The landscape of the global precision gearbox and geared motor market is undergoing significant transformation and is expected to grow by over 10 percent in 2025, as it recovers from an earlier than anticipated dip in 2023 and 2024. According to the latest data from market intelligence specialist Interact Analysis, strong demand will generate a compound annual growth rate (CAGR) of 7.9 percent - with the market increasing from $3.29 billion to $4.8 billion - between 2023 and 2028.

Overall global industrial robot shipment volumes exceeded 500,000 units in 2023, according to global market research firm Interact Analysis. This was a similar level to that seen in 2022 but the average price of industrial robots decreased last year. After a record high in 2021, 2023 reached a low point in terms of revenues and shipments but the long-term forecast remains positive. The global industrial robot market is expected to grow on average, by 3.7 percent per year between 2024 and 2028. 

The global manufacturing economy will remain sluggish in 2024 and is forecast to expand by just 0.6 percent compared with last year. However, it looks set to recover in 2025, the latest data from Interact Analysis reveals. The market intelligence expert explains, except for China, most territories will experience a slight contraction this year, but many will be better off than expected going into 2025.

The low voltage (LV) AC drive market saw unit shipments surpass 20 million in 2023 as the market continues to expand, new data from Interact Analysis shows. According to the market intelligence specialist, the pace of growth slowed last year and is expected to continue to do so in 2024, with steady growth returning to the global drives market in 2025.

The global geared motors and industrial gears (geared products) market was expected to generate $14.2 billion in revenues in 2023, a slight decrease of 0.7 percent from 2022. However, over the next five years we anticipate the market will resume a steady growth trajectory following a further dip in 2024.

Global market intelligence firm Interact Analysis recently made some revisions to its global manufacturing outlook forecast. According to the company’s latest research, the outlook for global manufacturing is bleak, and this looks set to continue throughout 2024 into early 2025. Europe in particular is feeling the pinch, while the Americas region fared well during the first half of 2023. Due to the semiconductor slump, manufacturing output in the Asia Pacific region is declining – the region accounts for almost 90% of semiconductor and components production.

From 2022 to 2023, the global geared motors and industrial gears market is expected to experience a significant slowdown in growth. Interact Analysis' preliminary research shows that global sales of geared motors and industrial gears in 2023 are expected to be around $12.7 billion, a slight decrease compared with 2022.

New research by market intelligence firm Interact Analysis shows that the ultra-low voltage motors market is experiencing a period of growth. By 2027 the market will be worth almost $6.5bn driven by demand from battery driven applications and a need for greater flexibility in manufacturing and logistics processes. The increased use of mobile robots is having a huge impact on the market for ultra-low voltage motors and, as a result of this, the supplier landscape will change significantly. 

New research by Interact Analysis shows the market for mobile robot components is expected to enjoy rapid growth out to 2027, reaching a value of $7.4bn with a CAGR of 44.8 percent over the next 5 years. Regionally, the United States currently dominates the market, but China will become a strong rival and is expected to overtake the United States in terms of unit sales by 2025, while the U.S. will continue to lead in terms of revenue. 

According to updated research by market intelligence firm Interact Analysis, the collaborative robot (cobot) market will enjoy modest growth out to 2032, with annual growth rates sitting at around 20 percent. ‘Collaboration’ between humans and robots is now widely accepted so robot manufacturers suggest that the key to future success will be their ability to scale up production and develop new application scenarios. The logistics industry will also play an important role in this growth trajectory.