Press release
North America Precision Gearbox Market 2024 Analysis - Framo Morat, WITTENSTEIN SE, CGI, Inc., Boston Gear, Onvio LLC
NA Precision Gearbox Market
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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.
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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. WITTENSTEIN SE
2. Nuegart GmBH
3. APEX Dynamics, Inc.
4. GAM
5. CGI, Inc.
6. Boston Gear
7. Anaheim Automation, Inc.
8. Onvio LLC.
9. Adobe Precision Gear, Inc.
10. Framo Morat, Inc.
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Cast iron is anticipated to dominate North America precision gearbox market in terms of demand with over 50% share. The material is extensively consumed for manufacturing outer body of the gearbox and is anticipated to contribute substantially in revenue generation during the forecast period. It is even used for high technological advancements and improved lubrication in manufacturing techniques. Additionally, low weight of the product than its counterparts is propelling its demand in designing precision gearbox.
Regulatory bodies have developed norms to increase motor efficiency that has enforced producers to develop better quality gearboxes. Additionally, cost-effective and sustainable solutions for various applications including food & transportation industry will substantially contribute in revenue generation. But, direct drive mechanism implementation in certain manufacturing facilities can hamper North America precision gearbox market during the forecast period.
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.
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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.
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