CHICAGO, Dec. 15, 2020 /PRNewswire/ — In-depth analysis and data-driven insights on the impact of COVID-19 included in this global geared motors market report.
The global geared motors market is expected to grow at a CAGR of approximately 5% during the period 2020−2026.
Key Highlights Offered in the Report:
1. The end-user demand is expected to slow down in 2020 on account of the COVID-19 pandemic. The severe downturn in the economies of major countries impacted the market in H1 2020 and is expected to have an impact on operations in the manufacturing sector until H1 2021.
2. The automotive, power generation, oil & gas, and metal & mining industries, in particular, are dependent on the economic growth of the country/region and can witness fluctuating demand for geared motors.
3. Markets such as APAC and Latin America are expected to witness the highest CAGR, estimated to be over 6% and 4%, respectively during the forecast period. This is mostly attributed to increasing investments by developed countries, favorable government policies and FDI, and shifting focus on domestic manufacturing.
4. China is expected to grow at the highest CAGR during the forecast period owing to presence of a huge population pool, industrial establishments, growing economy, and increasing industrial expenditures.
5. In terms of end-users, the F&B industry is expected to generate the highest demand for geared motors and is anticipated to further dominate the market during the forecast period.
6. Helical geared motors account for the highest share in the geared motors market however, owing to their high efficiency and high load capacity, planetary geared motors are expected to exhibit the highest CAGR during the forecast period.
7. AC geared motors are estimated to hold the highest share in the geared motors market and is anticipated to witness higher growth than the DC motors segment due to high cost of brushed DC motors.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by gear, motor, sales channel, rated power, end-user, and geography
- Competitive Landscape – 9 key vendors and 8 other vendors
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Geared Motors Market – Segmentation
- Capable to handle high-pressure loads and long-lasting performance are increasing the application of helical gearboxes. In 2020, helical geared motors held the highest market share as they last longer than others. They are projected to dominate the market during the forecast period.
- High trust levels and traceability are the major factors responsible for direct geared motor sales. The increasing demand for interconnectedness between consumers and businesses for reliability across the globe is also boosting the direct selling of geared motors.
- The rise in automation in several industrial processes and the high application of electric AC motors in various end-users such as healthcare, F&B, automotive, and other industries are likely to drive the market. The geared motors market growth is accelerated by the increasing use of electric AC motors in infrastructure and construction projects, especially in developing economies, which is likely to increase influence growth prospects of the segment.
Geared Motors Market by Motor Type
Geared Motors Market by Sales Channel
- Direct Sales
- Indirect Sales
Geared Motors Market by Gear Type
- Helical
- Planetary
- Helical-Bevel Gear
- Worm
- Others
Geared Motors Market by Rated Power
- Up to 7.5 kW
- 7.5 kW–75 kW
- Above 75 kW
Geared Motors Market by End-user
- Food & Beverages
- Automotive
- Metal & Mining
- Chemicals
- Material Handling
- Oil & Gas
- Packaging
- Cements
- Marine
- Others
Geared Motors Market – Dynamics
The agriculture industry, the producer of the basic commodity, i.e., food, is expected to grow exponentially during the forecast period owing to the rising population and increasing demand for quality and organic food. Moreover, rising technological adoption, machines, and equipment in the industry are expected to drive the demand for geared motors. India is one of the largest manufacturers of farm equipment such as tractors, harvesters, and tillers. This reflects the high demand opportunity for geared motors in the country. Moreover, the demand for wood for furniture production also boosts timber production. Therefore, the demand from the agriculture and forestry industry is expected to boost the demand for geared motors during the forecast period.
Key Drivers and Trends fueling Market Growth:
- Emergence of Magnetic Gearboxes
- Increasing Wind Power Installations
- Infrastructural Development in Emerging Countries
- Rise in Automation Expenditure
Geared Motors Market – Geography
APAC accounts for the highest share of the global geared market in 2020 and is expected to grow at a significant rate further. The major factors driving the demand for geared motors in the region are rapid urbanization and industrialization in the region. The presence of some developed countries, along with some other fastest-growing countries, demand for geared motor from all end-user industries contributes to the demand for geared motors. Owing to continuous automation in the industrial sector in several APAC countries, activities such as manufacturing, construction, and power generation, and mining are significantly increasing. Moreover, investment and expansion in emerging nations in APAC are some of the key strategies of several vendors. Hence, as a result, the sales of geared motors in the region are expected to rise during the forecast period further.
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Geared Motors Market by Geography
- UK
- Germany
- France
- Italy
- Spain
- China
- Japan
- South Korea
- Australia
- India
- Brazil
- Mexico
- Chile
- Rest of Latin America
- Saudi Arabia
- Turkey
- Rest of Middle Eastern Countries
Major Vendors
- ABB
- Eaton
- Johnson Electric
- Mitsubishi
- Nidec Corporation
- Regal Beloit Corporation
- Siemens
- Sumitomo Heavy Industries
- WEG
Other Prominent Vendors
- Bauer Gear Motor
- Bison Gear & Engineering
- Bonfiglioli
- Dana Brevini Power Transmission
- Groschopp
- Sew-Eurodrive
- Teco Electric Company
- Varvel Group
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