Pune, India, March 24, 2022 (GLOBE NEWSWIRE) -- The global Gear Motor Market size was valued at USD 25.18 billion in 2020. The market is anticipated to rise from USD 26.78 billion in 2021 to USD 35.81 billion by 2028 at a 4.2% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Gear Motor Market, 2021-2028.”
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According to the study, industrial gear motors have become sought-after across mining, pulp & paper, wind power, printing and textile sectors. Soaring adoption of advanced technologies will drive the industry over the next few years. Meanwhile, the rampant COVID-19 pandemic has had a telling impact on the global outlook.
Major Players Profiled in the Gear Motor Market Report:
- Siemens (Germany)
- Bonfiglioli (Italy)
- SEW Eurodrive (Germany)
- Nidec Motor Corporation (Japan)
- Bosch Rexroth (Germany)
- Eaton Corporation (Ireland)
- Regal Beloit Corporation (U.S.)
- Klingelnberg GmbH (Switzerland)
- Watt Drive Antriebstechnik GmbH (Germany)
- Emerson Electric Co. (U.S.)
- Elecon Engineering Co. Ltd (India)
- Brevini Power Transmission (Italy)
- Johnson Electric Holdings Limited (Hong Kong)
- Bauer Gear Motor GmbH (Germany)
- China High Speed Transmission Equipment Group Co., Ltd. (China)
COVID-19 Impact
Dip in Energy Installation amidst the Pandemic Reshapes Industry Dynamics
The onslaught of the COVID-19 pandemic had a notable influence on the landscape, with automotive, mining and food & beverage industries witnessing major setbacks. Notably, the installation of renewable energy dipped across emerging economies. Besides, construction activities plunged across major economies, prompting companies to redefine their strategies.
To get to know more about the short-term and long-term impact of COVID-19 on this Gear Motor Market,
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Report Coverage
The report emphasizes quantitative and qualitative assessments to offer a holistic view of the global market. Further, a host of primary interviews has been conducted with opinion leaders, suppliers and other stakeholders. Primary data has been collated through emails, telephonic conversations and questionnaires. The secondary sources referred are press releases, SEC filings and websites. The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping.
Segmentation
Based on type, the market is segregated into bevel gear, planetary gear, screw gear, worm gear, helical gear and others.
In terms of rated power, the industry is segmented into up to 7.5 kW, 7.5 kW to 75 kW, and above 75 kW.
On the basis of torque, the market is segmented into above 10,000 Nm and up to 10,000 Nm.
With respect to end-user, the industry is fragmented into construction, automotive, material handling, food & beverage, agriculture, manufacturing industry, mining, power generation and others.
In terms of region, the market includes North America, Asia Pacific, Europe, Latin America and the Middle East & Africa.
Drivers and Restraints
Burgeoning Industrialization and Investments to Unlock Growth Potentials
Gear motor market growth will witness a notable gain on the back of rising automation and industrialization. Industry players are likely to explore opportunities across the Asia Pacific and the Middle East & Africa following the expansion of commercial and construction industries. Prominently, surging electricity demand across emerging economies will act as a catalyst in the ensuing period. According to the IEA, China generates 28 percent of the world’s electricity. Moreover, rising mining activities will also augur well for the business outlook. For instance, in March 2021, India approved 100% Foreign Direct Investment (FDI) in the mining sector and the exploration of metal and non-metal ores. Prevailing trends are likely to have a positive influence on the global outlook.
Meanwhile, escalating manufacturing and maintenance costs could dent the industry growth during the forecast period.
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Regional Insights
Asia Pacific to Emerge as Growth Enabler with Demand for Clean Energy
Industry participants are likely to infuse funds into China, India, Australia and Japan in the light of the need for a clean energy source. Besides, the rigorous need for carbon-free emissions will expedite the manufacturing of gear motors. Gradual growth in automotive production and power generation will bode well for regional growth.
Stakeholders envisage North America gear motor market share to witness a notable gain during the assessment period, largely due to rising mining activities. Moreover, bullish hydrocarbon exploration activities in the U.S. will encourage companies to bolster their portfolios. Robust government policies to boost oil & gas production will further the footfall of gear motor equipment.
Europe could provide promising growth opportunities in the wake of the deployment of renewable energy across the U.K., France, Germany and Italy. Besides, a favorable regulatory framework will further expedite investments across the region. End-users are slated to up their investments in gear motor equipment.
Competitive Landscape
Stakeholders to Invest in Product Rollouts to Expand their Footfall
Leading players are poised to focus on technological advancements, product launches, mergers & acquisitions and R&D activities. Current industry dynamics suggest industry participants will emphasize geographical expansion during the assessment period.
Key Industry Developments
- June 2021 - Boston Gear launched products in stainless steel with the Domed Crown design for all types of food processing and beverage applications.
- April 2021 - Eaton rolled out the X3 medium-duty pump and motor portfolio, including a new two-speed cartridge motor paired with single or back-to-back pump configurations.
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Major Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porter’s Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Gear Motor Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Gear Motor Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Helical Gear
- Planetary Gear
- Bevel Gear
- Worm Gear
- Screw Gear
- Others
- Market Analysis, Insights and Forecast – By Rated Power
- Up to 7.5 kW
- 7.5 kW to 75 kW
- Above 75 kW
- Market Analysis, Insights and Forecast – By Torque
- Up to 10,000 Nm
- Above 10,000 Nm
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