The global gear motors market accounted for a value of 21.7 USD billion in 2019. Gear motors market projected to register growth at a CAGR of 4.9% during forecast period.
COVID-19 has impacted all the businesses over globe. The supply chain of raw materials and finished products is disrupted due to travel restrictions. The manufacturing facilities have shut or halt their production activities and end-users industries have witnessed decline in demands which leads to decline in growth of gear motors during the COVID-19.
For more details, visit: Global Gear Motor Market By Type (Helical-Bevel, Planetary, Others), By Product Type (Gearbox, Gear Motor), Rated Power (Up to 7.5 kW, 7.5 kW to 75 kW, Others), By Torque, By End User, By Region–Forecast & Opportunities to 2026
Gear motor is widely adopted across various industries. It is cost effective and has flexible usage. They are highly economical and it has wide number of applications in various industries. These gears are very effective and efficient. This drives growth in gear motors market during forecast period.
On the basis of gear type, the gear motor market is segmented into helical, helical-bevel, planetary, worm and others. The planetary gears segment is estimated to be fastest growing market during forecast period. The demand for planetary gear is increasing around the globe. This motor is preferred by industry verticals at large scale than others. This drives growth in planetary gear market during forecast period.
On the basis of end-user, the gear motor market is segmented into marine, rubber & plastics, chemicals, construction, power generation, automotive, cement & aggregates, metals & mining, food & beverage, material handling, wind power and others. The wind power industry is estimated to register growth at highest CAGR during forecast period. The rapid technological advancement is growing immensely in this industry. The advancement in technologies made gear motors cost effective and efficient. Wind power industries are adopting gear motors at large scale. This drives growth in wind power industry during forecast period.
Asia-Pacific region is estimated to be fastest growing market during forecast period. The industrialization and urbanization is rapidly increasing in this region. The infrastructure is developing rapidly and expanding. India and China are major growth contributors in this region. The demand for mechanical power transmission is increasing across various industries in this region due to its high efficiency and cost-effectiveness. This drives growth in Asia-Pacific region during forecast period.
The key market players in gear motor industry are Eaton Corporation, Watt Drive Antriebtechni GmbH, Bauer Gear Motor, Sumitomo Heavy Industries, Johnson Electric Holdings Ltd., emerson Electric Co., Elecon Engineering Company Ltd., China High Speed Transmission Equipment, Brevini Power Transmission, Bonfiglioli Riduttori S.P.A, Winergy, Sew-Eurodrive GmbH, Baldor Electric Company and Siemens AG.
- What are the expected industry trends over the next three to five years?
- Which of the gear motors type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?