WITTENSTEIN SE, CGI, Inc., North America Precision Gearbox Market 2024: Analysis by Top Key Players are Nuegart Gmbh, Bonfiglioli Riduttori SPA, GAM, APEX Dynamics, and Onvio LLC

The commercialization scope of North America precision gearbox is slated to depict a massive incline in the years ahead, on account of the product’s extensive deployment across a slew of core industry verticals such as automotive, healthcare, construction, and agriculture. Incidentally, North America has been depicting a commendable growth rate lately in the expanding domains of healthcare and automotive, which has proved to be a major growth impetus for North America precision gearbox market. Precision gearboxes deploy gears and gear trains in order to provide torque conversions as well as speed from a rotating power source to another device in automobiles and are extensively used in vehicles to supply optimum speed and power. According to estimates by OICA, an approximate 11,189,950 cars were manufactured in the U.S. in 2017, while Canada recorded a production of close to 2,199,750. The automotive industry is also being supported by increasingly favorable regulatory reforms, that are expected to change the dynamics of automotive sector in North America. This in consequence, would have a transformational impact on the demand for high power transmitting devices, thereby aiding the growth of North America precision gearbox market. North America Precision Gearbox Market size is estimated to surpass USD 556 million by 2024; according to a new research report.

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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.

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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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.

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.

Table of Content:

Chapter 1 North America Precision Gearbox Market Methodology & Scope

Chapter 2 North America Precision Gearbox Market Executive Summary

Chapter 3 North America Precision Gearbox Industry Insights

Chapter 4 North America Precision Gearbox Market, By Product

Chapter 5 North America Precision Gearbox Market, By Material

Chapter 6 North America Precision Gearbox Market, By Application

Chapter 7 North America Precision Gearbox Market, By Sales Channel

Chapter 8 North America Precision Gearbox Market, By Country

Chapter 9. North America Precision Gearbox Market Company Profiles

Outer scope of this report North America precision gearbox market is also expected to depict a commendable upsurge on account of the expanding healthcare industry in the region. As per estimates by the CDC, U.S. national health spending for hospital care was over 32% in 2016, while healthcare spending for physician and clinical services are almost 20%. Driven by the robust expansion of the healthcare space and the subsequently increasing requirement of these gearboxes in the medical industry, North America precision gearbox market is slated to depict an appreciable growth rate in the ensuing years.

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Related Report:

Global Precision Gearbox Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023

Precision gearboxes are designed and produced carefully to exhibit high tolerance, enabling them to offer power densities and efficiency of 90% and more. The rising demand for reliable and efficient CNC machines as one of the primary factors that will fuel the growth of the precision gearbox market in the coming years.

The worldwide market for Precision Gearbox is expected to grow at a CAGR of roughly xx% over the next five years, will reach xx million US$ in 2023, from xx million US$ in 2017, according to a new research report.

https://www.marketstudyreport.com/reports/global-precision-gearbox-market-2018-by-manufacturers-regions-type-and-application-forecast-to-2023?utm_source=RR-SP

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