Industrial Gear Market: Introduction
Transparency Market Research delivers key insights on the global industrial gear market. In terms of revenue, the global industrial gear market is estimated to expand at a CAGR of 5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global industrial gear market.
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.
Major Key Players of the 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.
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Industrial Gear Market: 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.
Global Industrial Gear Market: Segmentation
Industrial Gear Market, by Product Type
- Spur Gear
- Planetary Gear
- Helical Gear
- Rack and Pinion Gear
- Worm Gear
- Bevel Gear
- Others
Industrial Gear Market, by Application
- Oilfield Equipment
- Mining Equipment
- Industrial Machinery
- Power Plants
- Construction Machinery
- Others
Industrial Gear Market, by Distribution Channel
- Online
- Offline
Industrial Gear Market: Overview
- According to Transparency Market Research’s latest research report on the global industrial gear market for the historical period 2018–2019 and the forecast period 2024–2030, rising demand from the automotive industry is expected to boost the global industrial gear market during the forecast period
- In terms of revenue, the global industrial gear market is estimated to exceed value of US$ 111.4 Bn by 2030, expanding at a CAGR of 5% during the forecast period
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Industrial Gear Market: Key Developments
- Key providers of industrial gear such as ABB Ltd, Siemens AG, Martin Sprocket & Gear, Inc., and Hota Industrial Manufacturing Co., Ltd. are focusing on product development to attract more customers. Some other key developments in the global industrial gear market are highlighted below:
- In March 2024, Martin Sprocket & Gear, Inc. provided assistance to customers involved in production of essential products in these challenging times with COVID-19. The company provided customized products to a chemical company in Georgia, which will help in increasing the production of cleaning products.
- ABB Ltd is planning to expand its product portfolio to meet the requirements of its end users by providing them with customized and standard products. In addition, the company is also indulging in strategic collaborations and acquisitions with prominent players to remain competitive in the market and improve its business activities across the globe as well as India.
- In 2019, Siemens AG invested about US$ 6.3 Bn in research and development (R&D). This has helped the company to develop innovative and sustainable solutions for its clients. The company has also announced its “Vision 2024+” strategy to enhance its profitability to strengthen its portfolio with better innovation and quality oriented productivity.
- OKUBO GEAR Co., Ltd. is planning to expand its business beyond the border of Japan where it is based in order to enhance the sales of products and fulfill the requirement of clients across the globe with innovative products and advanced technology. In addition, the company is focusing on offering value added services and customized solutions to its clients.
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