PUBLISHER: The Business Research Company | PRODUCT CODE: 1426471
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426471
A gearbox and a gear motor are mechanical devices designed to regulate the speed, torque, and direction of motion in various machines and automatic apparatus. Gearboxes are commonly employed in automobiles to manage speed and enhance torque by transmitting power from the engine to the wheels. Gear motors find widespread use in automated systems, playing a crucial role in conveyor belts, robotic arms, and manufacturing equipment.
The primary types of products included in gearboxes and gear motors are, unsurprisingly, gearboxes and gear motors. A gearbox is a mechanical device used to transmit power and control the speed and torque of a machine or vehicle. Various types of gears are employed, including spur gears, helical gears, bevel gears, worm gears, planetary gears, and cycloidal gears. These products are distributed through various channels, encompassing direct sales and indirect sales, and cater to numerous end-use industries such as wind power, material handling, food and beverage, cement and aggregates, metals and mining, pharmaceuticals, construction power generation, chemicals, marine, and others.
The gear box and gear motor market research report is one of a series of new reports from The Business Research Company that provides gear box and gear motor market statistics, including gear box and gear motor industry global market size, regional shares, competitors with a gear box and gear motor market share, detailed gear box and gear motor market segments, market trends and opportunities, and any further data you may need to thrive in the gear box and gear motor industry. This gear box and gear motor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historical period can be attributed to the rapid expansion of heavy machinery, early adoption in aviation and aerospace, pioneering industry applications, the impact of world wars and defense machinery, and the ascent 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 anticipated growth in the forecast period can be attributed to the demand in the renewable energy sector, expansion in automation and industrial robotics, emphasis on lightweight and compact solutions, the rise in Industry 4.0 implementation, and a growing preference for energy-efficient solutions. Major trends expected in the forecast period include the development of maintenance-free solutions, customization and tailored solutions, a focus on noise reduction and vibration control, the adoption of gearless direct drive systems, and a growing emphasis on electric vehicles (EVs).
The anticipated expansion of the construction industry is poised to drive the growth of the gearbox and gear motor market. The construction industry encompasses activities related to the planning, design, development, renovation, and maintenance of physical structures and infrastructure. Gearboxes and gear motors play a crucial role in heavy construction equipment such as bulldozers and excavators, regulating the speed and torque of hydraulic systems for precise tool and attachment movement. For example, Statistics Poland reported a 3.8% increase in completed residences in the first half of 2022, with developers completing 62,900 homes (up 3.7%) and private investors completing 44,900 dwellings (up 6.0%). This surge in residential building construction is a driving force behind the gearbox and gear motor market's growth.
Increased investments in power generation are also expected to propel the growth of the gearbox and gear motor market. Power generation involves converting various forms of energy into electrical energy for widespread use. Gearboxes and gear motors are integral in this process, efficiently transmitting and converting mechanical energy into electrical energy. The International Energy Agency's World Energy Investment report in July 2022 forecasts global energy investments of USD 2.8 trillion in 2023, with over USD 1.7 trillion directed towards clean technologies. The report predicts a 24% increase in yearly clean energy investment between 2021 and 2023, underscoring the positive impact on the gearbox and gear motor market.
Economic instabilities are anticipated to pose challenges to the gearbox and gear motor markets in the forecast period. During economic uncertainty, businesses may curtail capital spending, delaying industrial expansion plans and reducing demand for gearboxes and gear motors. Global supply chain disruptions during economic instability can lead to production slowdowns and increased costs due to component shortages, affecting various sectors, including manufacturing, construction, and automotive. The International Monetary Fund's projection of a decline in global growth from 3.4% in 2022 to 2.8% in 2023 highlights the potential impact of economic instabilities on the gearbox and gear motor markets.
Major companies in the gearbox and gear motor market are increasingly focusing on developing customized industrial gearboxes to enhance their market revenues. Customized gearboxes are tailored transmission systems designed to meet specific application or industry requirements. For instance, Dana Incorporated launched the Brevini S-Series industrial planetary gearboxes in January 2022, specifically designed to meet the demanding needs of biogas production and wastewater treatment facilities. These gearboxes, with maximum output torques of up to 290 kNm, facilitate efficient heat transfer and uniform temperatures in digesters for producing fuel-quality biogas. The incorporation of water- and corrosion-resistant seals in these gearboxes enhances their suitability for wastewater treatment plant applications.
In April 2022, Flender AG acquired Moventas for an undisclosed amount, aiming to broaden its product offerings in wind turbine gearboxes and strengthen its position in the wind energy market. Moventas, a Finland-based renewable energy equipment manufacturer, specializes in providing mechanical power transmission equipment, including wind turbine gearboxes.
Major companies operating in the gear box and gear motor market report are Mitsubishi Electric Corporation, Hitachi Ltd., Siemens AG, ABB Ltd., Toshiba Corporation, Eaton Corporation PLC, Emerson Electric Co., Danfoss A/S, Dana Incorporated, Sumitomo Heavy Industries, Bosch Rexroth, WEG Industries, Regal Rexnord Corporation, SEW-EURODRIVE GmbH & Co KG, Johnson Electric Holdings Limited, Nord Drivesystems, TECO Electric & Machinery Co. Ltd., Lenze Gruppe, ElectroCraft Inc., Elecon Engineering Company Ltd., TECO-Westinghouse Motors, Bonfiglioli Transmissions Private Limited, Bauer Gear Motor, Varvel SpA, Flender Group, Rossi Group LLC, Bison Gear and Engineering, NER Group Co. Ltd, Sha Yang Ye Industrial
Asia-Pacific was the largest region in the gear box and gear motors market in 2023. Middle East And Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the gear box and gear motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the gear box and gear motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The gearbox and gear motor market consists of sales of casing, selector forks, collars, shafts, bearings, sensors, and control systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Gear Box And Gear Motor Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on gear box and gear motor market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for gear box and gear motor? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The gear box and gear motor market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.