Gear Motor Market Overview
Extensive market study and analysis by experts have indicated that the global Gear Motor Market will grow at a CAGR of 4.2% during the study period 2022-2028. The Gear Motor Market Value will reach USD 35.81 billion by the end of the forecast period.
A gear motor is electrical hardware that is used to create high force at low speed and low power. A gear motor is a combination of a gear reducer and a DC or AC electric motor. Gear motors are used across many industries.
Like many other industries, the market for gear motors was adversely affected by the COVID-19 pandemic. Strict lockdown measures, travel restrictions, low manpower, and logistics problems hampered the market growth but in the last some months, the market is reviving and is expected to show consistent growth in the coming years.
The continuous growth of many industrial sectors will result in the worldwide growth of the Gear Motor Market.
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Market Segmentation
The Gear Motor Market is fragmented based on region, end-users, and type.
Based on gear type, the market is divided into screw gear, bevel gear, planetary gear, helical gear, and worm gear. Due to the compact size and use in many industries, the helical gear sector is expected to grow well.
Based on the end-users, the Gear Motor Market is further divided into construction, power generation, food & beverage, mining, manufacturing, automotive, agriculture, material handling, and others. During the forecast time, the fastest-growing sector will be the material handling sector.
Regional Classification
Based on geography, the global Gear Motor Market is divided into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
Owing to the rapid growth in the construction, automotive, chemical, and healthcare sectors in the Asia Pacific region, this region has dominated the market in the past years. The Asia Pacific region is expected to grow at a fast rate in future. The increasing demands for clean energy sources will also contribute to the growth of the Gear Motor Market in China, Southeast Asian countries, and Australia.
North American countries will also witness significant growth in this market due to government investments in the oil & gas sector and an increase in mining activities.
Due to the increasing demand for energy from many industries across Europe, this region is expected to show significant Gear Motor Market Growth in the coming years.
Key Players
· Sumitomo Heavy Industries Ltd
· Brevini Power Transmission S.P.A.
· Elecon Engineering Company Ltd
· Emerson Electric Co
· Baldor Electric Company
· Energy
· Johnson Electric Holdings Limited
· China High-Speed Transmission Equipment Group Co. Ltd
· BonfiglioliRiduttori S.P.A
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Industry News
Owing to the presence of many large and small players in the global Gear Motor Market, it is highly competitive. The global key players occupy around one-fourth of the market and the rest is dominated by the local and regional companies. Acquisitions, mergers, partnerships, and new product launches are some of the strategies taken by the Gear Motor Market Players to keep their control of the market revenue.
· March 2021- Bonfiglioli acquired Sampingranaggi. The acquisition included all the assets, brands, designs, patents, and products for robotics and staff of Sampingranaggi Italy and Sampingranaggi China.
· November 2020- IP68 Solutions was launched by Bauer Motor GmbH for the water and wastewater sectors.
· December 2021- A new product line of stainless steel servo gear motors PSH CM2H was launched by SEW-EURODRIVE.
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