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

Based on the 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 and is also expected to grow with the fastest CAGR during the forecast period. Cup style harmonic drive provides accurate motion control. Cup style harmonic offers high precision torque density. For instance, cone drive type of harmonic solution, offers high precision and torque density with gear ratio of 50:1 to 160:1. Therefore beneficial features offered by the cup style harmonic drive are promoting the growth of cup style segment in harmonic drive market. The increasing demand for high performance robots for various applications including medical equipment, aerospace equipment, robotics, and others is propelling the demand for cup style harmonic drive segment in harmonic drive market.

Based on the Material :

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

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

Based on the Sales Channel :

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

The online segment is anticipated to witness the fastest CAGR growth 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 internet are promoting the growth of online sale channel segment in harmonic drive market.

Based on the 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 the year 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 growth of robotics segment in harmonic drive market. Additionally, implementation of advanced technologies for the development of innovative and efficient robots are promoting the growth of robotics segment in harmonic drive market. For instance, in April 2023, Dobot launched CR20A collaborative robot, with 20 kg payload capacity and improved production efficiency. The robots consisted of electromagnetic brakes and high-performance harmonic drives. Thus, the rapid technological advancements and increasing demand for robots in various industries including manufacturing, automotive, healthcare, and others are driving the growth of robotics segment in harmonic drive market.

Based on the 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 growth of automotive segment in harmonic drive market. Additionally, an increasing number of industrial robots in operation facilities is promoting the growth of automotive segment in harmonic drive market. For instance, according to International Federation of Robotics, in 2021, 2,867 industrial robots per 10,000 employees were installed in Republic of Korea and 1,500 industrial robots in Germany. Additionally, new robot installations in automotive industry were 119,405 units across the globe. Therefore, the increasing installations of industrial robots in operation facilities are propelling the growth of robotics segment in harmonic drive market.

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

Based on the Region :

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

Asia Pacific accounted for largest market share for harmonic drive market in the year 2022 valued at USD 349.69million, expected to grow with a CAGR of 9.6% during the forecast period. The revenue domination is highlighted due to rising population and rapid urbanization in the region during the past few years. Additionally, based on country wise shares, China is valued to hold 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 growth of harmonic drive market in Asia Pacific region. Additionally, growing technological advancements in automotive, manufacturing, healthcare, and other industries in developing countries including China and India are propelling the demand for harmonic drive market in 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 growth of harmonic drive market in Asia Pacific region.