Rockville, MD, Aug. 15, 2024 (GLOBE NEWSWIRE) -- According to a recently updated research report released by Fact.MR, the global worm reduction gearbox market is projected to reach a size of US$ 2.35 billion in 2024 and thereafter to expand at a CAGR of 5.8% from 2024 to 2034.
Worm reduction gearbox manufacturers are prioritizing features such as high efficiency, low noise, and smooth operation. Worm reduction gearboxes are widely used in large trucks and off-road vehicles to provide varying degrees of torque to each wheel. High investments in end-use industries are expected to drive up the demand for worm reduction gearboxes.
Technological advancements in the worm reduction gearbox market are having a significant impact on worm gear market growth. Material science, manufacturing techniques, and design processes have improved, resulting in more efficient and long-lasting worm gears. Enhanced materials and advanced engineering techniques improve the overall performance, reliability, and lifespan of these gears, propelling the worm gears market forward.
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Key Takeaways from Market Study
- The global worm reduction gearbox market is analyzed to reach US$ 4.13 billion by 2034.
- Global sales of worm reduction gearboxes are projected to rise at 5.8% CAGR from 2024 to 2034.
- The double-reduction gearbox segment is forecasted to reach a value of US$ 2.68 billion by 2034.
- The market in the United States is expected to reach US$ 399.3 million in 2024.
- Sales of worm reduction gearboxes in South Korea are projected to rise at 5.8% CAGR from 2024 to 2034.
- East Asia is estimated to capture a global market share of 7% in 2024.
- Revenue from the automotive & transportation segment is projected to reach US$ 672.6 billion by 2034.
“Worm reduction gearbox demand growth is attributed to technological advancements related to maximum usage in industrial automation and metalworking industries,” says a Fact.MR analyst.
Leading Players Driving Innovation in Worm Reduction Gearbox Market:
Atlas Gear Co.; Boneng; Cone Drive; Delroyd Wormgear Altra Industrial Motion; DieQua Corporation; Fixedstar Group; Omega Corporation; Gear Motions; Gear Manufacturing OTT GmbH; Avon Gear and Engineering; SGR Transmission; Martin Sprocket & Gear; HPC Gears; Andantex USA Inc.; Atlas Gear Co.; Cone Drive; Delroyd Wormgear Altra Industrial Motion; DieQua Corporation; Fixedstar Group; Omega Corporation; SGR Transmission
Increasing Use of Double-Reduction Gearboxes across Industries:
Double-reduction gearboxes are widely used in a variety of industries, including metallurgy, petroleum and chemical processing, light textiles, woodworking, mineral dressing, food machinery, and aerospace. These gearboxes are found in architectural hoists, tower cranes, elevators, escalators, passenger conveyors, woodworking machines, mineral-dressing equipment for gold, continuous casting machinery, universal machines, precision indexing mining equipment, feeder breakers, shuttles, conveyors, rock crushers, heavier multi-stage gearing, roll drives, winders, slitters, roll turnover stands, turret indexers, drum hoists, winches, slab pushers, side adjusters, screw downs, furnace tilt drives, roll drives slitters, and radar equipment.
Worm Reduction Gearbox Industry News:
- Premium Transmission, one of India's leading gear and gearbox manufacturers, launched new products in 2022, including a smart modular bevel helical gearbox.
- RNWBL, LLC. recently acquired Gearbox Express; the company is now focused on providing field service and technology to the wind, solar, and broader renewable industries.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the worm reduction gearbox market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges details on the worm reduction gearbox market based on gear ratio (single-reduction gearboxes, double-reduction gearboxes), output torque (up to 100 nm, 100 to 200 nm, 200 to 400 nm, 400 to 800 nm, 800 to 1,200 nm, above 1,200 nm), and end use (logistics & material handling, automotive & transportation, construction & mining, escalator/elevator drive systems, metal working industry, energy & power, packaging, food & beverages, discreet manufacturing), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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