Precision Gearbox Machinery Market to gain momentum over 2022-2028

Driven by the growing prominence of Industry 4.0 across the manufacturing sector and increasing R&D activities across the robotics sector, the precision gearbox machinery industry is likely to register significant growth in the forthcoming years. The constantly rising demand for automation-backed agriculture machinery and heavy construction equipment vehicles for better functionality, reliability, and efficiency has boosted the adoption of industrial robots over the years. 
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As per the 2021 report by the Association of Advancing Automation, North America ordered nearly 29,000 robots during the first three quarters of 2021, driven by the rising industrial concerns, increased remote working trends, and economic disruption caused by the pandemic.
The precision gearbox machinery market share is poised to witness an upward trajectory due to the proliferating requirement to digitize and automate multiple end-use verticals to gain optimal productivity and precision while minimizing the human force. The efforts of major companies to develop machinery with high torque, transmission, and power delivery along with the latest product integration in multiple care unit systems across the medical sector could turn out to be a boon for the industry.
Based on a recent report by Global Market Insights Inc., the global precision gearbox machinery market size could be worth USD 8 billion by 2028.
Mentioned ahead are some notable trends driving the industry expansion.
Increasing product application across the agriculture sector
With the continuous expansion of the global agriculture sector, developed economies are working to rebuild their agricultural space with AI-based programs and digitalized tools.
Besides, increased fund allocations in emerging economies like India for the development of agricultural infrastructure with automated equipment will increase the adoption of precision gearbox machinery. The Ministry of Agriculture and Farmers’ Welfare, India, has been allocated a budget of nearly USD 1.7 billion in 2021, witnessing a growth of 14% from the previous year.
Increased funding along with favorable government initiatives like the PM-KISAN, will propel the precision gearbox machinery industry forecast in the times ahead.
Growing adoption of planetary precision gearboxes
Planetary precision gearboxes are likely to experience substantial expansion due to their rapid integration across the pharmaceutical industry for fulfilling advanced packaging requirements.
They are well suited for high precision motion control applications, requiring high torsional stiffness, high torque, and low backlash. In addition, their high coefficient efficiency, compact design, and wide interval of transmission ratio will positively impact the planetary precision gearbox machinery market landscape.
Increasing defense spending across the Asia Pacific
According to the Asia Pacific Foundation of Canada report, most Asian nations planned to boost their defense budget in 2021. Asia Pacific countries like Japan, South Korea, Taiwan, and China increased their defense expenditure by 3.3%, 5.5%, 10%, and 6.6% simultaneously.
Precision gearbox, being a crucial element of several military pieces of equipment used for battlefield operations, border patrol, light strikes, and reconnaissance, will drive the sales of the Asia pacific precision gearbox machinery market.
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Escalating digitization of business processes
With an aim to upskill and reskill their workforce and help them remain relevant and competitive in this continuously growing digital ecosystem, several enterprises are indulging in different growth tactics like collaborations, brand acquisitions, mergers, etc.
With a similar intent, in April 2022, Siemens partnered with a Singapore-based firm, SkillFuture, to mentor enterprises in the manufacturing sector through their digital transformation expedition with the help of implementation-led project-based training in Industry 4.0 and advanced manufacturing over a period of three years.
Such initiatives will fuel the automation and digitization trends across several industry verticals, which in turn will foster the expansion of the precision gearbox machinery market outlook.
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Precision Gearbox Machinery Market to gain momentum over 2022-2028