The Speed Changer, Industrial High-Speed Drive, And Gear 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 Speed Changer, Industrial High-Speed Drive, And Gear Global Market Report 2024, The speed changer, industrial high-speed drive, and gear market size has grown strongly in recent years. It will grow from $58.6 billion in 2023 to $63.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to industrialization and manufacturing boom, automotive industry growth, energy sector expansion, mechanical power transmission in machinery, demand for heavy machinery.
The speed changer, industrial high-speed drive, and gear market size is expected to see strongly grown in the next few years. It will grow to $85.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to industry 4.0 and smart manufacturing, renewable energy integration, rise of electric vehicles, focus on energy efficiency, expansion of aerospace and defense. Major trends in the forecast period include digitalization and iot in industrial equipment, technological advancements in manufacturing, advanced material technologies, robotics and automation integration, hybrid drive systems.
The growth in the Speed Changer, Industrial High-Speed Drive, And Gear market is due to the expansion of renewable energy resources across the countries and government initiatives in nations such as China and India. For instance, in November 2023, according to India Brand Equity Foundation, an India-based government organization, renewable energy sources, generated 16.18 billion units (BU) of power in September 2022, reflecting an increase from the 14.49 BU generated in September 2021.
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The speed changer, industrial high-speed drive, and gear market covered in this report is segmented –
1) By Type: Speed Changers and Industrial High-Speed Drives, and Gears, Pinions, Racks, and Worms
2) By Application: Industrial, Manufacture, Automotive, Other Applications
Technological innovations are the key trend gaining popularity in the steam and air-conditioning supply market major companies operating in the market are introducing new technologies such as Experience Zone to sustain their position in the market. For instance, in January 2021, Voltas Limited, an India-based manufacturer of steam and air-conditioning systems launched Experience Zone which helps to meet the growing expectations of consumers this provides real-time experience spaces. This is designed to experience a new range of Volta’s air conditioners.
The speed changer, industrial high-speed drive, and gear market report table of contents includes:
1. Executive Summary
2. Speed Changer, Industrial High-Speed Drive, And Gear Market Characteristics
3. Speed Changer, Industrial High-Speed Drive, And Gear Product/Service Analysis -Product/Service Examples
4. Speed Changer, Industrial High-Speed Drive, And Gear Market Trends And Strategies
5. Speed Changer, Industrial High-Speed Drive, And Gear Market – Macro Economic Scenario
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26. Germany Speed Changer, Industrial High-Speed Drive, And Gear Market
27. France Speed Changer, Industrial High-Speed Drive, And Gear Market
28. Italy Speed Changer, Industrial High-Speed Drive, And Gear Market
29. Spain Speed Changer, Industrial High-Speed Drive, And Gear Market
30. Austria Speed Changer, Industrial High-Speed Drive, And Gear Market
Top Major Players:
- American Elements Corporation
- Hindalco Industries Limited
- Mitsubishi Materials Corporation
- Sumitomo Metal Mining Co. Ltd
- Umicore S.A.
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