Wilmington, Delaware, United States, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global industrial gear market is projected to flourish at a CAGR of 5% from 2023 to 2031. As per the report published by Transparency Market Research, a valuation of US$ 111.4 billion is anticipated for the market in 2031. As of 2023, the market for industrial gear is expected to close at US$ 79.1 billion.
Industrial gear finds application in a wide range of heavy industries and manufacturing industries due to its capability of reducing mechanical work in various processes and operations.
Rising net income in developing economies has encouraged several industries to extend their facilities to meet the demand of consumers. These industries include textile, oil & gas, pulp & paper, and food & beverages.
Growth of end-use industries, along with increasing adoption of industrial automation at the global level is likely to fuel the growth of the industrial gear market in the upcoming years.
The industrial sector majorly prefers spur, helical, and internal gear. These products can work in parallel axes, which improves their acceptance in various end-use applications.
Aerospace and defense applications, such as aircraft engines, missile systems, and naval vessels, require high-performance gears. Ongoing defense modernization programs and the growth of commercial aviation contribute to industrial gear demand. The rising shift toward renewable energy sources globally contributes to the growth of the industrial gear market.
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Market Snapshot:
| Report Coverage | Details | |
| Estimated Revenue | US$ 111.4 Bn | |
| Growth Rate - CAGR | 5% | |
| Forecast Period | 2020-2030 | |
| No. of Pages | 226 Pages | |
| Market Segmentation | By Product Type, Application, Distribution Channel, Region | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | ABB Ltd, Siemens AG, Martin Sprocket & Gear, Inc., Hota Industrial Manufacturing Co., Ltd., OKUBO GEAR Co., Ltd., Bharat Gears Ltd., Elecon Engineering Company Limited, Precipart Corporation, Kohara Gear Industry Co., Ltd., Aero Gear Incorporated, Shanthi Gears Limited, Ashoka Machine Tools Corporation, Cleveland Gear Company Inc., Meritech Group, Bevel Gears India Pvt. Ltd. | |
Key Takeaways from the Market Study
- As of 2022, the industrial gear market was valued at US$ 75.4 billion
- By application, the industrial gear segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on product type, the bevel gear segment is anticipated to dominate the industry during the forecast period
- Based on end-users, the commercial segment is expected to generate high revenue during the forecast period.
Industrial Gear Market: Key Trends and Opportunistic Frontiers
- Ongoing advancements in gear design, materials, and manufacturing techniques improve gear performance, durability, and efficiency, making them more attractive to industries.
- Continuous innovation in gear technology, including lightweight materials, advanced coatings, and precision manufacturing, enhances gear performance and expands their application areas.
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Industrial Gear Market – Regional Analysis
- Asia Pacific is expected to accumulate the highest share in the industrial gear market. The adoption of advanced technology in the sectors of mining, industrial machinery, power plants, and oilfields is likely to gain demand for industrial gear in the near future. The growing manufacturing and construction sectors in countries like China and India contribute to the demand for industrial gear.
- North America to dominate the industrial gear market owing to the strong demand from the manufacturing, aerospace, and defense sectors. The country's shale gas exploration also drives demand for gears in the oil and gas industry.
Competitive Landscape
The global industrial gear market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global industrial gear market report:
- ABB Ltd
- Siemens AG
- Martin Sprocket & Gear, Inc.
- Hota Industrial Manufacturing Co., Ltd.
- OKUBO GEAR Co., Ltd.
- Bharat Gears Ltd.
- Elecon Engineering Company Limited
- Precipart Corporation
- Kohara Gear Industry Co., Ltd.
- Aero Gear Incorporated
- Shanthi Gears Limited
- Ashoka Machine Tools Corporation
- Cleveland Gear Company Inc.
- Meritech Group
- Bevel Gears India Pvt. Ltd.
Key Developments in the Industrial Gear Market
- Siemens has been focusing on Industry 4.0 and digitalization in the industrial gear sector. They have introduced smart gear solutions equipped with sensors and data analytics to monitor gear performance and predict maintenance needs, improving equipment reliability and reducing downtime.
- ABB has been investing in the development of advanced gear technologies for various industrial applications. They have introduced highly efficient and compact gear solutions for robotics and automation, catering to the growing demand for precision and energy efficiency.
- Sumitomo has been engaged in the development of energy-efficient gears for industrial equipment, such as conveyors, crushers, and agitators. They have also introduced gear solutions for renewable energy applications like wind turbines.
Partial Table of Content (ToC):
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions
3. Research Methodology
4. Executive Summary
5. Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.3. Key Trends Analysis
5.3.1. Demand Side Analysis
5.3.2. Supply Side Analysis
5.4. Key Market Indicators
5.4.1. Premium Grade Industrial Gear
5.4.2. Increasing Crude Steel Production
5.4.3. Industrial Gear Manufacturers
5.5. Porter’s Five Forces Analysis
5.6. Technology Overview
5.7. Value Chain Analysis
5.7.1. Managing Supply Chain Risk and Disruption – Considering Impact of COVID-19
5.8. Industry SWOT Analysis
5.9. Global Industrial Gear Market Analysis and Forecast, 2018 - 2030
5.9.1. Market Revenue Projections (US$ Mn)
5.9.2. Market Revenue Projections (Million Units)
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Industrial Gear Market – Key Segments
Product Type
- Spur Gear
- Planetary Gear
- Helical Gear
- Rack and Pinion Gear
- Worm Gear
- Bevel Gear
- Others
Application
- Oilfield Equipment
- Mining Equipment
- Industrial Machinery
- Power Plants
- Construction Machinery
- Others
Distribution Channel
- Online
- Offline
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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