South Korea Precision Gearbox Market Size & Outlook
South Korea precision gearbox market, 2018-2030 (US$M)
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South Korea precision gearbox market highlights
- The South Korea precision gearbox market generated a revenue of USD 346.2 million in 2023 and is expected to reach USD 706.9 million by 2030.
- The South Korea market is expected to grow at a CAGR of 10.7% from 2024 to 2030.
- In terms of segment, planetary was the largest revenue generating product in 2023.
- Harmonic is the most lucrative product segment registering the fastest growth during the forecast period.
Precision gearbox market data book summary
| Market revenue in 2023 | USD 346.2 million |
| Market revenue in 2030 | USD 706.9 million |
| Growth rate | 10.7% (CAGR from 2023 to 2030) |
| Largest segment | Planetary |
| Fastest growing segment | Harmonic |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Harmonic, Cycloid, Planetary |
| Key market players worldwide | Harmonic Drive Systems Inc, Nidec Corp, Sumitomo Corp, Nabtesco Corp, The Timken Co, Hiwin Technologies Corp, Parker Hannifin Corp, ABB Ltd, Koch Industries, Motus GI Holdings Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 11.7% of the global precision gearbox market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China precision gearbox market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,733.2 million by 2030.
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Precision Gearbox Market Scope
Precision Gearbox Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea precision gearbox market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to precision gearbox market will help companies and investors design strategic landscapes.
Planetary was the largest segment with a revenue share of 68.4% in 2023. Horizon Databook has segmented the South Korea precision gearbox market based on harmonic, cycloid, planetary covering the revenue growth of each sub-segment from 2018 to 2030.
The South Korea precision gearbox market growth is expected to be driven by advancements in manufacturing technologies, supported by Manufacturing Industry Innovation 3.0 and “Industry 4.0” for adoption of automation techniques and advanced machine tools.
In addition, increasing adoption of precision gearboxes in the steel industry in material handling equipment, and as in driving assembly of as heavy-duty rolling mills, levelers, piercing mills is expected to benefit market growth.
The steel industry is one of the most significant industries for the economic development of South Korea, as it is a major raw material provider for several other key industries such as shipbuilding, automobile, and construction.
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Our clientele includes a mix of precision gearbox market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea precision gearbox market , including forecasts for subscribers. This country databook contains high-level insights into South Korea precision gearbox market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea precision gearbox market size, by product, 2018-2030 (US$M)
South Korea Precision Gearbox Market Outlook Share, 2023 & 2030 (US$M)
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