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What's Driving the North America Precision Gearbox Market Growth? Key Players are WITTENSTEIN SE, Nuegart GmBH, APEX Dynamics, GAM, CGI, Boston Gear, Anaheim Automation, Onvio LLC., Adobe Precision Gear
North America Precision Gearbox Market
Recently, even Pinion Inc., joined forces with Gates Corp. to collectively launch low-maintenance bicycle gearboxes in North America. The firm's officials have seemingly predicted that U.S. cyclists will opt for a low-maintenance shifting technology to enable easy, comfortable bike rides. The aforementioned incidences validate the proactive measures undertaken by companies to impact the revenue graph of North America precision gearbox market.
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Boasting a wide application matrix including healthcare, automotive, agriculture & construction, E-mobility, material handling, fa?ade technology etc., North America precision gearbox market size is forecast to exceed a valuation of 556 million by the end 2024. Automotive applications recorded a remarkable revenue of over USD 122 million in 2016, and is expected to drive the application matrix over 2016-2024. The expanding automotive sector along with growing popularity of electric vehicles that demands optimum power and energy is sure to upscale North America precision gearbox market penetration.
U.S., having pegged the title of a major revenue contributor for North America precision gearbox market share, accounted for almost USD 332 million in 2016. Stringent regulatory guidelines set by the American National Standards Institute with regards to robotic application, transportation, and packaging are expected to boost the product penetration in U.S. over the coming years. The proliferating food and beverage sector is another important determinant that is expected to catalyze the regional growth, given the relentless innovations in food packaging technology and the growing investments in the developments of food production facilities.`
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Technological breakthroughs over the years have further played a significant role in enhancing North America precision gearbox business industry size. As these gearboxes continue to meet a wide array of supply value challenges such as effective pricing and just-in-time delivery, North America precision gearbox market is foreseen to gain a remarkable traction over the ensuing years, with a target market size of 968.9 thousand units by 2017-2024.
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