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.
Emerging technologies including customized sets and gear motors are gaining significance in the market. These are used for specific application requirements and to support distinct machines. To comply with complex machine designs, multiple cost-effective, smaller and stronger gear drives are getting manufactured. Standardization benefits are leveraged by higher ratio of price and performance along with modular designs of verified gear setups.
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Manufacturers are providing distinct combination of gears coupled with their range of reduction ratios and configuration types. 3D modelling technology is used for designing models of gearboxes that are manufactured in small quantities.
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.
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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.
U.S. is projected to register nearly 90% demand of North America precision gearbox market till 2024. Improved living standard and well-established automobile base in the country is stimulating luxury vehicles demand and other application products of precision gearbox, leading to fostering sales in aftermarket and OEM channels. Stringent regulations pertaining to usage of better quality gearboxes will drive the product penetration. The regulations are related to robotic applications that include American National Standards Institute (ANSI) standards. Increasing packaging, transportation and production solutions coupled with escalating food industry will maintain the country's leading position in the market.
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.