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The precision gear box industry is currently fragmented by the presence of a large number of regional and local players. These companies have adopted major competitive strategies such as strategic partnerships, merger and acquisitions, and product development. 

The precision gearbox market is expected to be worth around 3 billion US by 2024. These machines are engineered to withstand high tolerances, with efficiencies of over 90%. They are used for speed reduction to deliver high torque multiplication. Designers prefer precision gearboxes because their components are smaller, they use less space and also save money.  

Robotics and other emerging applications are expected to create increased demand for precision gearboxes as these products fulfil the highly precise movements that robots require. However, direct drive systems and other substitute products pose a major challenge and could impact that overall market share of precision gearboxes. They eliminate the use of gears and reduce weight and complexity while increasing efficiency. 

On the basis of product, the industry can be divided into parallel, planety and right-angle products. In 2015, the planetary precision gearbox market brought in nearly three-quarters of market revenue. Right angle gearboxes are becoming more popular because they are more compact and offer greater flexibility. They are the product of choice for angular positioning between the drive and the output shaft. Increasing innovation in the area of miniature gears has allowed manufacturers to design tiny, light, and precise housing gears. These gears are used in low backlash high transmission requirements. Growing demand for positing, conveyor belts, and variable packaging and bottling acceleration will drive the growth of the precision gearbox market in the foreseeable future. 

Growth expectations for robotics applications is expected to continue at a CAGR of 6.5% until 2024. Experts are attributing growth to the growing demand for prosthetic limbs and joints for robots and accomplishing controlled movements in industrial applications. In addition, the automated material handling segment is expected to witness a steady growth due to more systems being installed at manufacturing plants. Growing demand for automation will in turn create new opportunities. 

In 2015 North America, primarily due to the U.S. precision gearbox market, captured over 20% of the revenue due to an increase in regional manufacturing plans. Thanks to increasing adoption of automation and operational efficient machinery, the APAC Market is expected to witness ongoing growth. 

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