North America Precision Gearbox Market To Witness Huge Growth By 2024
North America Precision gearbox market will record significant growth over the ensuing years. Citing an instance to highlight the same, in April 2015, WITTENSTEIN redesigned its precision gearboxes to deliver better performance in all technical disciplines. In August 2016, GAM strengthened its American manufacturing operations and launched a quick delivery program for gearboxes and couplings.
Mounting automation demand from various industry verticals, including food & beverage, packaging, material handling, manufacturing, and other industries is likely to drive North America precision gearbox market growth over the coming years.
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The emergence of advanced gearbox technologies is a key factor impacting North America precision gearbox market outlook. The usage of customized gearboxes and gear motors has become a key trend. These customized gearboxes are well-suited to cater to the specific requirements of distinct machines. Besides, to facilitate integration with complex machines, precision gearbox manufacturers are designing smaller, stronger and cost-effective gear drives, which is slated to intensify market trends.
Advanced technologies, such as 3D modelling are progressively being used for designing gearbox models that are manufactured in small quantities. Moreover, provisioning of distinct combination of gears along with varying range of reduction ratios and configuration types by the manufacturers in the industry may change North America precision gearbox market trends over the analysis period.
North America precision gearbox market likely to witness almost 90% of the demand from the U.S. by 2024. Such massive demand can be attributed to the presence of a well-established automobile industry in the country. Alongside, burgeoning demand for new luxury vehicles, stemming from improved living standard has led to the prolific expansion of the automotive industry, thereby fueling industry trends in the country. In addition, demand induced by aftermarket and OEM channels is also fostering sales of the product.
Planetary gearboxes are highly preferred as these products are specifically designed for accurate shaft alignment and long service range, which makes them suitable for alignment applications. They also improve heat dissipation and facilitate efficient working, which may boost product demand over the analysis period. North America planetary gearbox industry is forecast to generate a revenue of nearly USD 480 million by 2024.
Cast iron is among the most preferred material for designing gearboxes and the segment is estimated to capture the highest market share of above 50% by 2024. Cast iron is extensively utilized for manufacturing outer body of gearboxes. This material facilitates technological advancements, such as improved lubrication in manufacturing techniques. Moreover, comparatively lower weight of the material than its counterparts will propel its demand for designing precision gearbox over the coming years.
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Partial Chapter of the Table of Content
Chapter 4 North America Precision Gearbox Market, By Product
4.1 market share by product, 2016 & 2024
4.2 Parallel
4.2.1 Market estimates and forecast from parallel, 2013 – 2024, (Thousand Units) (USD Million)
4.2.2 Market estimates and forecast from parallel by country, 2013 – 2024, (Thousand Units) (USD Million)
4.3 Right angle
4.3.1 North America precision gearbox market estimates and forecast from right angle, 2013 – 2024, (Thousand Units) (USD Million)
4.3.2 Market estimates and forecast from right angle by country, 2013 – 2024, (Thousand Units) (USD Million)
4.4 Planetary
4.5 Market estimates and forecast from planetary, 2013 – 2024, (Thousand Units) (USD Million)
4.5.1 Market estimates and forecast from planetary by country, 2013 – 2024, (Thousand Units) (USD Million)
Charts & Figures
FIG 1. North America precision gearbox market segmentation
FIG 2. Global precision gearbox market volume and revenue, (Thousand Units) (USD Million), 2013 – 2024
FIG 3. Industry ecosystem analysis
FIG 4. Pricing Analysis, By Product
FIG 5. Growth potential analysis
FIG 6. Porter’s analysis
FIG 7. PESTLE analysis
FIG 8. Market volume share by product, 2016 & 2024
FIG 9. Market volume share by material, 2016 & 2024
FIG 10. Market volume share by application, 2016 & 2024
FIG 11. Market volume share by sales channel, 2016 & 2024
FIG 12. North America precision gearbox market share by country, 2016 & 2024
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