North America Precision Gearbox Market Size
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