Gear Box and Gear Motors Market is Expected to Hit USD 22 billion by 2031 globally, at a CAGR of 4.1% | Exclusive Report by Transparency Market Research, Inc.
As robotics and automation become more prevalent, gear boxes and gear motors will gain more popularity
Wilmington, Delaware, United States, Feb. 02, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global gear box and gear motors market was valued at US$ 14.9 billion in 2021. A CAGR of 4.1% is projected from 2022 to 2031. The US$ 22 billion market is estimated to drive demand by 2031. With the increased use of digital technology, sensors, and communication with gear box and gear motors, sales of gear box and gear motors are expected to increase.
Gear systems with integrated sensors for real-time monitoring, predictive maintenance, and overall system optimization may result from Industry 4.0 principles, which strongly emphasize smart manufacturing and the Industrial Internet of Things (IIoT). Energy efficiency and sustainability are becoming increasingly important across industries. Gear box and gear motor manufacturers that incorporate advanced materials, precision engineering, and lubrication techniques are expected to reduce energy consumption and emissions.
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Gear components that are lighter, stronger, and more efficient could be developed due to advancements in materials science and manufacturing techniques. The performance and lifetime could be improved by using advanced materials like composites and high-strength alloys.
Power transmission systems that are dependable and efficient are becoming more and more necessary as growing economies industrialize and improve their infrastructure. Gear systems are used in many different industries, such as wind and solar energy production, where they are essential for power conversion and gearbox. The rise in investments in renewable energy projects and the growth of manufacturing operations in developing nations.
Key Findings of the Market Report
● Power segment up to 10,000 Nm dominates the global market.
- The food & beverage industry is one of several end-use industries that has seen significant growth in recent years.
- In terms of value share, Asia Pacific dominates the global gear box and gear motor market.
- The gear motor and gearbox market is expected to grow faster in the Middle East and Africa.
- Gear box and gear motors are most commonly used in North America and Europe, with market shares of 18.4% and 28.7%, respectively.
Global Gear Box and Gear Motors Market: Growth Drivers
- The growing automation of many sectors significantly drives the market for gear boxes and gear motors. The need for high-performance and dependable gear systems has increased as industries aim to increase productivity, decrease downtime, and improve operational accuracy.
- The fact that gear motors and gear boxes transmit power, torque, and speed at the necessary rates makes them essential in automated machinery and processes. Advanced gear technologies are being adopted by industries including robotics, automotive, and manufacturing, in particular, to optimize their production processes.
- Sustainability and energy efficiency are also important factors propelling the gear box and gear motor industries. Industries actively seek energy-efficient solutions due to increased awareness of environmental issues and the need to reduce energy use.
- To reduce energy losses and increase overall efficiency, modern gear systems, including gear boxes and gear motors, are built with characteristics including precision engineering and enhanced lubrication mechanisms. As the push towards sustainability continues, the market for innovative gear technologies is expanding across various applications.
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Global Gear Box and Gear Motors Market: Regional Landscape
- The Asia Pacific market for gear box and gear motors should lead the market in the near future. The Asia Pacific automobile sector mostly drives the need for gear box and gear motors. The necessity for accurate and dependable power transmission systems is significant since the area continues to be a global center for the manufacture of automobiles.
- An emphasis on electric and hybrid vehicles, along with the expansion of the automotive industry, is driving up demand for specialized gear systems.
- As industrialization booms in Asia Pacific, countries like China and India are experiencing rapid economic growth. With this industrial expansion, demand for automation solutions and machinery has increased, driving the market. Industries like manufacturing, automotive, and construction are adopting advanced gear technologies to improve productivity and efficiency.
Global Gear Box and Gear Motors Market: Key Players
Several international and local players focus on product development and research & development to attract more customers. In addition to expanding their product portfolios, prominent players merge and acquire other companies.
- NER GROUP CO. LIMITED
- Rotork
- Sumitomo Heavy Industries Ltd
- SEW-Transmission Equipment Co. Ltd
- Rossi Group
- Bosch Rexroth
- FLENDER Group
- Lenze
- NORD Drivesystems Pvt. Ltd
Key Developments
- NER GROUP CO., LIMITED- It is one of the largest Chinese manufacturers and distributors of gearboxes, gear motors, and other power transmission equipment. They serve all manufacturing, and mining industries.
- Sumitomo Heavy Industries, Ltd.- Japanese company producing gearboxes, speed reducers, drives, and other industrial machinery.
- NORD Drivesystems- NORD is a leading company in drive technology. It offers decentralized drive solutions, gearmotors, and industrial gear units.
Global Gear Box and Gear Motors Market: Segmentation
By Product Type
- Gear Box
- Gear Motors
By Gear Type
- Helical
- Planetary
- Helical-Bevel
- Worm
- Others (Spiral Miter Gear, etc.)
By Rated Power
- Up to 10,000 Nm
- Above 10,000 Nm
By End-Use Industry
- Wind Power
- Material Handling
- Food & Beverage
- Cement & Aggregates
- Metals & Mining
- Pharmaceutical
- Construction
- Power Generation (Excl. Wind Power)
- Chemicals
- Marine
- Others (Rubber, Plastic, Sugar Plant, etc.)
By Distribution Channel
- Direct Sales
- Indirect Sales
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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