The rising trend of automation in manufacturing and material handling is slated to bring about heavy growth in precision gearbox market.
— The Precision Gearbox Market is set to grow from its current market value of more than $1.85 billion to over $2.5 billion by 2024; as reported in the latest study by Global Market Insights, Inc. Increasing automation demand in diverse industries such as material handling, packaging, and food & beverages will drive the industry in coming years. North America precision gearbox market is anticipated to witness a demand of more than 968 thousand units in 2024. Manufacturing industries are adopting automation on a wide scale as it creates value by saving excessive labor cost along with providing a competitive edge as per international standards.
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.
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The era of automation is here to stay, as is evident from the many instances of daily life. Companies are striving to automate most of their processes to save on time and increase efficiency. For instance, ServiceNow, a massive Santa Clara-based cloud computing firm, recently launched an AI product named Intelligent Automation Engine, that is designed to be tailored exclusively to every customer’s account. The rising trend of automation in manufacturing and material handling is slated to bring about heavy growth in precision gearbox market.
The developing Material Handling Equipment Industry has been deploying automation on a large scale, subject to which precision gearbox industry is set to gain heavy traction over the coming years. This growth can be attributed to the increasing number of developments designed in new equipment. In addition, plant expansion, rising number of warehouses, and a substantial number of production facilities will fuel precision gearbox market in material handling applications.
Planetary gearboxes is estimated to contribute nearly USD 480 million till 2024. Industry players prefer the products designed specifically for accurate shaft alignment and long service range that are suitable for alignment applications. High efficiency along with improved heat dissipation will fuel product demand in the forecast timeframe. Lower space consumption owing to compact design will drive parallel gearbox at 4% CAGR.
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.
U.S. precision gearbox industry from food, beverages, & tobacco applications is expected to chart out a profitable growth graph, as this regional market will concentrate on providing sustainable and cost-effective transportation, packaging, and production solutions. Manufacturers will achieve the highest rate of productivity at reasonable costs, by implementing automation to enable operational efficiency, thereby spurring U.S. precision gearbox market from food, beverage, and tobacco applications.
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Automotive industry in North America is estimated to register a demand of above 330 thousand units' precision gearboxes in 2024, accounting for more than 30% of the market in the forecast timeframe. Requirement of superior torque coupled with speed reduction in vehicles application is boosting its usage in the sector. Customer preference for simplified operations along with enhanced comfort is expected to fuel North America precision gearbox market in the application for the forecast years.
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.
Glimpse of Table of Content (ToC)
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2012 - 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distribution channel analysis
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.6. Precision gearbox industry impact forces
3.6.1. Growth drivers
18.104.22.168. Rising automation demand across wide applications
22.214.171.124. Increasing use of precision gearboxes in robotics
3.6.2. Industry pitfalls & challenges
126.96.36.199. Growing adoption of direct drive mechanism
3.7. Growth potential analysis
3.8. Porter's analysis
3.9. Competitive landscape, 2015
3.9.1. Strategy dashboard
3.10. PESTEL analysis
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