North America Precision Gearbox Market Size to Grow Rapidly in Future | Global Key Players - Nuegart Gmbh, Bonfiglioli Riduttori SPA, WITTENSTEIN SE, and CGI, Inc

The ‘North America Precision Gearbox Market’ research report assembled by Market Study Report, LLC, provides a succinct analysis on the recent market trends. In addition, the report offers a thorough abstract on the statistics, market estimates and revenue forecasts, which further highlights its position in the industry, in tandem with the growth strategies adopted by leading industry players.

North America Precision Gearbox Market size is estimated to surpass USD 556 million by 2024; according to a new research report by Global Market Insights, Inc.

Request a sample of this premium report at: https://www.marketstudyreport.com/request-a-sample/668590/?utm_source=openpr.com&utm_medium=Razz

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 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.

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.

The North America precision gearbox market is projected to register substantial growth over the foreseeable years owing to rising trend of automation paired with developments in the robotics industry.

Today, manufacturing industries are undergoing a huge technological revolution as automation has begun to take over tasks which once demanded massive human interference. In addition, the automation trend has received a welcoming response from industries and automation is being adopted on a large-scale to meet ever-growing consumer needs.

For example, food processing and retail industries have automated several processes over the last few years due to factors like assured value creation and reduced labor costs. Recently, retail giant Walmart even announced a new way to accelerate a major link in its national supply chain model, through a high-tech consolidation center in Colton, CA in San Bernardino County. The new consolidation center will contain an automated sorting system, which will enable the retailer to process three times more freight volume compared to the manually-run facilities. Likewise, Sedano’s has partnered with e-grocery startup Takeoff to launch a first-of-its-kind robotic supermarket. In view of such developments, it is rather overt that the North America precision gearbox market will soar high in the years to come.

Request a discount on standard prices of this premium report at: https://www.marketstudyreport.com/check-for-discount/668590/?utm_source=openpr.com&utm_medium=Razz

The product’s extensive use in the robotics industry will further propel the North America precision gearbox market over the coming years. Recently for instance, FLIR systems revealed plans to acquire Endeavor Robotics to venture into unmanned ground vehicles market for military applications. Growing adoption of robotics across an array of industries will thus add impetus to North America precision gearbox market growth in the coming years.

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.

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.

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.


More Details on this Report: https://www.marketstudyreport.com/reports/north-america-precision-gearbox-market/?utm_source=openpr.com&utm_medium=Razz

About Us:

Marketstudyreport.com allows you to manage and control all corporate research purchases to consolidate billing and vendor management. You can eliminate duplicate purchases and customize your content and license management.

Contact Us:

Market Study Report LLC
4 North Main Street,
Selbyville, Delaware 19975
USA
Phone: 1-302-273-0910
US Toll Free: 1-866-764-2150
Email: sales@marketstudyreport.com
Website: www.marketstudyreport.com
Blog: www.marketstudyreport.com/blog

This release was published on openPR.