Pune, India, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global gear motor market size was valued at USD 6.65 billion in 2021 and is projected to grow from USD 7.03 billion in 2022 to USD 8.91 billion by 2029 with a CAGR of 3.4% during the forecast period. Integration of Internet of Things (IoT) for modernization of industrial infrastructure is expected to open a new set of opportunities is anticipated to drive market growth. Steep rise in the IoT systems for increased connectivity and data analysis in automation systems is expected to propel the market course. Growing number of investments in power generation is projected to assist in the market development. Fortune Business Insights™ shares this information in its report titled “Gear Motor Market, 2022-2029.”
Market Drivers and Restraints:
Increase Number of Investments in Power Generation to Propel Market Development
Increasing number of investments in power generation for developing of electricity, which is anticipated to drive gear motor market growth. Energy is one of the essential factors for economic development and growth. Gear motor is used in power generation plants such as in thermal power plants, wind plants, and others. Growth in the number of manufacturing facilities is expected to drive market growth.
However, high costs of maintenance and manufacturing are expected to hamper the market growth.
Market Opportunities:
The global opportunities in the Gear Motor Market lie in the rising demand for energy-efficient solutions, automation in industrial processes, and the adoption of IoT in manufacturing. Expansion in e-commerce, smart manufacturing initiatives, and increased focus on renewable energy projects present avenues for market players. Strategic collaborations, technological innovation, and customization of gear motors for diverse applications can further drive growth in this dynamic market.
Market Challenges:
The challenges in the Hydrogen Generation Market includes high capital investment requirements, limited infrastructure for hydrogen storage and transportation, and the need for further advancements in green hydrogen production technologies. Regulatory uncertainties, competition from conventional energy sources, and public perception challenges are additional obstacles. Overcoming these challenges demands strategic investments, supportive policies, and collaborative efforts to ensure a sustainable hydrogen economy.
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Global Gear Motor Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 3.4% |
| 2029 Value Projection | USD 8.91 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 6.65 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 277 |
| Segments covered | By Type, Rated Power, Torque, End-User, Region |
| Growth Drivers | Growing Number of Manufacturing Facilities to Drive Demand for Gear Motor |
COVID-19 Impact:
Halt on Production Activities Affected Market Growth
The COVID-19 pandemic affected almost all the industries in 2020. There was medium-term impact on the geared motor industry due to disruption in the operations in various manufacturing processes, such as the exploration and production of hydrocarbons, establishment and growth of production facilities, and decline in the trade.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/gear-motor-market-100753
Segmentation:
Bevel Gear to Lead Due to Various Advantages
On the basis of type, the market is segmented into helical gear, planetary gear, bevel gear, worm gear, and spur (in-line) gear. Bevel gear accounted for the largest part in 2021 with 26.72% due to various advantages such as minimized installation space, an extensive selection range for output speed, a highly dynamic and energy-saving solution, a large range for output speed, etc.
7.5 kW to 75 kW to Head the Segment Due to Various Performance Advantages
Based on rated power, market is categorized into 7.5 kW to 75 kW, Up to 7.5 kW, and Above 75 kW. 7.5 kW to 75 kW segment is anticipated to have fastest growth due to various performance advantages such as excellent performance, increasing overall productivity. It is used in assembling, machining, marine, and machining.
Power Generation to Head Due to Growing Adoption
Based on torque, the market is segmented into Up to 10,000 Nm and Above 10,000 Nm. Up to 10,000 Nm is expected to dominate the market during the forecast period due to various benefits such as extreme speed reduction, low maintenance costs, extremely customizable, flexibility, etc.
Material Handling to Head the Segment Due to Usage in Transporting Bulk Goods and Piece Goods
On the basis of end-user, the market is divided into material handling, construction, power generation, mining, food & beverage, manufacturing industry, packaging and labelling, and others. Material handling is set to dominate market growth due to gear motors are used in conveyor belts for transporting bulk goods and piece goods.
Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights:
North America to Lead the Market Owing to Increasing Number in Construction Activities
Asia Pacific is expected to dominate the gear motor market share due to increasing number of power generation and construction activities. They are used in coal plants and wind energy due to increased CO2 emissions. Increased concentration of CO2 emissions will lead to the development of renewable energy.
North America is anticipated to have the second largest share in the forecast period due to rising demand from the power generation sector and manufacturing industries such as chemical and mining.
Europe to have profitable growth due to an increase in the material handling industry, manufacturing industries, and energy sector.
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Competitive Landscape:
Partnership Strategies by Key Players to Progress Market Route
Partnership strategies by the market players are predicted to progress market grip. SEW Eurodrive is the leader of the gear motor market with 85 drive technology centers and 17 production plants in 52 countries globally. In May 2022, SEW Eurodrive announced the addition of right angle and parallel-shaft helical gear motors in small sizes to its portfolio of DCA. The new product offers flexibility in integrating the drives into their machinery.
Key Industry Development:
March 2022- Watt Drive started supplying Lenzing Filtration with 21 WG20 series geared motors and W22Xde (IIC T4 Gb) series WEG flameproof motors. They are used to that enabled Lenzing Filtration.
List of Key Players Mentioned in the Report:
- Bonfiglioli S.P.A. (Italy)
- SEW Eurodrive (Germany)
- Bauer Gear GmBH (Germany)
- Johnson Electric (Hong Kong)
- Premium Transmission (India)
- Regal Rexnord (U.S.)
- Nidec Corporation (Japan)
- Siemens (Germany)
- Shanthi Gears Limited (India)
- Emerson Electric (U.S.)
- Jiangsu Guomao Reducer Co. Ltd. (China)
- Watt Drive (Austria)
- Dana Brevini Power Transmission (Germany)
- Sumitomo Heavy Industries (Japan)
- Power Build Private Limited (India)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Gear Motor Market
- Global Gear Motor Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights, and Forecast – By Type
- Helical Gear
- Planetary Gear
- Bevel Gear
- Worm Gear
- Spur (in-line) Gear
- 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
- Market Analysis, Insights, and Forecast – By End-User
- Material Handling
- Construction
- Power Generation
- Mining
- Food & Beverage
- Manufacturing Industry
- Packaging and Labelling
- Others
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Company Market Share Analysis, 2023
- Company Profile
- Business Overview
- Product Application, & Services
- Recent Developments
- Financials (Based on Availability)
Continued…
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