REPORT OVERVIEW
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The global robot gears and sprockets market size is expected to be USD 166.7 million by 2022. The global COVID-19 pandemic was unprecedented & staggering, with robot gears and sprockets experiencing lower-than-anticipated demand across all regions compared to pre-pandemic times. Per our market research, the market is expected to touch USD 228.9 million by 2028, exhibiting a CAGR of 5.4% during the forecasted period. The sudden spike in CAGR can be attributed to demand returning to pre-pandemic levels post the pandemic. The market is expected to rapidly increase the supply, production, and demand of robot gears during the forecast period.
Gears and sprockets are the aiding elements required for mobile industrial robots' programming in the industry. The robot gears and sprockets market has wide-ranging applications in sectors such as material handling, welding, and painting. The demand for the components of robots will see an exponential rise post the pandemic as industrial activities, and manufacturing units recover from the effects of the pandemic and resume their activities. Leading industrial players, key acquisitions, mergers, and collaborations will drive the market growth and share of the industry.
Robot gears and sprockets are vital for building efficient robots in the machinery and equipment domain that will help analyze data accurately and provide information to consumers and manufacturers. The market for the equipment will mainly increase in developed regions such as North America and Europe as these regions undergo technological innovations and witness collaborations between leading players in the industry. The decreasing inflation, rising disposable income, and increased affordability owing to technological advancements are the driving factors of the market.
COVID-19 Impact: Industrial and Manufacturing Shutdown Impeded Market Growth
The closure of industrial and manufacturing activities due to the pandemic, lockdown, and movement restrictions severely impeded the market growth and share of the robot gears industry. Technological innovations came to a standstill due to a lack of resources and rising inflation in the global market. This affected investors' and manufacturers' profits massively, leading to heavy losses for them during the lockdown period. However, the resumption of industrial activities after the pandemic will drive the product's market growth.
LATEST TRENDS
"Technological Advancements in Robot Construction to Lead Market Growth"
Technological advancements in robotic developments will be the major driving factors of the robot gears and sprockets market during the forecast period. The increasing popularity of artificial intelligence and the evolution of technologies incorporated in robots will result in the development of the latest robots with efficient vision capabilities. These advancements in robotic construction have significant implications for associated mechanical parts and gears as they are vital components in driving the movement and flexibility of robots during industrial applications.
SEGMENTATION
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By Type
The market is categorized based on types into robot gears and sprockets.
By Application
The market is subcategorized based on material handling, assembly line, welding, and painting applications.
DRIVING FACTORS
"Applications in Various Sectors to Drive Market Demand"
Industrial robots offer several benefits, such as productivity, precision, and operation quality. The induction of industrial robots in different industries needs precise control, which has increased demand for components such as gears, drivers, and sprockets as they ensure better flexibility and efficient precision control of robots during the deployment and setting up. This will drive the mechanical gears and sprockets market growth during the forecast period, leading to profits for leading players and manufacturers.
"Resumption of Industrial Activities to Propel Market Growth"
The resumption of industrial and manufacturing activities post the pandemic will drive the robot gears and sprockets market growth during the projected period, as the demand for the equipment increases worldwide. This will majorly benefit leading industrial players, manufacturers, and investors as these factors will aid them in recovering their losses and garner massive profits and revenues from the consumer demand in the industry.
RESTRAINING FACTORS
"High Operational and Installation Costs to Hamper Market Demand"
The high operational and installation costs to induct the program consisting of robot gears and sprockets will hamper the industry's market growth and share as the demand for the product increases. Developing areas such as Africa and Asia will witness difficulty inducting these systems and will, thus, avoid installing robotic systems. This will significantly affect the industry's market growth and share, leading to losses for industrial manufacturers and investors.
REGIONAL INSIGHTS
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"North America to Lead Market Growth Owing to Presence of Major Players"
The North American region will lead the robot gears and sprockets market share and growth as the area witnesses technological innovations post the pandemic with an exponential boom. The market will see a tremendous demand increase for the product as the industry recovers from heavy losses incurred during the last two years. Along with this, decreasing inflation and rising disposable income of the American region will also impact the industry positively, leading to profits for investors and manufacturers in the Northern part, followed by the Asia Pacific region.
KEY INDUSTRIAL PLAYERS
"Mergers and Developments in North America to Lead Market Growth and Share "
The report analyzes various market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical and environmental outcomes, and newly emerging industries' impact and risks. The study considers all the points after a comprehensive analysis, thus generating future possibilities for the market. Therefore, the factors mentioned in the report are subject to change as the dynamics and situation of the market change.
List of Market Players Profiled
- DAVALL GEARS (U.K.)
- Mitsubishi Heavy Industries (Japan)
- Nabtesco (Japan)
- STOBER (U.S.)
- SPINEA (Slovakia)
- Stock Drive Products/Sterling Instruments (U.S.)
- VEX Robotics (U.S.)
INDUSTRY DEVELOPMENT
September 2022: Mitsubishi Power, a Mitsubishi Heavy Industries Ltd. subsidiary, achieved a total of 8,000 actual operating hours (AOH) for its new product named the M701JAC gas turbine. The gas turbine unit was installed for a gas turbine cycle, and the power generation system was a joint venture between Thailand's Gulf Energy Development Public Company Limited. With this, the state-of-the-art air-cooled JAC (J Series Air Cooled) has established a benchmark of reliability for both the 50Hz and 60Hz markets in the industry.
REPORT COVERAGE
The report examines elements that affect the demand & supply and estimates dynamic forces for the forecasted period. After evaluating the market factors, the report provides an extensive, comprehensive SWOT analysis. The information estimates the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the dental endodontics industry. The report lists the leading industrial players worldwide and the regions that will experience growth during the forecast period.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 166.7 Million in 2022 |
Market Size Value By |
US$ 228.9 Million by 2028 |
Growth Rate |
CAGR of 5.4% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Types & Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the robot gears and sprockets market expected to touch by 2028?
The global robot gears and sprockets market is expected to touch USD 228.9 million by 2028.
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What is the CAGR that the robot gears and sprockets market is expected to exhibit by 2028?
The market is expected to exhibit a CAGR of 5.4% by 2028.
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What are the driving factors of the robot gears and sprockets market?
The market's driving factors are decreasing inflation, rising disposable income, and increased affordability owing to technological advancements.
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Which are the leading companies operating in the market?
Mitsubishi Heavy Industries, Nabtesco, DAVALL GEARS, STOBER, SPINEA, Stock Drive Products/Sterling Instruments, and VEX Robotics are the top players operating in the market.
