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