Global Precision Gearbox Market set to grow to USD 7.48 billion by 2033

From GlobeNewswire: 2024-07-11 21:00:00

The Global Precision Gearbox Market is set to grow from USD 2.92 billion in 2023 to USD 7.48 billion by 2033, with a CAGR of 9.86%. Precision gearboxes are industrial machinery used in various sectors, including aerospace. The Planetary segment dominates the market, while the robotics segment is expected to grow the fastest.

North America is expected to hold the largest share of the precision gearbox market, with increased investment in innovative equipment. Asia Pacific is set to grow at the fastest pace, driven by the adoption of precision gearboxes in material handling applications. Major vendors in the market include DieQua Corporation and Hiwin Corporation, among others.

In January 2022, Schaeffler acquired Melior Motion GmbH, a precision gearbox supplier, to enhance its robotics offerings. The market is segmented by product, application, and region. Key players include SEW-EURODRIVE GmbH and Harmonic Drive LLC. For more information on global market trends, contact Spherical Insights & Consulting for actionable insights.



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