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 analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample Report

Key Highlights:

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 GmbHGear Manufacturing Market is fragmented in nature.Market to observe 6.95% YOY growth in 2023.

Market Dynamics:

Major Trend

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. 

Significant Challenge

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

Keg Segments:

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.

Get a glance at the market contribution of the segments, Request a Free Sample Report

Related Reports:

The geared motors and drives market size is estimated to grow by USD 8.45 billion at a CAGR of 7.3% between 2023 and 2028. 

The gear hobbing machines market size is estimated to grow by USD 127.39 million at a CAGR of 3.2% between 2022 and 2027. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/gear-manufacturing-market-to-grow-by-usd-113-74-billion-from-2022-to-2027–adoption-of-industrial-automation-to-drive-the-growth—technavio-301999936.html

SOURCE Technavio