The Precision Gearbox Market was valued at $7.4 Billion in 2020. Growing at a high CAGR of more than 14.8% between 2021 and 2031, it is estimated to reach $34.3 Billion by 2031. The current pandemic of COVID-19 might make a slight difference in the growth rate. Precision gearboxes are used in an extensive range of spacecraft, aircraft, and land-based defense vehicles, as well as systems, owing to their efficiency, high precision, power density, and tolerance. Hence, it will be estimated to make a lot of growth for the market over the forecast period of 2021-2031.
Precision Gearbox Market Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Precision Gearbox Market has been segmented based on type and application. Industrial automation has frequently been adopted as a full substitution when it comes to labor. This coronavirus pandemic as well as the possibility of the existence of future pandemics and it has accelerated the implementation and development of automation technologies in terms of minimizing human contact. This, in turn, is anticipated to augment the demand for precision gearboxes over the forecast period.
North America Is Holding The Market Share By Region
The Precision Gearbox Market has been geographically segmented into Europe, Asia Pacific, Latin America, and the Middle East region. However, the largest share of the market is held in North America and Europe. Precision gearboxes are used in an extensive range of spacecraft, aircraft, and land-based defense vehicles, as well as systems, owing to their efficiency, high precision, power density, and tolerance. The Asia-Pacific region is estimated to have a slow but promising growth over the projection period. Latin America and the Middle East are estimated to witness steady growth during the period owing to the rise of this market. Hence, these will fuel growth during 2020-2028.
Major Players In Precision Gearbox Market
Key players profiled in the report include ABB Ltd, Bonfiglioli, Emerson Electric Co, Rexnord Corporation, SEW-EURODRIVE Gmbh & Co KG, Siemens AG, Brevini Power Transmission, Cone Drive Operations, and Curtis Machine Company.
Global Precision Gearbox Market Has Been Segmented Into:
Global Precision Gearbox Market, By Product Type
Global Precision Gearbox Market, By Application Type
Global Precision Gearbox Market: By Region