Gears and sprockets are the assisting components for the programming of mobile industrial robots. These components assist the industrial robots to display rotational and directional motion and help to shift power and motion from one axis to another. With industries adopting automation at a high rate, industrial robots are expected to form a major part of this evolution due to the benefits offered in enhancing productivity and efficiency.
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According to the report, one driver in the market is increasing investment in robotics by SMEs. With the advancements in technology and the dynamic shift in demand-supply economics, several industrial players, including small- and medium-sized enterprises prefer to implement industrial robots as a measure to optimize their operational costs. Countries like China, Japan, and Taiwan in the recent times have witnessed a rise in the number of SMEs across the end-user industries.
Further, the report states that one challenge in the market is emergence of low-cost gears and sprockets manufacturers in Asia. The presence of several low-cost gears and sprockets manufacturers in APAC, particularly in China, is posing a threat to the market share of globally established companies in the global robot gears and sprockets market. These manufacturers offer their products at a lower price compared with other manufacturers due to advantages of low operational cost.
One trend in the market is integration of IoT in robotics. The development of Internet of Things (IoT) and other technological enhancements have fueled the implementation of automation in industries. The increasing demand and use of smart devices, and wireless and cloud technologies will impact the future of robots in terms of the utility and mode of operation.
Advancements in the robotic vision are one of the major trends that will gain traction in the robot gears and sprockets market in the coming years. The rising popularity of artificial intelligence and the evolution of technology incorporated in robotics have resulted in the development of modern robots with enhanced vision capabilities. These advancements in robotic vision have major implications for the associated robotic components and gears and sprockets as they are essential components in aiding the movement and flexibility of robots during industrial applications.
The Robot Gears and Sprockets market can be segmented into following types as:-
- By Product
- By Applications
- Robot Gears
- Material Handling
- Assembly Line
It is predicted that the global robot gears and sprockets market will grow steadily at a CAGR of over 7% by 2021. This market research analysis identifies the growth of the industrial robotics market as one of the primary growth factors for this market. Industrial robotics offers various benefits in terms of productivity, quality, and precision in operations. The deployment of industrial robots in different industries requires a high degree of precision control. This has created a higher demand of sub-components like drives, gears, and sprockets as they ensure better flexibility and precision control of robots during the deployment, which will in turn, drive the growth of the robotic gears and sprockets market.
The robot gears and sprockets market appears to be competitive due to the presence of several vendors. The well-established vendors in this market operate through indirect channels that involve sales through certified distributors, dealers, contractors, or system integrators. Several new players and system integrators are expected to enter the market due to low product differentiation and the less technical expertise required in manufacturing gears and sprockets. The competition among the global vendors is mainly in terms of product features, price, customization, and after-sales services.
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This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market by 2021 due to the rapid industrial development and automation requirements across countries like China, India, South Korea, Indonesia, and Taiwan. Several discrete manufacturing industries in APAC are also opting for industrial robots right from the commissioning of the plant to achieving higher productivity and efficiency, which will in turn, fuel the market’s growth prospects.
Few of the market players in the Robot Gears and Sprockets Market are:-
- DAVALL GEARS
- Mitsubishi Heavy Industries
- Stock Drive Products/ Sterling Instruments
- VEX Robotics
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