The global precision gearbox market is estimated to grow at a CAGR of 6.2% during the forecast period. Factors that are augmenting the market growth include increasing automation in the major industry verticals such as food and beverages, automotive, consumer electronics among others. Precision gears are used to smooth the automation processes in these verticals. Moreover, rising application of precision gearboxes in machine tools, packaging, and robotics is also spurring the growth of the global precision gearbox market. Increasing consumption of convenience food is one of the primary factors for the expansion of packaging application in food industry. Convenience food products include frozen pizza, packaged chips, canned vegetables, and others.
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Convenience food is preferred mainly by adult population across the globe. Shifting trend towards fast lifestyle is imposing the need of food items which can be prepared instantly. Prevalent factors for the rising demand of convenience food are relative food prices, time constraints and changing demographic trends. The market demand for convenience food is being supported by amalgamation of fast internet in the form of online delivery services for the consumers. In the US, sit down services at the restaurants are declining with the emergence of online delivery of meals including convenience food. With rapid growth in world population the demand for convenience food is expected which is leading to the expansion in food packaging industry. This may lead to the expansion in the precision gearbox market size across the globe.
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Market Segmentation
Global Precision Gearbox Market by Product Type
- Parallel
- Right Angle
- Planetary
Global Precision Gearbox Market by Application
- Machine Tools
- Packaging
- Robotics
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
Company Profiles
- ABB Ltd.
- Bonfiglioli Riduttori S.p.A
- Cone Drive Operations Inc.
- Curtis Machine Co.
- Dana Inc. (Brevini Power Transmission)
- DB Santasalo Sarl
- Emerson Electric Co.
- Neugart GmbH
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