Precision gearboxes are mechanical devices that offer higher tolerance than standard gearboxes. By altering the torque and modifying the speed within precise limits, these devices are machined to have a high efficiency of more than 90%. Because they have minimal component designs and are made up of two or more gears, their use helps conserve space.
They are suitable for low-speed operations and work with low-frequency vibrations.
As a result, precision gearboxes are used in various industries, including robotics, medicine, machine tools, material handling, and many more.
Rising Product Demand in Robotics and Benefits of Precision Gearbox to Drive the Precision Gearbox Market
Robotics is becoming more common in industrial settings, allowing companies to apply the technology to various industries and phases of production. Robots and automation technology are being installed and upgraded by many user-friendly and intuitive manufacturers. As a result, demand for robots in industrial applications is likely to increase. Similarly, the cost of labor is rising, and there is a skills scarcity among humans, both pushing demand for robots.
According to an article released in August 2020 by the International Federation of Robotics, 4 million industrial robots will be used in organizations worldwide by 2022. Governments and corporations worldwide are also attempting to build the essential skills to work with robots and intelligent automation systems. Policies and programs that support the use of robots are crucial for speeding up the automation process.
Robots can perform actions that are potentially dangerous to humans and complete repetitive tasks quickly and consistently. Precision gearboxes are increasingly employed to transfer rotational forces between axles in classically articulated arm robotics. The robot arms' joints contain the gears needed in robotics. The gearboxes control the motion's speed and direction. These precision gearboxes connect the motor, which gives the driving energy, to the machine component, which is in charge of carrying out the movement.
As a result, higher use of precision gearboxes is projected as the robotics industry evolves globally, propelling market growth over the forecast period.
Precision gearboxes are becoming more common in major sectors, including cement, sugar, paper, and rubber to finish processes. Manufacturers of gearboxes are focusing their efforts on building technologically advanced machinery that may help businesses save money on energy and perform industrial operations more quickly. As they are more efficient, industrial gearboxes are becoming more prevalent in high-powered transmission systems and equipment.
Precision gearboxes provide a mechanical advantage when attached to the motor output shaft. Second, gearheads are also referred to as gear reducers; this speed reduction improves system performance because many motors are inefficient at low RPMs. A gearbox also aids in the matching of motor and load inertia, making the system more responsive.
For example, in the food industry, items that can withstand temperature extremes and severe washdowns are required. To avoid the water and food-trapping motor gearhead seam, integrated gear motors are increasingly being used. The precision gearbox market is predicted to grow due to the growing benefits of gearboxes in many industries such as food and beverage, material handling, packaging, robotics, machine tools, medical, and others.
Emerging Industrial 4.0 Revolution to Create Opportunities for Key Players
As the industry evolves and adds new features and capabilities to its core, the precision gearbox market appears to have a promising future. According to current trends, precision gearbox manufacturers are focusing more on torque, power delivery, and transmission, making the entire process fluid and straightforward.
As the market works on issues revolving around industry 4.0, such as autonomous robots, simulation, system integration, internet of things, and augmented reality. So on, the value of automated assembly and precision gearboxes is undeniable. Material handling equipment and its digitization are at the heart of the fourth industrial revolution.
As a result, increased research and development investments in the global market to innovate and design products per Industry 4.0 standards will likely provide attractive growth prospects for significant companies, assisting them in gaining dominance by creating a robust product portfolio.
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The pandemic of Covid-19 had a negative impact on the market. As a result of the outbreak, governments worldwide have implemented lockdowns and restrictions on travel and supplies. The temporary stoppage of factory operations has harmed demand for precision gearboxes. The market has erupted in the second half of 2020 after causing severe harm to the supply chain and demand order in the first half.
This inverted dynamic results from a rising need for accuracy, which includes precision transmission, precision clutch, and precision motor, to digitize various industrial areas. Its use in robotics and automation, vehicle transmission design, and the automobile industry's rapid expansion have boosted its market demand.
For the global precision gearbox market, the post-pandemic period will be crucial. Supply chain interruptions might impede recovery, affecting market dynamics and product prices. Furthermore, the global market would face hurdles due to poor financial conditions and rising expenses due to distribution and transportation capacity constraints. Limited manufacturing, support operations, labor shortages, and limits for other end-user sectors, suppliers, and vendors may also prevent consumers from getting what they want. Overall, the global precision gear market's recovery will be difficult.
North America, Europe, Asia-Pacific, Central, and South America, the Middle East, and Africa make up the market's five regions. The Asia Pacific and Europe are the two most important markets for the precision gearbox. China has the most tempting market potential for market players, majorly driving the Asian Pacific market out of all the regional countries.
China is likely to play a significant role in the overall growth of the Asian market. In the cement sector, the adoption of modern material handling equipment such as wagon tipplers, belt conveyor systems, and bucket elevators for simple movement and handling of materials is likely to support the growth of the China precision gearbox market. Furthermore, the introduction of advanced robotic systems in warehousing, as part of China's zero-labor warehousing trend, is likely to boost the precision gearbox market.
Europe is expected to be the second-largest market for precision gearbox, with an expected market value of USD 827 million by 2030. The adoption of automation technologies by prominent players in industries such as food & beverages, aerospace, military, and machine tools in established European countries such as the United Kingdom, Germany, and Italy is likely to drive the precision gearbox market in Europe.
The rise of application sectors such as medical, packaging, material handling, machine tools, food, beverage, and tobacco, robotics, medical, military & aerospace, and others are expected to drive demand for precision gearboxes in Central and South America throughout the forecast period. Precision gearboxes are increasingly being employed in the industries above to assure the machine's safety, efficiency, and speed.
Over the forecast period, the expansion of the medical sector in the Middle East and Africa is expected to boost demand for precision gearboxes. Medical device demand is expected to rise due to a growing emphasis on prevention and well-being rather than primary treatment. The medical industry's growth is expected to increase demand for precision gearboxes, which will ensure that equipment runs smoothly and efficiently.
Harmonic Drive LLC, Nidec-Shimpo Corporation, Stober Antriebstechnik GmbH, Wittenstein SE, Gam Enterprises, Inc., DieQua Corporation, Neugart GmbH, Apex Dynamics Inc., Sumitomo Drive Technologies, Nabtesco Corporation, Cone Drive, Hiwin Corporation, Wilhelm Vogel GmbH, Sureservo, Sew-Eurodrive GmbH, Onvio LLC, Parker Hannifin Corp., Atlanta Drive Systems Inc., Framo Morat, Gudel Group, SWG Solutions, Bonfiglioli Riduttori SpA, EGT Eppinger Getriebe Technologie GmbH, ABB Motors and Mechanical Inc., Ondrives Ltd., Designatronics Inc., Genesis Robotics, Motus Labs, Georgii Kobold GmbH, and Igus GmbH.
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