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The robot gears and sprockets market size is estimated to grow at a CAGR of 5.48% between 2022 and 2027 and the size of the market is forecast to increase by USD 49.12 million. The growth of the market depends on several factors, such as growth in the e-commerce industry, increasing adoption of Industry 4.0 and IoT technologies, and technological advancements in robotics.
This robot gears and sprockets market report extensively covers market segmentation by application (material handling, assembly line, welding, and painting), product (gears and sprockets), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Robot Gears and Sprockets Market Customer Landscape
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth in the e-commerce industry is the key factor driving the global robot gears and sprockets market growth. The expansion of the e-commerce sector over the past decade has increased the need for automation and robotics in distribution and storage centers. These facilities employ automated systems, such as robots, to complete orders more quickly and efficiently. The increasing demand for robot gears and sprockets, which are integral parts of the operation of these robots, is fueling this trend. Amazon, Alibaba, and JD.com are among the major e-commerce companies that have introduced automation and robotics to their distribution and warehousing operations.
The e-commerce industry relies heavily on robots for tasks such as picking, sorting, and packing orders, increasing the need for robot gears and sprockets. The market of interest has expanded significantly from the e-commerce industry due to government initiatives to encourage the use of automation and robotics in the logistics sector. For example, the Chinese government's “Made in China 2025” initiative focuses on developing cutting-edge manufacturing technologies such as robotics and automation. Therefore, the expansion of the e-commerce sector along with the deployment of automation and robotics in warehouses and distribution centers is a major drive expected to fuel the growth of the market during the forecast period.
The growing use of 3D printing technology for production will fuel the global robot gears and sprockets market growth. The market is increasing the use of 3D printing technology to manufacture its components. 3D printing technology allows complex shapes to be created quickly and inexpensively, giving gear and sprocket designers and manufacturers greater flexibility in customizing their products. For example, the aerospace industry uses 3D printing to manufacture aircraft engine gears and sprockets. Using traditional manufacturing techniques makes it difficult or impossible to create more complex designs. Governments around the world are investing in 3D printing technology as a key driver of innovation and economic growth. For example, the U.S. government has launched a national network of manufacturing innovation initiatives aimed at increasing cooperation between businesses, academia, and government to advance manufacturing technologies such as 3D printing.
Since 3D printing enables parts to be manufactured with greater precision and precision, less material is wasted, so adopting this technology in the production of robot gears and sprockets will also reduce material waste and environmental impact. Hence, this trend will drive the growth of the market during the forecast period.
The high initial cost for small and medium-sized enterprises can majorly impede the growth of the market. Small businesses can face significant challenges due to the high initial investment required to set up robotic systems in their operations. It is often difficult for small businesses to compete with large companies due to the high cost of purchasing and installing robots and the software and hardware required. Small businesses may not have the financial resources to set up and maintain advanced robotic systems. For example, a simple robotic arm can cost between USD 10,000 and USD 30,000, while a more complex system with better sensors and software can cost upwards of USD 100,000.
The total investment may also include programming, installation, and maintenance costs. Due to this challenge, many SMEs may be reluctant to adopt these technologies, which may limit their competitiveness in the market. As a result, SMEs are likely to face significant challenges during the forecast period due to the high initial investment required to implement robotic systems, which may impede the growth of the market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ascent Precision Gear Corp: The company is involved in gear manufacturing. It also specializes in antibacklash, spur, helical, and worm gearing.
B and B Manufacturing Inc: The company is involved in the production and distribution of synchronous drive products such as synchronous belts, timing belt pulleys, V-belt sheaves, gears, taper bushings, idlers, and roller chain sprockets for different industries.
We also have detailed analyses of the market’s competitive landscape and offer information on 18 market vendors, including:
The report offers clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the vendors. The analysis classifies vendors into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don’ts of business which in turn can help a client make the best decision.
The material handling segment will contribute a major share of the market, as several industries are moving to automation due to the increasing demand for effective and affordable material handling solutions. The material handling segment showed a gradual increase in market share with USD 63.74 million in 2017 and continued to grow by 2021. A primary application for robotic gears and sprockets is material handling, including the movement, storage, and management of materials within manufacturing or distribution facilities. Many factors are driving the demand for material-handling robots. In addition, technological developments such as the development of compact, lightweight robots with large payload capacities are accelerating the expansion of the market.
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Robots are used for material handling purposes in various industries such as tire factories, auto parts factories, and distribution centers. These instances demonstrate the growing demand for increased productivity and efficiency. This will increase the trend towards the use of material handling robots in many industries, driving the growth of the market during the forecast period.
Gears are rotating parts with teeth that transmit motion or power. The demand for robotic gears is expected to increase significantly during the forecast period. Demand for gears is driven by increasing demand for robotics in multiple industries such as automotive, electronics, and healthcare. The shift towards automation and the need for more accurate and effective robots are other factors driving the growth of this segment. The increasing use of robots for industrial purposes in manufacturing is one of the major market drivers. The growth of the medical robot market also contributes significantly to the growth of the gear segment. For example, recently, Boston unveiled a new robot designed to assist doctors and other healthcare workers in hospitals and clinics. Using the latest gear technology, the robot performs precise movements and tasks such as lifting patients and moving medical equipment. Such examples highlight the market penetration of devices across multiple industries including manufacturing and healthcare and are expected to drive market growth during the forecast period.
APAC is estimated to contribute 50% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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APAC is expected to be the largest and fastest-growing regional market for robot gears and sprockets due to the increasing adoption of robotics and automation in many industries in the APAC region. The market for robot gears and sprockets is growing rapidly. APAC is home to some of the market's most prominent companies, including Nidec Corporation, Harmonic Drive Systems, and Sumitomo Heavy Industries. Market players in the region invest heavily in research and development to create more effective, reliable, and affordable advanced robotic systems, gears, and sprockets. Government programs such as India's Make in India and China's Industry 4.0 are also promoting the use of automation and robotics, which should boost the regional market for robotic gears and sprockets. Overall, the APAC region is expected to continue to lead the growth of the robot gears and sprockets market during the forecast period.
COVID-19 in 2020 negatively affected the growth of the market. Governments across the world imposed lockdowns, mainly in the first half of 2020, to prevent the spread of COVID-19. The temporary closure of the industry reduced demand for robot gears and sprockets from vendors, negatively impacting the growth of the market in 2020. The standards were relaxed later in 2021. Among other things, operations restarted in end-user industries such as automotive, construction, and manufacturing. The reopening and recovery of these end-user industries increased the demand for robotic gears and sprockets from 2021 onwards. World is seeing an increasing focus on the adoption of automation in industries such as manufacturing and construction. As a result, demand in the market increased in 2022. These developments boosted the growth of the market during the forecast period.
The robot gears and sprockets market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Robot Gears and Sprockets Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.48% |
Market growth 2023-2027 |
USD 49.12 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.64 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apex Dynamics Inc., Ascent Precision Gear Corp., B and B Manufacturing Inc., Brother Industries Ltd., Designatronics Inc., Forest City Gear Co., Gear Motions Inc., Globe Transmission Corp., Innovation First International Inc., Kohara Gear Industry Co. Ltd., Nabtesco Corp., Nidec Corp., Ondrives Ltd., R W America LP, Regal Rexnord Corp., STD Precision Gear and Instrument Inc., STOBER Drives Inc., SuperDroid Robots Inc., The Timken Co., and Tsubakimoto Chain Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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