Precision Gearbox Machinery Market Size By Manufacturing Process (Hobbing, Grinding, Turning, Honing), By Product (Planetary, Right Angle, Parallel), By Application (Machine Tools, Material Handling, Packaging, Robotics, Automobile, Off-Road Vehicles, Win

Precision Gearbox Machinery Market Size By Manufacturing Process (Hobbing, Grinding, Turning, Honing), By Product (Planetary, Right Angle, Parallel), By Application (Machine Tools, Material Handling, Packaging, Robotics, Automobile, Off-Road Vehicles, Wind Towers, Agriculture, Railways, Marine), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

The precision gearbox machinery market is poised to showcase significant growth through 2028 on account of prevalent product demand in varied applications in key regions across the globe.

Recently, industry players have been adopting lucrative strategies to gain a competitive edge in the market, which has enhanced business dynamics. For instance, in February 2021, EMAG Group, a machine tools specialist, announced the acquisition of key brands in the machinery space, Samputensili CLC and Samputensili Machine Tools. The takeover enabled EMAG to broaden the scope of its technology with the integration of a range of gear production processes.

The precision gearbox machinery market has been categorized on the basis of manufacturing process, product, application, and region. Based on manufacturing process, the market has been segmented into grinding, turning, hobbing, and honing.

The honing sub-segment holds a sizable share in the market and is slated to see notable growth through the assessment timeframe. Surging demand for improving the surface finish and dimensional accuracy of the precision gear teeth is likely to aid segmental development in the coming years.

In terms of product, the precision gearbox machinery market has been divided into right angle, parallel, and planetary. The right angle sub-segment is set to reach a sizable revenue by 2028, growing at approximately 4% CAGR over the analysis timeline. Mounting demand for advanced packaging equipment with robust functionality is anticipated to boost the sales of right angle precision gearbox machinery in the forthcoming years.

From the application perspective, the precision gearbox machinery market has been bifurcated into material handling, machine tools, packaging, automobile, robotics, wind towers, off-road vehicles, marine, railways, and agriculture. The robotics sub-segment is projected to witness significant growth at a CAGR of more than 6% through 2028. The advent of Industry 4.0 is boosting the deployment of robotics in various manufacturing processes, which is foreseen to drive segmental demand over the following years.

The precision gearbox machinery industry share from the agriculture sub-segment is speculated to observe substantial growth through the review period. Growing introduction of autonomous farm equipment is estimated to fuel segmental uptake in the upcoming years.

On the regional spectrum, the Latin America precision gearbox machinery market is expected to garner a considerable share in the overall industry by the end of the forecast timeline. Growing inclination towards wind power energy to generate electricity is bolstering the demand for precision gearbox machinery, which is primed to propel market growth in LATAM.

Meanwhile, the Middle East & Africa precision gearbox machinery industry is likely to grow at a solid CAGR through the study timespan. Prominent construction of residential and commercial infrastructure requiring material handling equipment is foreseen to impel market progress in MEA in the future.