United States, Rockville MD, July 08, 2022 (GLOBE NEWSWIRE) -- As per a new published report by Fact.MR, a market research and competitive intelligence provider, the global worm reduction gearbox market is valued at US$ 2 billion in 2022 and is set to expand at a CAGR of 5.8% over the forecast period (2022 to 2032). Fact.MR anticipates significant potential in the market due to increased spending by end-use sectors such as energy & power, escalator / elevator drive systems, and others.
A worm reduction gearbox is a type of gear system that enables the production of high torque from relatively small electric motors or with a low-speed gear ratio. As small electric motors are generally low-torque and high-speed, the addition of a worm reduction gearbox increases the range of applications. Worm reduction gearboxes are mainly used in industrial equipment, conveying engineering, presses, rolling mills, and others.
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Rising scope of application in off-road vehicles, elevators, conveyor belts, and security gates due to their non-reversibility and compact size of the gear is likely to positively influence the development of the worm reduction gearbox market.
Significant demand growth for worm gearbox reducers is also being witnessed in end-use verticals such as logistics & material handling, metal working, construction, mining, and others.
Key Takeaways from Market Study
- Under the gear ratio segment, single reduction is likely to reach a market volume share of 71.1% by the end of 2032.
- The energy & power end-use sector is likely to expand at a CAGR of 6.5% over the forecast period of 2022-2032.
- Under output torque, 100 – 200 Nm is likely to grow 2X over the forecast period.
- The escalator / elevator drive systems end-use segment is anticipated to provide an absolute $ opportunity of US$ 371.4 million by 2032.
- Based on regions, demand for worm reduction gearboxes in East Asia is expected to increase at a CAGR of 6.7% over the decade.
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Market Developments
Companies associated with worm reduction gearboxes are improving their technologies and ensuring better quality of products. Growth in investments across end-use industries is expected to push the market for gearboxes forward, thereby accelerating additional revenue generation owing to long-term collaborations with component vendors.
Worm reduction gearboxes are used in several applications such as industrial equipment, conveyors, machine tools, escalators, elevators, and many more. Worm reduction gearbox manufacturers are developing new methodologies to obtain optimal efficiency and operational capabilities through intensive research & development.
Segmentation of Worm Reduction Gearbox Industry Survey
- Worm Reduction Gearbox Market by Gear Ratio :
- Single Reduction Gearboxes
- Up to 10
- 10-25
- 25-50
- 50-100
- Above 100
- Double Reduction Gearboxes
- Up to 200
- 200-500
- 500-1000
- 1000-2000
- 2000-4000
- Above 4000
- Single Reduction Gearboxes
- Worm Reduction Gearbox Market by Output Torque :
- Up to 100 Nm
- 100 - 200 Nm
- 200 - 400 Nm
- 400 - 800 Nm
- 800 - 1200 Nm
- Above 1200 Nm
- Worm Reduction Gearbox Market by End Use :
- Logistics & Material Handling
- Automotive & Transportation
- Construction & Mining
- Escalator / Elevator Drive Systems
- Metal Working Industry
- Energy & Power
- Packaging
- Food & Beverages
- Discreet Manufacturing
- Other End-use Sectors
- Worm Reduction Gearbox Market by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global worm reduction gearbox market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by gear ratio (single reduction (up to 10, 10-25, 25-50, 50-100, above 100), double reduction (up to 200, 200-500, 500-1000, 1000-2000, 2000-4000, above 4000)), output torque (up to 100 Nm, 100-200 Nm, 200-400 Nm, 400-800 Nm, 800-1200 Nm, above 1200 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, other end-use sectors), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, the Middle East & Africa).
Fact.MR’s Domain Knowledge in Industrial Goods
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the industrial goods division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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