Global Harmonic Drives Market to Reach US$ 3.5 Billion in Revenues by 2024


Published on : Dec 19, 2017

Albany, New York, December 19, 2017: The global harmonic drives market is valued at roughly US$ 838 million currently, and by the end of 2024, the market is likely to reach a valuation of over US$ 3.5 billion, according to a research study added to the comprehensive repository of Market Research Hub (MRH). The report titled Harmonic Drive Precision Strain Wave Reducer Gearboxes and RV and RD Reducers: Market Shares, Strategies, and Forecasts, Worldwide, 2018 to 2024” offers in-depth information and insights on the future of harmonic drives market around the globe, along with comprehensive analysis on the key factors that are likely to shape the direction of the market during the assessment period.

The driving factors for harmonic drives market are the demand for higher efficiency and control in robots and wind turbines. The speed reduction capability and control offered by harmonic drives has influenced end-users from around the globe to invest in them, and increase their operational efficiency. The key vendors in the harmonic drives market are focusing on developing high-quality technology so that strain relief gearbox capability could be achieved. Desire for smooth and efficient gear operation is another key factor that has influenced end-users to invest in harmonic drives. The key applications of harmonic drives are in the fields of aerospace, robotics, and solar tracking. These costly equipment can suffer component wear and tear in case the gearing is not smooth. Owing to these factors, the adoption of harmonic drives has witnessed a steady growth in these application areas. An important aspect of harmonic drives market currently is that only the established vendors have the technological know-how to build drives that can withstand the vigors of wear and tear. The harmonic drives built by new players have a tendency to break down within a short period of time. On account of these factors, the harmonic drive market remains highly tilted in favor of established players.

Harmonic drives market is also influenced by the broader developments in the consumer electronics industry. These drives are used in industrial robots which are widely used in the production lines for smartphones and a range of consumer electronics. These factors are also likely to influence the demand for harmonic drives during the assessment period. Japan is one of the leading countries for R&D and development of harmonic drives. High level of expertise combined with early adoption among end-use industries is likely to create growth opportunities during the assessment period. Overall, the harmonic drives market is likely to present growth opportunities for established market players, while new player may find it difficult to navigate this market.

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