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Industrial Gear Market – Size, Growth, Trends, Report 2021-2030

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The global industrial gear market is expanding growth at a CAGR of 5.2% during the forecast period 2021 to 2030 and to surpass around US$ 110 billion by 2030.

The global industrial gear market is affected by several factors. Industrial gear finds application in a wide range of heavy industries and manufacturing industries due to its capability of reducing mechanical work in various processes and operations. Vast population and the incremented income at the global level have encouraged several industries to extend their facilities to meet the demands of consumers. These industries include textile, oil & gas, pulp & paper, and food & beverages. These are the key factors driving the industrial gear market growth.

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Growth of end-use industries, along with increasing adoption of industrial automation at the global level is likely to fuel the growth of the industrial gear market in the upcoming years.

In this study, the years considered to estimate the market size of industrial gear are as follows:

  • History Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Dynamics

Investments in discrete manufacturing sectors such as packaging, plastics, automotive, and material handling are expected to create sales opportunities for industrial gear. The manufacturing of mass-produced automobiles and processing of food, pharm, biotech, etc. typically relies on conveyors and equipment to bring the parts and assemblies to a location where robots or workers are tasked with a specific function. These electric motors are often connected directly to gearboxes with the help of gear as these are used for driving conveyors, lifts, robot arms, etc.

Machines used in the packaging industry must deliver high performance in often demanding environments. High speed and accurate and repeatable movements are necessary in environments where temperature, pressure, and loads can place a strain on electromechanical components, including packaging gear. This showcases an opportunity for the growth of the industrial gear market.

Testing and Verification of Gear Units Fuel Sales Growth

Manufacturers in the industrial gear market are increasing their production capabilities in worm gears that are being extensively used to accomplish large speed reduction ratio. For instance, ZHY Gear— a one-stop platform for gear design and manufacturing is increasing its product portfolio in worm gear, rack and pinion gear, and cylindrical gear, among others. Since industrial gears are being used in routine production activities worldwide, the industrial gear market is predicted to surpass the revenue of US$ 110 billion by the end of 2030.

Companies in the industrial gear market are tapping into value-grab opportunities in the energy sector. Moventas— a wind turbine gearbox expert is bolstering its credibility credentials by providing testing and verification services to clients. The trend of in-house testing for gear units during production processes is growing in the market landscape.

Load Distribution Strategies Help to Increase Operational Life of Industrial Equipment

Spur gears are advantageous in providing a wide range of transmission ratio, easy processing and efficiency in industrial equipment. However, issues such as increased vibration, deformation, and changes in the involute shape are creating undesired outcomes during production processes. This explains why industrial gear market is projected to grow at a modest CAGR of 5% during the forecast period. Hence, companies are educating end users to use spur gears for bearing radial load instead of axial load to establish load distribution. This helps to increase the operational life of gearbox.

Apart from spur gear, even helical gears have disadvantages such as bad axial force and in many cases lead to increased manufacturing costs. In order to avoid this, end users are using new strategies such as deploying the compensation effect to increase the durability of helical gears.

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Increasing Demand from Asia Pacific

Asia Pacific is the emerging hub of manufacturing, automobile, and automotive components, owing to its cost-effective techniques, availability of skilled labor and raw materials, and being geographically closer to key automotive markets. This growth can be attributed to the increase in manufacturing of passenger and commercial vehicles since automakers are constantly developing drive-trains and cost efficient engines to reduce fuel consumption, and also enhancing emission-control technology to produce cleaner automobiles.

In addition, continuous growth in ambitious infrastructure programs and fast-tracking of ongoing projects is expected to gain demand for construction equipment. Industrial gear is an essential element while producing construction and industrial equipment, and demand for industrial gear from Asia Pacific is one of the major factors driving the market. Similarly, adoption of advanced technology in the sectors of mining, industrial machinery, power plants, and oilfields is likely to gain demand for industrial gear in the near future.

Germany accounted for the largest industrial gear market in Europe. Germany is set to maintain its dominance during the forecast period. Large number of industrial gear manufacturers are present in this region, which is one of the key market driving factors.

Competitive Landscape

This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.

The analysts have provided a comprehensive analysis of the competitive landscape of the global industrial gear market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.

  • Company Overview
  • Company Market Share/Positioning Analysis
  • Product Offerings
  • Financial Performance
  • Recent Initiatives
  • Key Strategies Adopted by Players
  • Vendor Landscape
  • List of Suppliers
  • List of Buyers

Key players operating in the global industrial gear market are ABB Ltd, Siemens AG, Martin Sprocket & Gear, Inc., Hota Industrial Manufacturing Co., Ltd., OKUBO GEAR Co., Ltd., Bharat Gears Ltd., Elecon Engineering Company Limited, Precipart Corporation, Kohara Gear Industry Co., Ltd., Aero Gear Incorporated, Shanthi Gears Limited, Ashoka Machine Tools Corporation, Cleveland Gear Company Inc., Meritech Group, and Bevel Gears India Pvt. Ltd.

Market Segmentation

By Product Type

  • Spur Gear
  • Planetary Gear
  • Helical Gear
  • Rack and Pinion Gear
  • Worm Gear
  • Bevel Gear
  • Others

By Application

  • Oilfield Equipment
  • Mining Equipment
  • Industrial Machinery
  • Power Plants
  • Construction Machinery
  • Others

By Distribution Channel

  • Online
  • Offline

By Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • U.K.
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • Japan
    • China
    • India
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
  • Central & Latin America
    • Brazil
    • Rest of South America

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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