An intrinsic outline of infrared (IR) LED market in terms of the end-use landscape: automotive applications to drive the global demand over 2018-2024
Driven by the rapidly surging deployment of IR LEDs across a plethora of application verticals, the global infrared (IR) LED market has emerged one of the most transformative business spheres over the last few years. Companies forming a part of the automotive, consumer electronics, medical equipment, and myriad other industrial sectors are increasingly using IR assisted products. The use of IR LED helps to maintain working stability, accuracy, improve security, and reliability. The emerging technology trends such as automated driving assistance system, IoT, augmented reality, and artificial intelligence have also had a positive influence on the product demand.
Japan infrared LED market size, by application, 2017 & 2024 (USD Million)
In most of the countries, in order to control the chances of accidents, automakers have been developing connected cars in which IR LEDs have been used prominently. It is thus rather overt that the advent of technically advanced features in every end-use sector will stimulate the infrared (IR) LED industry share. In line with the surging use of sensors in the various products, equipment, and vehicular systems, giants in infrared LED market have been investing in the enhancement of their product ranges.
A summary of the IR LED market trends from the automotive and consumer electronics sectors has been outlined below:
In the last few years, the automotive industry has witnessed a remarkable transformation with the advent of electric vehicles, connected cars, and self-driving cars. In addition, the growing concern among the automakers about the safety of occupants and the driver has encouraged them to bring new sensor assisted technologies such as excellent night vision, parking assistance, and blind spot detection. One of the renowned German automakers, Mercedes has implemented the Night View Assist system in its newly launched vehicle models that have full-LED headlamps incorporated with anti-dazzle infrared technology. The deployment of such IR LED technologies helps drivers bypass animals and pedestrians at night.
In addition, the company has also deployed a thermal imaging and IR camera which could enhance the chances of spotting the objects ahead of the vehicle effectively. The use of IR technologies and innovative features in the recently developed automobiles for improving the safety, driving efficacy, and comfort is poised to propel infrared LED industry share. For the record, in 2017, the automotive sector accounted for 30% share of the infrared LED industry.
Speaking more about innovations, it is prudent to mention that in order to gain competitive benefits, many companies are striving to launch new products in the automotive industry that could have a significant influence on IR LED industry outlook. For instance, recently, in January 2018, the Taiwan based company, Innolux Corporation has launched the first active matrix (AM) based Mini LED technology that has been used in automotive backlight panels. In addition, they are planning to develop a free shaped LCD for improving the appearance and design of future concept vehicles.
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With the deployment of next-generation technologies such as IoT, AR, and AI, consumer electronics sector has emerged as one of the revenue generating business areas lately. In this regard, the giants in the infrared LED market have already increased their focus on research and development activities. Currently the leading smartphone makers and security system providers are innovating a new range of sensor technologies for deploying the same in smartphones and security cameras. As on today, for attracting more customers, smartphone makers are adopting new product designs like the multiple camera setup where they are extensively using sensors and LEDs. Recently, Nokia has unveiled its plan to develop a new smartphone having five rear cameras that could be incorporated with IR focusing apparatus, five lenses, and LED flash.
In another instance, a multinational lighting manufacturer, Osram is planning to invest 1 billion euros to expand an LED chip factory across Malaysia, the products of which will be used in phones, laptops, drones, fitness watches, security cameras, and automobiles. Moreover, Osram has been continuously involved in the invention of infrared LED chip for optimizing the effectiveness of security cameras. The Increasing requirement of CCTV cameras across the Asia Pacific region will further generate lucrative opportunities for the players in the infrared LED industry.
The extensive deployment of technology across the automotive and consumer electronics industries will have a favorable influence on the infrared LED market. The involvement of many industries in digitalization for improving work efficiency, product performance, and consumer comfort also will fuel the product demand over the years ahead. In line with the shifting trends toward digitalization, infrared (IR) LED market will generate a revenue of more than USD 1 billion by the end of 2024.
Author Name :Sunil Hebbalkar
APAC rotomoulding powder market to emerge as a prominent growth hub for investors over 2018-2024, material handling applications to drive the industry growth
Rising demand for strong and durable plastic products across a slew of industry verticals has helped augment rotomoulding powder market, given that the rotomoulding process enables the production of efficient and high stress-bearing products. Rotationally, molded parts can be manufactured from different materials, can be multilayered and the process facilitates the production of standard or even custom designed parts. As compared to other plastic molding techniques, rotomoulding is less labor-intensive and the equipment can be configured for complex shapes, offering design flexibility, enhancing the rotomoulding powder industry scope.
North America Rotomoulding Powder Market, By Product, 2017 & 2024 (Kilo Tons)
Manufacturing light, strong, corrosion resistant and durable components, whether big or small, is achievable through rotomoulding. Thus, the need for weight reduction in automobile, construction and material handling applications will boost the rotomoulding powder market consumption in the years ahead.
A wide variety or containers are available in the market for shipping and material handling, such as shipment containers, barrels and drums, refrigerated boxes and bulk containers, combined bins and military containers. The rotomoulding powder industry has gained massive remuneration owing to a large demand for small and heavy industry material handling containers worldwide. Rotomoulded crates and eskies are considered ideal for transporting vegetables, fruits, liquids and chemicals since most of such products are made from food-grade plastic. As they are long-lasting and do not deteriorate like wood or get corroded like metals, these containers can prove to be a good investment due to their utility in fulfilling innumerable material handling needs, promulgating the rotomoulding powder market. Many businesses opt for rotomoulded containers for transporting goods because their one-piece design offers a higher capacity for load-bearing and guarantees durability.
It is a well-known fact that global economic growth and the purchasing power of citizens immensely affect the material handling activities, as material handling orders are dependent on the demand for goods. The International Monetary Fund (IMF) in January 2018 had forecast that the global growth rate from 2018 to 2019 would be a strong 3.9%, indicating a positive industrial environment and the augmented need for material handling. The rotomoulding powder industry has additionally capitalized on a large number of small scale enterprises preferring rotomoulded containers and tanks for their low maintenance properties. Another promising source of revenue for the rotomoulding powder market could be the increasing number of recycling activities which require appropriate containers for sorting and handling waste materials.
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To elaborate, environmental concerns and government initiatives have emphasized the need for waste management and have led to the establishment of numerous waste recycling and metal scrapping facilities across the globe. For catering to these requirements, manufacturers have been providing customized rotomoulded containers and bins to the waste management services or recycling plants, where different kinds of materials are handled every day, even chemically reactive ones. The Asia-Pacific (APAC) region comprises of several emerging economies where recycling initiatives are intensifying and thus presents a great opportunity for the rotomoulding powder market. Recently, it was revealed that just 8 countries in APAC are responsible for 63% of the total plastic waste flowing into the oceans. Add to it, the mounting surplus of electronic and metal scrap has escalated the waste recycling industry in the region, in turn highlighting the material handling requirements.
The APAC region subsequently contributed nearly 25% to the overall rotomoulding powder market in 2017, with the increased demand for containers as well as other rotomoulded plastic products like tanks, porta-loos, components used in construction and automobile parts. Lightweight parts help to reduce the gross vehicle weight and improve fuel efficiency, leading to the deployment of rotomoulded automobile components such as fuel tanks, dashboards, instrument panels and wheel arches. Reportedly, in 2017 more than 37.1 million passenger cars were produced by just three countries combined, namely China, India and Japan. With surging population, pollution concerns and the economic uplift across most of the APAC countries, the rising investments made to expand manufacturing capacities by automakers will propel the rotomoulding powder market.
All in all, the low cost, eco-friendly production of rotomoulded containers or parts with minimum material wastage and least design constraints have prompted the material handling and automobile manufacturing segments to adopt these products. The industry growth is further aided by the efforts of rotomoulding powder market players such as BASF, Reliance Industries, ExxonMobil, Dow Chemical Company, GreenAge Industries, Pacific Poly Plast and Eco-polymers.
Author Name : Pankaj Singh
Europe solid state lighting market to surpass USD 20 billion by 2024, proliferating demand for LEDs to drive the regional progression
Owing to the global drift toward energy efficiency and improved energy consumption practices, the solid state lighting market has emerged as one of the most profitable niche verticals of the sustainable and smart technologies industry. Solid state lighting (SSL) technology is ten times more efficient than incandescent lighting and twice as efficient as fluorescent lighting. Moreover, the SSL technology has witnessed drastic enhancements in the recent times which has resulted in the SSL-based lighting sources such as LED and OLED become a vital component in the affordable high-performance buildings. Additionally, the increasing usage of SSL technology in automotive sector has impelled the solid state lighting industry share.
U.S. Solid State Lighting Market Size, By Technology, 2017 & 2024, (Million Units)
The solid state lighting has been increasingly described as a high-potential technology which is currently in its nascent stage and is yet to reach its fullest potential. Despite rapid enhancements in semiconductor materials and smart control systems, the application benefits and the possibility of this technology lowering energy costs substantially is yet to be extensively researched upon. Taking concrete steps in this direction, the U.S. Department of Energy (DOE) announced a research fund to the tune of USD 15 million in April 2018 to accelerate further breakthroughs in solid state technology across the nation. The funding apparently intends to support innovative research by technology leaders in four prominent areas viz., advanced fabrication R&D, core technology research for LEDs, OLEDs, and Cross-Cutting lighting, novel lighting in a limited Mock Field Application, and proof-of-concept and prototype development for LEDs and OLEDs.
In this context, it is quite imperative to mention that the research grant by DOE is in line with the strategic goals set by the Office of Energy Efficiency and Renewable Energy (EERE) to achieve higher energy-efficiency in residential and industrial sectors of the U.S. Needless to mention, the unveiling of such encouraging research initiatives by government bodies is certain to impel the growth prospects of solid state lighting industry in the forthcoming years.
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The rising deployment of LEDs in cities, combined with new smart technologies, has been instrumental in creating new opportunities for urban lighting professionals. In addition to this, numerous countries have mandated various policies and laws regarding the implementation of import tariffs for LED components and product utility that is bound to propel LED-based solid state lighting market. As per reliable estimates, the global LED-based solid state lighting industry is slated to garner more than USD 80 billion in revenue by 2024.
Speaking of the regional growth potential, European nations are likely to be one of the most profitable terrains for solid state lighting market in the upcoming years. A favorable regulatory structure coupled with a robust support for new research to effectively implement smart urban lighting systems has caused rapid product penetration across European Union. With an aim to develop advanced tools that would provide cities with a range of competencies in dealing with complex procurement procedures, the European Union had rolled out a project named as FP7 SSL-erate. The project further intends to fast-track the uptake of high-quality SSL technology across the continent by bringing validated information to relevant stakeholders and encouraging open innovation programs. Europe solid state lighting market, as per Global Market Insights, Inc. holds a revenue target of USD 20 billion by 2024.
Elaborating further, the project explored the advantages that smart human-centric lighting can have for urban dwellers and how these systems can align with the goals of a city to become more sustainable in the long run. Needless to mention, the implementation of such pioneering initiatives would have an optimistic influence on the Europe solid state lighting industry share.
Owing to enhanced levels of performance compared to traditional lighting products along with lower cost of ownership, the solid state lighting market has been garnering commendable popularity across sustainable and smart technologies industry in the recent years. With the involvement of multiple stakeholders including national laboratories, academic institutions, and industry researchers who would pour in their expertise in improving the technology, the solid state lighting market is bound to proliferate at an impressive pace in the times to come. In fact, according to a research study compiled by Global Market Insights, Inc., the commercialization potential of solid state lighting industry is estimated to exceed USD 85 billion by 2024.
Author Name : Saif Ali Bepari
A comprehensive overview of advanced glass market with regards to its diverse product spectrum: Coated glass industry to witness massive commercialization potential over 2017-2024
Encompassing a widespread application spectrum including construction, electronics, and automotive sectors, advanced glass market size has been witnessing an extensive upsurge in recent years. Advanced glass is essentially normal glass that has been reinforced to suit the needs of a certain type of application or to simply be more resistant to external forces. The demand for this type of glass has been increasing exponentially on account of its aesthetic appeal, pushing advanced glass market growth. In 2016 alone, this business space was worth more than $60 billion. Endowed with a favorable product portfolio, advanced glass market is projected to witness remarkably profitable growth over 2017-2024, with a target valuation of 10.5 billion square meters of consumption by 2024.
U.S. Advanced Glass Market Size, By Product, 2016 & 2024, (Million Square Meters)
Diverse application of tempered glass to spur advanced glass market trends
Tempered glass is one of the most prominently used types of advanced glass, widely recognized for its high temperature resistance and strength. Driven by its favorable properties, it is increasingly used in the automotive and construction sectors, thus stimulating tempered advanced glass market. Tempered glass in fact, has emerged to become one of the most preferred forms of glass to be used in windshields, thus enabling advanced glass industry to have found a profitable growth avenue in the automotive domain, which is growing at a remarkably fast-paced growth rate lately.
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Tempered glass not only has a high strength threshold but also when commendable shatter resistance – that is to say, unlike regular glass, it does not break into long sharp shards but rather disintegrates into small granular pieces which are almost harmless. Naturally, the material is widely used in the construction sector, as buildings require highly resilient glass that can withstand periodic contractions and expansions. Undeniably, tempered advanced glass market has found a viable end-use avenue in the construction sector. Tempered glass also finds uses in various household items like furniture, cookware, microwaves, refrigerators, and washing machines, further expanding its application scope.
Laminated glass to provide novel growth avenues to advanced glass industry
Laminated glass comprises structural polymer interlayers, which is a pivotal factor that aids this material to maintain its structure even after breaking, on the grounds of which it has found increased applications in the construction of railings, skylights, and floors. The rising demand for laminated glass on account of its capability to block 99.9% of UV rays has also stimulated advanced glass industry. Laminated advanced glass industry size is estimated to surpass $45 billion by 2024 – a valuation forecast that may have a tremendous impact on the overall market share.
Energy efficiency of coated glass to stimulate advanced glass market outlook
Coated glass, in recent years, has emerged to be significant contributor toward the growth of advanced glass industry, pertaining to its rising demand on the grounds of its special reflective coatings and increased conductivity. Apparently, the coating on glass is made to act like a mirror for long-wave infrared radiation that limits the absorption of infrared radiation in buildings. The coatings also have low emissivity which increases the energy efficiency of buildings. It is estimated that low emissivity coated advanced glass industry will witness a 6.5% CAGR between 2017-2024.
Despite the introduction of humongous numbers of raw material, glass still stands as one of the most pivotal elements on account of its aesthetic beauty and its transparency. With the product finding increased applications in the construction and automotive industries, advanced glass market size is certain to witness a massive upsurge. As the application scope for glass increases further in the ensuing years, advanced glass industry is projected to experience an exponential growth rate, with a target revenue estimation of more than $110 billion by 2024.
Author Name : Paroma Bhattacharya
PESU-based sulfone polymers market to amass substantial proceeds over 2017-2024, global industry to surpass the 2-billion-dollar benchmark by 2024
Sulfone polymers market size has been forecast to be fueled by the product’s diverse utilization range in various end-use domains, mainly because of the combination of its characteristics that make it highly heat resistant, mechanically tough, resilient to hydrolysis and transparent in high temperatures. Sulfone polymers find widespread usage across the automotive and aerospace industries, that require the application of thermally stable and light weight but tough plastic components. The growth of sulfone polymers industry can also be attributed to the product’s demand from the medical sector, owing to the fact that various polymers including polysulfone (PSU) and polyphenylsulphone (PPSU) have found varied usage in healthcare. It is noteworthy to mention that polyethersulfone (PESU) has contributed greatly to the growth of the sulfone polymers market in the pharmaceutical and biotechnology sectors, as it is a basic ingredient for filtration membranes.
Europe Sulfone Polymers Market Size, 2013 – 2024 (USD Million)
The aerospace and automotive sectors, in recent times, have been moving away from using metals and leaning towards using engineering plastics to reduce weight and increase the fuel efficiency of aircrafts and vehicles. Sulfone polymers are widely used in these industries to manufacture vehicle and aircraft components that are highly creep resistant, register low mold shrinkage and remain stable at high temperatures. Automotive industry has a considerably huge share in the sulfone polymers market registering a CAGR close to 6% over 2017-2024. The application of sulfone polymers in aerospace industry has also been on a rise, as the demand for light but highly heat resistant material used to manufacture aircraft radomes, connectors and terminal blocks has been increasing lately. In consequence, this would have a commendable impact on sulfone polymers market share from the aerospace sector.
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The field of medicine has been revolutionized by the use of engineering plastics, making patients’ lives safer and bringing about a dynamic change in the development of innovative medical devices, which in the years ahead, will commendably influence sulfone polymers industry share. In terms of volume, the medical field has made rather appreciable contributions toward the growth of sulfone polymers market, as plastics made of sulfone polymer have helped reduce medical costs, simplified pain management and prevented infections.
Among various sulfone polymers, polyethersulfone (PESU) has been forecast to register the fastest growth in sulfone polymers industry, given its numerous applications across myriad verticals. Polyethersulfone has gained popularity in sulfone polymers market for its specific features such as light weight, low smoke emission and high impact resistance. When reinforced with glass fiber, it creates a composite that exhibits high tensile elasticity and strength, while otherwise, the product is also used to manufacture filtration membranes that can be used to remove salmonella, mycoplasma and mammalian cells from liquids. Its widespread application spectrum has thus led analysts to forecast that polyethersulfone-based sulfone polymers industry share will register a CAGR of 6% over 2017-2024. Sulfone polymers have proven to be the most apt choice for the manufacturing of filtration membranes as they have excellent biocompatibility, outstanding hydrolytic stability and impressive mechanical properties. The deployment of sulfone membranes has found widespread usage in food processing, water treatment and gas separation as well, providing sulfone polymers industry with the much-needed stimulus.
Asia Pacific has been projected to witness the fastest growth in sulfone polymers market over the forthcoming seven years, driven by the growing automotive and aerospace industries in the emerging economies of China and India. The multibillion-dollar sulfone polymers market firm, Solvay has recently invested heavily in India to expand its plant capacity at Panoli. Solvay alone has projected the increase of its global sulfone polymer production by 35% in the next 5 years, with significant investments in Asia and USA. Speaking of which, North America accounts for a major share in the production of leading medical instruments and automobiles. Driven by the demand for high performance engineering plastic in these industries, North America sulfone polymers market will witness a CAGR of 6.2% over 2017-2024.
Sulfone polymers market has taken a hit in the food and medical industry, as these products are derived from a combination of Bisphenol A (BPA) and disphenol. Scientific studies have shown that consumption of BPA has been deemed harmful to human lives and the environment. Therefore, some countries around the world have banned the use of polycarbonates in baby bottles. However, the FDA, CDC and WHO have all confirmed that low levels of BPA contamination is inconsequential to the human body, which may contribute toward eliminating some of the restraints in sulfone polymers market. The concern about BPA may affect consumer opinion about the presence of sulfone polymers in food containers and can liners. However, sulfone polymers market as an entity will remain unaffected and will continue to grow despite government regulations, as chemically stable and light weight engineering plastics obtained from sulfone polymers have been used to great advantage in the aerospace, medical, biotechnical and automotive industries.
Author Name : Paroma Bhattacharya
Carbon fibre composites market to gain massive proceeds via heavy product demand from the aerospace industry over 2017-2024
Carbon fibre composites market is likely to carve out a successful growth path in the years to come, driven by the huge demand for these composites from the aerospace and automotive sectors. Carbon fibre composites are five times stronger than steel but only one third of its weight, making them viable candidates for building any structure that needs to be durable as well as lightweight. These composites are also used in robotics, defense instruments, race cars, aerospace vehicles, sports equipment and any other component that requires low weight combined with speed, thereby augmenting the already vast expanse of carbon fibre composites industry.
U.S. Carbon Fibre Composites Market, By End Use, 2016 & 2024, (USD Million)
The growth in the aerospace domain is directly proportional to the carbon fibre market expansion, given the widespread use of carbon fibre composites in widebody aircrafts that has proven to be rather profitable in terms of revenue generation in commercial flights. In essence, the deployment of these composites has profoundly benefitted the airline manufacturing sector, since using these products in airplane bodies reduces fuel consumption as well as emissions, reduces maintenance costs, extends the lifespan of airplane parts, and brings down assembly and tooling costs. It also adds value to the passenger experience by damping engine noise and by creating favorable cabin atmosphere to prevent dehydration. It is estimated that carbon fibre composites will be used in the manufacturing of around 9,000 widebody aircrafts in the next 20 years, which is a direct growth indicator of carbon fibre composites market in the next few years. The demand for narrow-body aircrafts will also drive the carbon fibre composites industry, while simultaneously contributing toward making air travel more popular and affordable in the emerging economies of Asia and the Middle East.
The notion of reducing weight to achieve better fuel efficiency is expected to propel carbon fibre composites market from the automotive sector. Renowned automotive manufacturers like BMW have promptly taken note of the benefits of using carbon fibre composites in aircraft. BMW has also partnered with Boeing to tap into the latter’s expertise in carbon fibre composites usage and is gearing up to become the largest carbon fibre reinforced plastics manufacturer in the automotive industry. It has been often argued that carbon fibre composites are too expensive to be produced and profitably used in the automotive industry. However, customers fond of high-end automobiles, it is observed, are willing enough to pay for the extended price, that can be mainly attributed to the use of carbon composites in automobiles. In consequence, this would have a commendable impact on carbon fibre composites industry share from the automotive domain. It is also prudent to mention that the use of carbon fibres can reduce the cost of production down the line, thus offsetting the upfront material cost of the raw material, which would prove to further provide an impetus to carbon fibre composites industry size.
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North America and Europe, with their large aerospace and automobile industries will be the key regions massively driving the growth of the overall carbon fibre composites market. While North America is forecast to account for nearly 35% of the carbon fibre composites market share 2024, the presence of reputed automobile manufacturers in Italy and Germany will contribute to Europe carbon fibre composites market growth. Asia Pacific carbon fibre composites market on the other hand, will register a 12% growth over 2017-2024, driven by the fact that major manufacturers and suppliers of carbon fibre composites have their base established across countries like China, Japan and Taiwan.
Fluctuation in prices of raw material has been a major hindrance for the growth of the carbon fibre composite industry, though the expanding supply chain has stabilized the prices of raw materials in recent times. For instance, in 2005 the carbon fibre composites market was dominated only by 3 suppliers. But at present almost 20 competitors are vying for the top position, which affirms the profitable growth path carbon fibre composites industry has traversed until now.
High production cost and lack of recyclable qualities may also be attributed for a slight hindrance in the growth graph of carbon fibre composites market. But high production cost can be offset by the fact that carbon fibre composites are extremely resistant to corrosion related maintenance. For instance, Boeing 777 uses composite floor beams and in the last 10 years, none of the floor beams of the 565 commercial aircrafts required replacements. As the operational benefits of using carbon fibre composites are becoming more and more evident in aerospace, automotive and defense sectors, the growth path of the carbon fibre composites market is certain to depict a positive curve. As per estimates, carbon fibre composites industry size is expected to surpass USD 31 billion by 2024.
Author Name : Paroma Bhattacharya
U.S. to drive North America precision gearbox market growth over 2017-2024, accounting for 90% of the industry share
Considering the increasing inclination toward integrating automation in a majority of the industrial domains, North America precision gearbox market is forecast to carve a profitable roadmap in the coming years. Despite the fact that gearbox technology has always been quite a popular name among manufacturing units since a while, the commercialization of North America precision gearbox industry has gained a remarkable momentum lately. Undoubtedly, technological affluences in major countries like U.S. and Canada has added an extra market value to these gearboxes in terms of reliability and accuracy. Companies involved in the industry are readily adopting long-term supply agreements to maintain the overall product demand, which at the same time would reduce the cost involved in the value chain. This, in effect, is sure to reflect in North America precision gearbox industry share in the coming years, having held a valuation of USD 371 million in 2016.
U.S. Precision Gearbox Market, By Product, 2016 & 2024, (USD Million)
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. Citing another instance, EXSYS Tool Incorporation, another leading name in North America precision gearbox industry has recently enhanced its product portfolio with the launch of a novel type of high-quality EPPINGER gearbox. Reportedly, these new HT-type hypoid gearboxes feature robust and compact designs, suitable for a variety of dynamic and specific solutions. With many other leading giants likely to follow the trend, North America precision gearbox industry is expected to chart out remarkable growth over 2017-2024.
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Boasting a wide application matrix including healthcare, automotive, agriculture & construction, E-mobility, material handling, façade 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. 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 industry.
Advanced machinery, of late, has become a priority in most of the industrial sectors in North America. Integration of automation has raised the performance bar to great heights and has offered high potential in these industries, by ensuring a strong supply value chain. 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.
Author Name : Satarupa De