Gear Manufacturing Market to grow by USD 113.74 billion from 2022 to 2027 | Adoption of industrial automation to drive the growth - Technavio
NEW YORK, Nov. 28, 2023 /PRNewswire/ -- The gear manufacturing market is expected to grow by USD 113.74 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 7.75% during the forecast period. The market is segmented by product (worm gear, bevel gear, and others), end-user (oil and gas industry, power industry, automotive, and spur gear and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
The adoption of industrial automation is a key factor driving market growth. Due to rising labor costs, coupled with the fact that some countries have overcapacity in their manufacturing industries, many firms are experiencing decreasing profit margins and difficulty maintaining operations. Moreover, the use of automation allows producers to reduce their operating costs by simultaneously improving staff efficiency and reducing losses resulting from human errors arising in manual handling and processing.
The report recognizes the following as some of the key players in the gear manufacturing market: Siemens AG, Emerson Electric Co., Johnson Electric Holdings Ltd., DB Santasalo Sarl, ZF Friedrichshafen AG, SEW-EURODRIVE GmbH and Co KG, Sumitomo Heavy Industries Ltd., Comer Industries Spa, WEG Equipamentos Eletricos S.A., Rotork Plc, Regal Rexnord Corp., Bondioli and Pavesi Spa, Bonfiglioli Riduttori Spa, Curtis Machine Co. Inc., Dana Inc., FLSmidth and Co. AS, Eaton Corp. Plc, Elecon Engineering Co. Ltd., Bharat Gears Ltd., and KLINGELNBERG GmbH
Gear Manufacturing Market is fragmented in nature.
Market to observe 6.95% YOY growth in 2023.
The integration of sensors and industrial Internet of Things (IIoT) in gear manufacturing is a major trend in the market.
Technological improvements in connected electronics and information relay technologies enable equipment manufacturers to upgrade control systems to move from analog to Digital Communication.
The IoT provides an opportunity to gather data from all the processes, including gears that are used in gearboxes.
The slowdown in the Chinese manufacturing sector is a significant challenge restricting market growth.
China is a major producer of all kinds of products from cars and aircraft parts to machinery and electronics, which it refers to as the global manufacturing center.
Moreover, several reforms are being discussed by the US government that could make it difficult to import manufactured goods into the country.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
The worm gear segment is estimated to witness significant growth during the forecast period. A worm's gear has a shaft with a spiral loop that is connected to the toothed wheel and aids in changing its rotational motion up to 90 degrees. A high reduction ratio could be used on worm gears, which would result in greater torque multiplication. Worm gears are self-locking, which allows them to be used for hoisting and lifting applications.
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