New Delhi, June 08, 2022 (GLOBE NEWSWIRE) — The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global industrial gears market from US$ 204,052.2 Million in 2021 to US$ 260,765.0 Million by 2027. The market is anticipated to grow at a CAGR of 4.2% during the forecast period 2022-2027.
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Industrial gear consists of various types of gears such as spur gear, planetary gear, helical gear, rack and pinion gear, worm gear and many more. Companies in the industrial gear market are increasing efforts to provide quality and reliable gear types in order to better serve the huge diversified industrial demand across the world. Additionally, the growing demand for industrial gear from automotive and construction industry has tremendously increases the growth of the market. Moreover, the installation of industrial gearboxes is being assisted by the implementation of severe government requirements for controlling noise pollution and reducing power overload across industrial plants. Furthermore, advanced technology adoption in the mining, industrial machinery, power plants, and oilfields sectors is expected to boost demand for industrial equipment in near future.
On the basis of product type, the spur gear segment held the largest market share in the market in 2021. Whereas, planetary gear segment is expected to grow at the highest CAGR during the forecast period. Moreover, in terms of application, the automotive segment holds the largest market share in 2021. Whereas, the aviation and oilfield equipment segment are expected to grow with the highest CAGR over the forecast period. Furthermore, by distribution channel, the OEMs segment dominated the industrial gears market in 2021. Moreover, aftermarket segment is anticipated to grow at the highest CAGR over the forecast period.
Market Dynamics and Trends
The rising installation in wind power sector and rapid growth of construction industry in developing nations will boost the global industrial gears market during the forecast period. Wind energy is a renewable energy source that accounts for a significant portion of global electricity output, therefore the rising installation and investments in wind power projects is to drive the market growth during the forecast period. Moreover, the key aspect that drives the growth of the global industrial gears market includes the increased demand for gear from the construction industry coupled with the growing building and construction industry.
Technical faults such as oil leakage and heating are a restraining factor which inhibits the growth of the industrial gears market over the forecast period. The oil leakage problem such as leakage of the oil lubrication distribution pipe, failure of fastener pre-tightening torque will arise in various degrees during the continuous load operation of the gearbox.
Rapidly rising emergence of numerous advanced technologies such as artificial intelligence and robotics by the major players creates a significant growth trend for the industrial gears market. The various major players are focusing on the launches of technological advanced products and providing value-added services and customized solutions to its clients.
Global Industrial Gears Market Country Wise Insights
- North America Industrial Gears Market-
US holds the major share in terms of revenue in the North America industrial gears market in 2021. Whereas, Mexico is projected to grow with the highest CAGR during forecast period due to the increase in presence of extensive production units in the region. Moreover, based on product type, the spur gear segment holds majority of the revenue in the industrial gears industry in North America. On the contrary, the planetary gear is estimated to project the highest CAGR during the forecast period.
- Europe Industrial Gears Market-
Germany is the highest shareholder region in 2021, whereas Russia is projected to grow with the highest CAGR of 4.4% over the forecast period due to the development of manufacturing sector across the region. Furthermore, in terms of distribution channel, the OMEs segment contributed the major share in the Europe industrial gears market. Whereas the aftermarket segment is projected to grow at the highest CAGR of 4.0% during the forecast period.
- Asia Pacific Industrial Gears Market-
China is the highest shareholder country in the Asia Pacific industrial gears market in 2021. Whereas, India is expected to project the highest CAGR during the forecast period owing to the increasing adoption of automation technologies across industrial sectors in China and India. Moreover, on the basis of application, the automotive segment holds majority of the revenue in the industrial gears industry, in the regional market. Whereas the oilfield equipment and aviation are estimated to project the highest CAGR of 7.2% during the forecast period.
- Middle East & Africa Industrial Gears Market-
UAE is projected to grow with the highest CAGR of 4.9% in the MEA industrial gears market over the forecast period. Whereas, Saudi Arabia holds the largest share in the MEA industrial gears market in 2021. The growing development of manufacturing sector and investment in industrial application will significantly drive the market growth in the region. Furthermore, based on product type, the spur gear segment held the largest market share in the MEA industrial gear market in 2021.
- South America Industrial Gears Market-
Brazil is the highest shareholder country in 2021, whereas Argentina is projected to grow with the highest CAGR of 4.2% over the forecast period. The growing investment in industrial application specially in Brazil and Argentina will significantly drive the market growth in the region. Moreover, in terms of distribution channel, the OEMs segment dominated the South America industrial gears market in 2021. Whereas, aftermarket segment is anticipated to grow at the highest CAGR over the forecast period due to its high demand in various industries for gear in the forthcoming years.
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|Market Size Value in 2021||US$ 204,052.2 Million|
|Market Outlook for 2027||US$ 260,765.0 Million|
|Expected CAGR Growth||4.2%|
|Top Market Players||Aero Gear Inc., Precipart Corporation, ITAMCO, Riley Gear Corporation, Atlas Gear Company, Hota Industrial Manufacturing co., Ltd, Jackson Gear Company, Cleveland Gear Company, David Brown Santasalo, OKUBO GEAR Co. Ltd, Eaton, Martin Sprocket & Gear, Inc., Philadelphia Gear, Omni G&M Corporation, Gear Motions, Ford Motor Company, Honda Motor Co., Ltd., Toyota Industries Corporation and Caterpillar Inc. among others|
|Segments Covered||By Product, By Application, By Distribution, By Region|
|Geographies Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Customization Options||Get your customized report as per your preference. Ask for customization|
Global Industrial Gears Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the market includes Aero Gear Inc., Precipart Corporation, ITAMCO, Riley Gear Corporation, Atlas Gear Company, Hota Industrial Manufacturing co., Ltd, Jackson Gear Company, Cleveland Gear Company, David Brown Santasalo, OKUBO GEAR Co. Ltd, Eaton, Martin Sprocket & Gear, Inc., Philadelphia Gear, Omni G&M Corporation, Gear Motions, Ford Motor Company, Honda Motor Co., Ltd., Toyota Industries Corporation and Caterpillar Inc. among others.
Global Industrial Gears Market is segmented based on product type, application, distribution channel and region. The industry trends in the global industrial gears market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Industrial Gears Market:
By Product Type segment of the Global Industrial Gears Market is sub-segmented into:
- Spur Gear
- Planetary Gear
- Helical Gear
- Rack and Pinion Gear
- Worm Gear
- Bevel Gear
By Application segment of the Global Industrial Gears Market is sub-segmented into:
- Agricultural Machinery
- Construction Machinery
- Material Handling
- Mining Equipment
- Oilfield Equipment
- Power Plants
- Pulp and Paper
- Steel and manufacturing
By Distribution Channel segment of the Global Industrial Gears Market is sub-segmented into:
By Region segment of the Global Industrial Gears Market is sub-segmented into:
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/industrial-gears-market
About Astute Analytica
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