Harmonic Drive Market - Size, Industry Share, Growth Trends and Forecasts (2023 - 2030)

By Type :

Based on type, the market is classified as cup style, hat style, ring style, pancake style, and others. The cup style segment accounted for the largest revenue share in the year 2022 of the global harmonic drive market and is also expected to grow with the fastest CAGR during the forecast period. The cup style provides accurate motion control . Cup-style harmonic offers high precision torque density. For instance, the cone drive type of harmonic solution, offers high precision and torque density with a gear ratio of 50:1 to 160:1. Therefore beneficial features offered by the cup style drive promote the cup style segment. Thus, the analysis of segment trends shows that the increasing requirement for high-performance robots for various applications including medical equipment, aerospace equipment, robotics, and others is propelling the harmonic drive market demand.

By Material :

Based on the material, the market is classified into steel, aluminum, stainless steel, and others. The steel segment accounted for the largest revenue of 42.09% in the year 2022 of the total harmonic drive market share. This drive consists of three main components including a wave generator, flex spline, and circular spline. The components are made up of steel to provide a rigid cylindrical outer ring to the drive.

The stainless steel segment is anticipated to witness the fastest CAGR during the forecast period due to the increasing adoption of stainless steel material for component manufacturing.

By Sales Channel :

Based on the sales channel, the market is bifurcated into online and offline. The offline segment accounted for the largest revenue in 2022 of the total harmonic drive market share. Increasing demand for a lightweight compact drive for various applications in medical equipment, robotics, semiconductors, aerospace equipment, packaging, and others is propelling the harmonic drive market demand.

The online segment is anticipated to witness the fastest CAGR during the forecast period. The online segment includes e-commerce channels such as Amazon, eBay, Rakuten, Alibaba, and others. The factors including rapid digitalization and increasing penetration of the internet are promoting the harmonic drive market trends.

By Application :

Based on the application, the market is classified as robotics, medical equipment, semiconductors, aerospace equipment, printing, packaging equipment, laser cutting technology, measurement & test equipment, and others. The robotics segment accounted for the largest revenue share in 2022 and is also expected to grow with the fastest CAGR during the forecast period. Increasing technological advancements and rising demand for robots in various industries including manufacturing, automotive, healthcare, and others are boosting the robotics segment in the market growth. Additionally, the implementation of advanced technologies for the development of innovative and efficient robots is promoting the robotics segment in the market. For instance, in April 2023, Dobot launched the CR20A collaborative robot, with a 20 kg payload capacity and improved production efficiency. The robots consisted of electromagnetic brakes and high-performance drives. Thus, analysis of segment trends, rapid technological advancements, and increasing demand for robots in various industries including manufacturing, automotive, healthcare, and others are driving the harmonic drive market trends.

By End User :

Based on the sales channel, the market is categorized as automotive, aerospace and defense, electronics & semiconductor, healthcare, retail, manufacturing, and others. The automotive segment accounted for the largest revenue share in the year 2022. The increasing adoption of industrial robots and growing automation are driving the market. Additionally, an increasing number of industrial robots in operation facilities is promoting the market. For instance, according to the International Federation of Robotics, in 2021, 2,867 industrial robots per 10,000 employees were installed in the Republic of Korea and 1,500 industrial robots in Germany. Additionally, new robot installations in the automotive industry were 119,405 units across the globe. Therefore, the segmental trends analysis shows that the increasing installations of industrial robots in operation facilities are propelling the harmonic drive market expansion.

The healthcare segment is anticipated to witness the fastest CAGR during the forecast period. The increasing inclination towards robots for drug development, pharmaceutical dispensing, hospital logistics, and others is propelling the market growth. Additionally, the rising adoption of autonomous mobile robots for mediation delivery and medical equipment transportation is promoting the growth of the healthcare segment in the harmonic drive market. For instance, according to the International Federation of Robotics, the utilization of autonomous mobile robots (AMRs) reduces the cost per delivery by 50% to 80% and AMRs help to minimize pharmaceutical dispensing errors. Thus, according to the market trends analysis, the increasing adoption of autonomous mobile robots in the medical industry is promoting market growth.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Asia Pacific accounted for the largest market stake for the harmonic drive market in the year 2022 valued at USD 349.69 million, expected to grow with a CAGR of 9.6% during the forecast period. As per the harmonic drive market analysis, the revenue domination is highlighted due to the rising population and rapid urbanization in the region during the past few years. Additionally, based on country-wise shares, China is valued to hold the largest market share of 27.9% in the year 2022.

Additionally, the increasing adoption of industrial robots for various applications including medical equipment, automotive equipment, aerospace equipment, printing, packaging, and others is driving the market in the Asia Pacific region. Additionally, growing technological advancements in automotive, manufacturing, healthcare, and other industries in developing countries including China and India are propelling the market in the Asia Pacific region. For instance, in 2021, China accounted for 2,43,000 new industrial robot installations to modernize and improve manufacturing capabilities. Therefore, increasing technological developments in automotive, manufacturing, healthcare, and other industries are driving the market in the Asia Pacific region.