Rapid urbanization fuelled by expanding population, increasing investment on renewable energy generation, and expansion of manufacturing facilities around the world are the major forces driving the growth of the global industrial gear market. Industrial gears transfer torque and motion to accomplish a defined task are thus are being widely adopted across multiple industry verticals.
Increasing automation across different industry verticals such as automotive, food & beverages, agriculture, and so on, has fueled the adoption of efficient gear system to improve system efficiency. The investment in development of green energy is increasing rapidly worldwide to reduce the dependence on fossil fuels and pollution.
Wind power generation is witnessing increased adoption owing to high efficiency and high energy throughput delivered by wind turbines. This is anticipated to fuel the growth of the global industrial gears market in coming years.
Additionally, increasing investment in development of nuclear power plants across developing countries is expected to further contribute towards the growth of industrial gears market. The global industrial gear market is anticipated to witness steady growth during the forecast period.
Asia Pacific contributed the largest share to the global industrial gear market in 2019 owing to strong demand from manufacturing industries and increased adoption of industrial automations across major countries.
Expansion of renewable energy infrastructure, metal processing industry, and automobile manufacturing is anticipated to bolster the growth of the Asia Pacific industrial gear market during the forecast period. North America contributed a prominent share to the global market and is anticipated to witness steady growth during the forecast period. Europe is anticipated to witness significant growth during the forecast period.
Industrial Gear Market Share Analysis, by Geography (2022)
The report titled “Industrial Gear Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global industrial gear market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global industrial gear market is segmented on the basis of type, design, end use industry, and geography. Based on type, the global industrial gear market is segmented into planetary, helical, bevel, spur, worm, and others. Based on design, the global industrial gear market is segmented into parallel axis, angular axis, and others. Based on end use industry, the global industrial gear market is segmented into automotive & transportation, aerospace & defense, metal & mining, chemical & pharmaceuticals, energy & utility, food & beverages, heavy machinery, agriculture, construction & building materials, and others. Based on geography, the global Industrial Gear market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment, and would identify the segment of the company focusing on Industrial Gear. Further, market share of prominent companies in the global Industrial Gear market would also be estimated. The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the industrial gear companies.
The global industrial gear market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the industrial gear business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global industrial gear market.
Major players active in the global industrial gear market include Allied Precision Gears Inc, Ashoka Machine Tools Corporation., Brevini Power Transmission, Cleveland Gear Company, Inc., Essential Power Transmission Pvt. Ltd., GearTech, Inc., (United Stars, Inc.), Griffin Gear Inc., Klingelnberg GmbH, NORD drivesystems Pvt. Ltd., Precipart Corporation, Renold plc, and SEW-Eurodrive.
Market Segmentation:
By Type
By Design
By End use industry
By Geography
Rapid urbanization fuelled by expanding population, increasing investment on renewable energy generation, and expansion of manufacturing facilities around the world are the major forces driving the growth of the global industrial gear market.
Asia Pacific contributed the largest share to the global industrial gear market owing to strong demand from manufacturing industries and increased adoption of industrial automations across major countries.
Based on type, the industrial gear market is segmented into planetary, helical, bevel, spur, worm, and others.
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