HARMONIC REDUCER MARKET REPORT OVERVIEW
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The global harmonic reducer market size is expected to be USD 487.9 million in 2022 and is projected to touch USD 1457.2 million by 2031, at a CAGR of 12.9% during the forecast period.
A harmonic reducer is a lightweight and highly compact mechanical gear system made of three individual components. This gear system offers high reduction ratios up to 160:1, high torque outputs, and zero backlashes. It also provides a simple and effective alternative to the conventional gear motors in the applications demand. These gear systems are simple and robust in design, and their ratios are reconfigurable with standard housing. Traditional housing ensures changes to process the requirements and can be easily made without significant modification in the drive.
Harmonic reducers are low maintenance and are used in machine tools, robotics, aerospace packaging, industrial process control, warehousing, and crating systems. The prominent feature of the harmonic reducer is zero-backlash when linked to a servomotor. It also allows for precise positioning accuracy coupled with excellent machinery making repeatability which makes it ideal for applications that require a high level of accurate control. It helps in the transmission of the engine to another mechanical component by reducing the rotation speed at higher torque.
COVID-19 Impact: Manufacturing Industries Shut Down Affected Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with harmonic reducer experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the harmonic reducer market growth and demand returning to pre-pandemic levels once the pandemic is over.
The pandemic resulted in the lockdown of the countries, which affected economies. Most of the industries witnessed severe downfall due to shut down of manufacturing, transport, and other industries. The steady spread of the virus disrupted the economic development. Thus, stringent rules and regulations were imposed by the government that involved staying indoor and shutdown of manufacturing industries, which impeded the growth of the market. Machinery and equipment, consumer goods, and other sectors were affected due to the lockdown. The pandemic outbreak created a halt in the growth of the sector.
LATEST TRENDS
"Rising Installation of Wind Turbines to Drive Market Trend"
Constantly increasing installation of wind turbines in countries is expected to drive the harmonic reducer market growth. A harmonic reducer is used in these turbines to control the motor speed which transmits the power. The primary function is to multiply the torque amount, which is generated by an input resource to achieve the expected output from the turbines. The rising population is an additional factor expected to aid market growth as increased population boosts the installation of wind turbines due to rising demand for electricity. Wind turbines are used for many purposes such as generating electricity, sailing, and flying a kite. Various applications of wind turbines are likely to boost the demand for products in the global market.
HARMONIC REDUCER MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into single-stage, two-stage, and complex waves.
- By Application Analysis
Based on application, the market is classified into mechanical, ship, and others.
DRIVING FACTORS
"Various Features and Low Cost of the Product to Aid Market Growth"
The harmonic reducers are easily affordable due to their low cost and offer high output, which is expected to drive growth in the market. These gear systems are available at low initials cost and provide high output torque which is likely to be the primary factor responsible for driving growth in the market. Additionally, the market is likely to gain growth due to less energy cost and easy installation of the reducer. Moreover, its light weight is also anticipated to surge growth. Expanding the application of the device in industrial, mining, agricultural, automotive, and construction equipment are expected to surge growth. These advantages of the device are expected to boost the harmonic reducer market growth.
"Launch of Magnetic Gear Reducer to Drive Product Demand"
The launch of the magnetic gear reducer is likely to surge the market growth due to the usage of permanent magnets in the magnetic gear to transfer torque from an input shaft to an output shaft. This transmission does not require any mechanical contact, and the gears work smoothly even when the speed limit is exceeded by the torque. These harmonic reducers offer various advantages such as high reliability, low consumption of energy, durability, low vibration and noise, high overloading capacity, and low maintenance cost. These advantages are anticipated to help in the expansion of harmonic reducer market.
RESTRAINING FACTORS
"High Maintenance Costs to Hamper Growth"
The high repairing and maintenance cost of the device is forecasted to be the primary factor impeding the growth. The manufacturing of the harmonic reducer involves various engineering operations such as milling, grinding, turning, and heat treatment, such as quenching, hardening, and others which increases the manufacturing cost of the device. Additionally, a lack of awareness about the device's functions is estimated to affect the market growth in the forecast period. The high cost of the product resists small industries from adopting the product and thus, it affects the growth of the market.
HARMONIC REDUCER MARKET REGIONAL INSIGHTS
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"Asia Pacific to Lead Market Due to High Industrial Infrastructure Investment "
Asia Pacific is expected to hold major part in the harmonic reducer market share due to the rising requirements for energy in the region. The higher investment in industrial development by emerging countries such as India, China, and Japan is forecasted to boost growth in the region. Additionally, the continuous building of new commercial and domestic spaces coupled with the increasing setup of new power generation facilities are expected to augment the regional growth.
North America is anticipated to show prominent growth due to the rising production of minerals from the mining operations. The U.S. and Canada are expanding the installation of energy-efficient technologies which is forecasted to drive regional growth. Additionally, the focus on the least intervention of humans in machine operations to enhance productivity and quality is anticipated to drive growth in the region.
Latin America is forecasted to show sizeable growth due to rising innovation and projects by the government and companies for the implementation of investment projects. Additionally, the rising demand for high torque energy is likely to surge regional growth.
KEY INDUSTRY PLAYERS
"Key Companies to Emphasize On Long-Term Growth Strategies"
The global market is fragmented with various sized players such as small, medium, and large-sized companies. The companies are emphasizing on the development of the product to aid the rising demand for harmonic reducers. Companies are focused on developing innovative products to gain long-term growth in the market. Additionally, the companies are striving to develop organic and inorganic growth strategies to consistently grow in the market.
List of Market Players Profiled
- Harmonic Drive System (Japan)
- Leaderdriver (China)
- Motoman (U.S.)
- Beijing CTKM Harmonic Drive (China)
- Danfoss (Denmark)
REPORT COVERAGE
The report gives a close watch of the major factors influencing growth in the market. It also covers the forecast of the market on the basis of its segments, regional analysis, and driving factors. The factors anticipated to affect the growth of the market are also included in the report. A study on market essentials is made to offer complete insights into the market. Additionally, the list of key market players is mentioned to represent the company’s location and strategies. The competitive analysis is represented in the report to offer a brief idea about the existing competition.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 487.9 Million in 2022 |
Market Size Value By |
US$ 1457.2 Million by 2031 |
Growth Rate |
CAGR of 12.9% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type, Application & Region |
Frequently Asked Questions
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What value is the harmonic reducer market expected to touch by 2031?
Based on our research, the harmonic reducer market is projected to touch USD 1457.2 million by 2031.
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What CAGR is the harmonic reducer market expected to exhibit by 2031?
The harmonic reducer market is expected to exhibit a CAGR of 12.9% by 2031.
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What are the segments of the harmonic reducer market?
By type, the harmonic reducer market is segmented into single-stage, two-stage, and complex waves. Based on application, the harmonic reducer market is classified into mechanical, ship, and others.
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Which are the driving factors of the harmonic reducer market?
Various features and low cost of the product to aid market growth and the launch of magnetic gear reducer to drive product demand are the factors driving the harmonic reducer market.
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Which are the top companies operating in the harmonic reducer market?
Harmonic Drive System, Leaderdriver, Motoman, Beijing CTKM Harmonic Drive, and Danfossare the top companies operating in the harmonic reducer market.