Precision Gearbox Market Is Extrapolated To Grow In Future, Because Of Rising Awareness About Product Benefits Across Various Industries
Precision Gearbox Industry Overview The global precision gearbox market size is expected to reach USD 5.72 billion by 2030, as per a new report by Grand View Research Inc. The market is anticipated to expand at a CAGR of 9.6% from 2022 to 2030. Increasing implementation of automation technology throughout the production process is likely to propel the demand for the installation of robots and is anticipated to drive the growth of the market. The presence of a large number of raw material suppliers, providing multiple options to product manufacturers is projected to result in low bargaining power. In addition, the low switching cost for manufacturers is expected to decrease the bargaining power of suppliers. Hence, the bargaining power of suppliers is low to medium. Precision Gearbox Market Segmentation Grand View Research has segmented the global precision gearbox market based on product, application, and region: Based on the...