Precision Gearbox Market Definition, Opportunities and Outlook 2030
Precision Gearbox Industry Overview The global precision gearbox market size was estimated at USD 2.5 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 9.6% from 2022 to 2030. Rising awareness about the product benefits across various industries including, military & aerospace, machine tools, material handling, robotics, and medical, is expected to drive the market growth. The market witnessed a steep decline in growth, owing to the lack of demand from the industrial sector. The government imposed restrictions caused a temporary closure across a wide range of industries, which resulted in a lack of new installations and maintenance and repair of existing automation systems, thereby limiting the product demand. In addition, a large number of manufacturers suffered huge financial losses due to the pandemic, leading to a number of manufacturers opting to postpone the installation of new automation systems. However, the industry witnessed a signi...