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.
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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.
Industrial Gear Market: Prominent Regions
Asia Pacific dominates the global industrial gear market with China in the dominating position despite the market slowdown. The U.K is an attractive industrial gear market in Europe, while Germany is the largest market. In South America, Mexico is opening doors for new opportunities. The industrial gear market in Middle East & Africa is likely to grow at a moderate rate due to various global events lined up in the upcoming years. The industrial gear market will be driven by increasing automotive production coupled with large scale EPC projects in all geographies.
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Asia Pacific is the biggest and fastest growing markets for industrial gear. Asia Pacific being a mix of developed and developing countries is projected to provide better opportunities for market growth during the forecast period. Economic growth and high demand for industrial gear from small and medium scale manufacturers are driving the market growth.
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.
Industrial Gear Market: Key Players
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.
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