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.
As per estimates, overall food and beverage applications is expected to witness a substantial y-o-y growth of 6% over 2017-2024. Having recorded enormous developments in the sectors where the application scope of gearboxes is huge, U.S. alone is slated to cover 90% of North America precision gearbox market.
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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.
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.
Speaking of competitive profiling, companies involved in North America precision gearbox market have been increasingly adopting some of the conventionally effective growth strategies, product differentiation being at the pinnacle. The recent partnership of Pinion Inc., and Gates Corp. to officially launch low maintenance bicycle precision gearboxes in North America is a validation to the aforementioned fact. As claimed by the company officials, Pinion is planning to opt for low maintenance shifting technology to enable comfortable easy bike rides.
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CGI, Inc, WITTENSTEIN SE, Bonfiglioli Riduttori SPA, and Nuegart Gmbh are certain leading players in the market. Other considerable manufacturers in the industry include Onvio LLC, APEX Dynamics, GAM, and Anaheim Automation, Inc. North America precision gearbox market producers are adopting strategies such as geographic expansions and new product launch to strengthen their presence in the industry.
Major Table of Content: –
Chapter 2 Executive Summary
2.1 North America precision gearbox industry 3600 synopsis, 2013 – 2024
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Material trends
2.1.4 Application trends
2.1.5 Sales channel trends
2.1.6 Country trends
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