Attraction
Increase in demand for advanced agricultural machinery supported by automated functions and growing acceptance of industrial robotics in South America to drive the market potential.
Many companies are working on using robotics to automate the assembly line. High-torque, low-noise precision gears are used by these robots for precise object selection and positioning. Precision gearboxes enable maintenance-free construction, high load capacity and compactly designed robots, according to market players.
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The adoption of precision gearbox machinery will increase as the demand for manufacturing process automation increases to improve productivity and eliminate errors and delays. Precision gearbox machines with custom features are gaining popularity in the industry to meet specific application needs.
Additionally, the temporary shutdown of industrial units during the lockdown period, the COVID-19 pandemic, had a significant influence on the precision transmission machinery industry in the first half of 2020.
During the second half of 2020, the market witnessed a surge in product sales, owing to the digitization of manufacturing processes in many industries. This has led to a major increase in the demand for precision gearbox machinery, which facilitates the design of automotive transmission systems.
Manufacturers are fully integrated and involved in the distribution and supply of their products. As a result, manufacturers are able to increase their market share and strengthen their market position. In addition, manufacturers prefer a consultative approach to provide the best solutions and meet the particular needs of their customers.
Considering the factors stated above, the precision gearbox machinery market size is expected to reach US$2.4 billion by 2026.
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Key points to remember
- Growth in the agricultural sector is expected to propel India precision gearbox grinding machine market to grow by 9% through 2028.
- The peak in demand for advanced packaging equipment used in pharmaceutical manufacturing is expected to push the planetary precision gearbox machinery market in United States grow at a rate of around 6% until 2028.
- In 2020, the robotics applications category dominated the market, accounting for more than 19.0% of total revenue.
- In 2020, Asia Pacific dominated the precision gearbox market, accounting for 64.0% of total sales. The increased use of robotics and automation technology, as well as modern material handling equipment, in many industries such as cement, metallurgy and machine tools, has contributed to this expansion.
DANOBAT S. Coop, DMG MORI AKTIENGESELLSCHAFT, DVS Technology Group, EMAG GmbH & Co. KG, Gleason Corporation, Lagun Engineering, Liebherr-International Deutschland GmbH, Matrix Precision Co., Ltd., Nidec Corporation, Reishauer AG, Samputensili Cutting Tools Srl , JG WEISSER Srl and Starrag Group Holding AG are some of the major key players in the market
Industry leaders are focusing their efforts on research and development to introduce innovative precision gearbox machinery and expand their product offerings.
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Precision gearbox machine manufacturers focus on providing custom goods and services for a variety of industries, including robotics, packaging, automotive, and material handling, among others.
- To meet end-user expectations, key industry players are investing heavily in product innovation and custom products. The launch of a range of tiny and miniature gearboxes used in industrial robotics and motion control applications is the result of continuous design research and development.
- Major players in the industry are likely to maintain their position in the market by launching new items and thereby expanding their product portfolio. The positions of industry players are likely to be strengthened by product launches with sophisticated features and tailored product offerings.
By manufacturing process:
- Right angle
- machine tools
- Material handling
- All-terrain vehicles
- wind towers
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Key Questions Answered by the Report
- What is the growth outlook for the Precision Gearbox Machinery market?
- What was the size of the precision gearbox machinery market in 2022?
- What is the adoption potential of the precision gearbox machinery market?
- Which region is leading the global precision gearbox machinery market?
- What will be the size of the Precision Gearbox Machinery market by 2032?
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SOURCE Future Market Outlook