The Gear Box And Gear Motor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gear Box And Gear Motor Global Market Report 2024, The gear box and gear motor market size has grown strongly in recent years. It will grow from $16.3 billion in 2023 to $17.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rapid growth in heavy machinery, early adoption in aviation and aerospace, pioneering industry applications, world wars and defense machinery, rise of automation and robotics.
The gear box and gear motor market size is expected to see steady growth in the next few years. It will grow to $20.81 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to demand in renewable energy sector, automation and industrial robotics expansion, emphasis on lightweight and compact solutions, rise in industry 4.0 implementation, growing preference for energy-efficient solutions.. Major trends in the forecast period include development of maintenance-free solutions, customization and tailored solutions, focus on noise reduction and vibration control, adoption of gearless direct drive systems, growing emphasis on electric vehicles (evs).
The expansion of the construction industry is expected to propel the growth of the gearbox and gear motor market going forward. The construction industry refers to the sector of the economy involved in the planning, design, development, construction, renovation, and maintenance of physical structures and infrastructure. Gearboxes and gear motors are frequently used in the construction industry’s heavy equipment, such as bulldozers and excavators, to regulate the speed and torque of hydraulic systems, enabling the precise movement of tools and attachments. For instance, in July 2022, according to Statistics Poland, a Poland-based government executive agency, 109,400 residences were completed in the first half of 2022, which is 3.8% more than in the previous year. Developers completed 62,900 homes, up 3.7% from 2021, while private investors completed 44,900 dwellings, an increase of 6.0%. Therefore, rising residential building construction is driving the growth of the gearbox and gear motor market.
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The gear box and gear motor market covered in this report is segmented –
1) Product Type: Gear Box, Gear Motors
2) By Gear Type: Spur Gear, Helical Gear, Bevel Gear, Worm Gear, Planetary Gear, Cycloidal Gear
3) By Distribution Channel: Direct Sales, Indirect Sales
4) By End-Use Industry: Wind Power, Material Handling, Food And Beverage, Cement And Aggregates, Metals And Mining, Pharmaceutical, Construction Power Generation, Chemicals, Marine, Other End-Use Industries
Major companies operating in the gearbox and gear motor market are increasing their focus on developing customized industrial gearboxes to maximize their revenues in the market. Customized gearboxes are specialized gear transmission systems that are designed and manufactured to meet the specific and unique requirements of a particular application or industry. For instance, in January 2022, Dana Incorporated, a US-based equipment manufacturing company, launched the Brevini S-Series industrial planetary gearboxes. These gearboxes are specifically designed to meet the rigorous demands of biogas production and wastewater treatment facilities. The mixing systems in digesters are driven by Brevini S-Series gearboxes, which have maximum output torques of up to 290 kNm. This ensures that heat transfer is facilitated and temperatures are kept uniform for producing fuel-quality biogas. Additionally, these gearboxes are configured with water- and corrosion-resistant seals, which help propel drag chains and flights in the sedimentation tanks of wastewater treatment plants.
The gear box and gear motor market report table of contents includes:
1. Executive Summary
2. Gear Box And Gear Motor Market Characteristics
3. Gear Box And Gear Motor Market Trends And Strategies
4. Gear Box And Gear Motor Market – Macro Economic Scenario
5. Global Gear Box And Gear Motor Market Size and Growth
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26. South America Gear Box And Gear Motor Market
27. Brazil Gear Box And Gear Motor Market
28. Middle East Gear Box And Gear Motor Market
29. Africa Gear Box And Gear Motor Market
30. Gear Box And Gear Motor Market Competitive Landscape And Company Profiles
Top Major Players:
- Mitsubishi Electric Corporation
- Hitachi Ltd
- Siemens AG
- ABB Ltd
- Toshiba Corporation
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