Industrial Gear Market: Introduction
Transparency Market Research delivers key insights on the
global industrial gear market. In
terms of revenue, the global industrial gear market is estimated to expand at a
CAGR of 5% during the forecast period, owing to numerous
factors, regarding which TMR offers thorough insights and forecasts in its
report on the global industrial gear market.
The global industrial gear market is affected by several
factors. Industrial gear finds application in a wide range of heavy industries
and manufacturing industries due to its capability of reducing mechanical work
in various processes and operations. Vast population and the incremented income
at the global level have encouraged several industries to extend their
facilities to meet the demands of consumers. These industries include textile,
oil & gas, pulp & paper, and food & beverages. These are the key
factors driving the industrial gear market growth.
Major Key Players of
the Industrial Gear Market are:
ABB Ltd, Siemens AG, Martin Sprocket & Gear, Inc., Hota Industrial
Manufacturing Co., Ltd., OKUBO GEAR Co., Ltd., Bharat Gears Ltd., Elecon
Engineering Company Limited, Precipart Corporation, Kohara Gear Industry Co.,
Ltd., Aero Gear Incorporated, Shanthi Gears Limited, Ashoka Machine Tools
Corporation, Cleveland Gear Company Inc., Meritech Group, and Bevel Gears India
Pvt. Ltd.
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Industrial Gear Market: Dynamics
Investments in discrete manufacturing sectors such as
packaging, plastics, automotive, and material handling are expected to create
sales opportunities for industrial gear. The manufacturing of mass-produced
automobiles and processing of food, pharm, biotech, etc. typically relies on
conveyors and equipment to bring the parts and assemblies to a location where
robots or workers are tasked with a specific function. These electric motors
are often connected directly to gearboxes with the help of gear as these are
used for driving conveyors, lifts, robot arms, etc.
Machines used in the packaging industry must deliver high
performance in often demanding environments. High speed and accurate and
repeatable movements are necessary in environments where temperature, pressure,
and loads can place a strain on electromechanical components,
including packaging gear. This showcases an opportunity for the growth of
the industrial gear market.
Global Industrial Gear Market: Segmentation
Industrial Gear Market, by Product Type
- Spur
Gear
- Planetary
Gear
- Helical
Gear
- Rack
and Pinion Gear
- Worm
Gear
- Bevel
Gear
- Others
Industrial Gear Market, by Application
- Oilfield
Equipment
- Mining
Equipment
- Industrial
Machinery
- Power
Plants
- Construction
Machinery
- Others
Industrial Gear Market, by Distribution Channel
- Online
- Offline
Industrial Gear Market: Overview
- According
to Transparency Market Research’s latest research report on the global
industrial gear market for the historical period 2018–2019 and the
forecast period 2020–2030, rising demand from the automotive industry is
expected to boost the global industrial gear market during the forecast
period
- In
terms of revenue, the global industrial gear market is estimated to exceed
value of US$ 111.4 Bn by 2030, expanding at a CAGR
of 5% during the forecast period
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Industrial Gear Market: Key Developments
- Key
providers of industrial gear such as ABB Ltd, Siemens AG, Martin Sprocket
& Gear, Inc., and Hota Industrial Manufacturing Co., Ltd. are focusing
on product development to attract more customers. Some other key
developments in the global industrial gear market are highlighted below:
- In March
2020, Martin Sprocket & Gear, Inc. provided assistance to customers
involved in production of essential products in these challenging times
with COVID-19. The company provided customized products to a chemical
company in Georgia, which will help in increasing the production of
cleaning products.
- ABB
Ltd is planning to expand its product portfolio to meet the requirements
of its end users by providing them with customized and standard products.
In addition, the company is also indulging in strategic collaborations and
acquisitions with prominent players to remain competitive in the market
and improve its business activities across the globe as well as India.
- In
2019, Siemens AG invested about US$ 6.3 Bn in research
and development (R&D). This has helped the company to develop
innovative and sustainable solutions for its clients. The company has also
announced its “Vision 2020+” strategy to enhance its profitability to
strengthen its portfolio with better innovation and quality oriented
productivity.
- OKUBO
GEAR Co., Ltd. is planning to expand its business beyond the border of
Japan where it is based in order to enhance the sales of products and
fulfill the requirement of clients across the globe with innovative
products and advanced technology. In addition, the company is focusing on
offering value added services and customized solutions to its clients.
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