Ocean View, Delaware, Oct. 19, 2017 (GLOBE NEWSWIRE) --
North America Precision Gearbox Market share is slated to exceed USD 556 million by 2024; according to a new research report by Global Market Insights, Inc. North America precision gearboxes are expected to reach around 969 thousand units till 2024. Rising demand of automation across various industries including food & beverage, packaging, and material handling will support the industry growth over the next eight years. Automation in manufacturing industry contributes to the extensive competitiveness and offers immense potential by assuring value creation over excessive labor costs according to the international standards.
Government regulations for increasing the motor efficiency has forced the manufacturers to develop enhanced quality gearboxes. Moreover, provision of sustainable and cost-effective solutions for varied applications including transportation & food industry will contribute significantly for high revenue generation. However, adoption of direct drive mechanism will hamper the growth of North America precision gearbox market till 2024.
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Customized gear motors and sets are the emerging technologies that are gaining prominence in the industry. They are used to support machines and for application-specific requirements. To cope up with complex designs, a variety of stronger, smaller, and cost-effective gear drives are manufactured. Modular designs with verified gear setups and acceptable price-to-performance ratio leverage the benefits of standardization.
For upgrading the automation of existing facilities, manufacturers provide a wide combination range of gears, their configuration types, and reduction ratios. For small quantity gearboxes, 3D modeling assists in designing models, which can be taken into machine tools for post-processing work.
Planetary gearboxes are anticipated to account for approximately USD 480 million over the forecast timeframe. Products designed for long service range and accurate shaft alignment are highly preferred by industry players suitable for the alignment of the applications. Better heat dissipation along with high-efficiency arrangement will boost the product penetration till 2024. Parallel gearbox will grow at 4% CAGR owing to their compact design and less space consumption.
Browse key industry insights spread across 265 pages with 240 market data tables & 12 figures & charts from the report North America Precision Gearbox Market in detail along with the table of contents at:
https://www.gminsights.com/industry-analysis/north-america-precision-gearbox-market
North America precision gearbox market from cast iron is expected to dominate the industry with over 50% revenue share. Extensive usage of the material in construction of outer body of gearbox will contribute towards high revenue generation over the next eight years. The product is used for improved lubrication and high technological advancements in the manufacturing techniques. Moreover, lesser weight as compared to its counterparts is another factor responsible for the industry dominance over the forecast timeframe.
Automotive application is anticipated to generate over 333 thousand units of precision gearboxes and will account for over 33% revenue share over the coming years. It can be attributed to high usage of gearboxes in application requiring superior torque along with speed reduction. Shifting consumer preference towards the products with enhanced comfort and simplified operations will induce immense potential to the North America precision gearbox market size till 2024.
U.S. is expected to capture approximately 90% of the North America precision gearbox market over the forecast timeline. Rising standards of living will stimulate demand for vehicles and other precision gear containing products resulting in escalating sales for both OEM and aftermarket. Well defined stringent regulations in the country for the usage of precision gearboxes will foster the industry demand. These regulations include American National Standards Institute (ANSI) standards for robotic applications. Sustainable production, transportation, and packaging solutions along with growing food & beverage industry will support the country’s dominance in the industry.
Nuegart Gmbh, Bonfiglioli Riduttori SPA, WITTENSTEIN SE, and CGI, Inc., are among the prominent players in the industry. Other notable players include Anaheim Automation, Inc, GAM, APEX Dynamics, and Onvio LLC.
North America precision gearbox market players are adopting aggressive strategies such as new product launches and geographic expansion to strengthen their foothold in the industry. For instance, in April 2015, WITTENSTEIN redesigned its gearboxes for delivering high performance in all technical disciplines. In August 2016, GAM expanded its U.S. manufacturing operations and introduced a quick delivery program for couplings and gearboxes.
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