During the ongoing forecast period of 2022-2030, the gear motor market is likely to attain a global CAGR of 5.80% and reach a global market value worth USD 64.6 billion by the end of 2028. There has been an increase in the demand for motors that promise functional efficiency, mainly in agro industries. Also, the market is witnessing a growing need to implement the gear motor in a vast array of industries. It is likely to promise the market good growth during the forecast period of 2022-2030.
The Gear Motor Market is expected to witness promising growth and development at a rapid scale during the estimated time frame due to growing investments, growing concerns regarding the performance, and other factors like the cost-effectiveness of mechanical power transmission technologies.
Gear Motor is electrical hardware equipped and is used to create high force at low-speed engine yield. These gear engines are an extensive blend of the engine and a reduction gear train. And the gear reduction reduces the motor speed through the expansion process in force to a gear extent. Gear Motors are of four significant types, namely - Helical Gear Motor, shaft mounted Gear Motor, slope equipped engine, and the last one being the worm gear engine.
The gear motor market report suggests that the gear motor market size has been affected by the rising cases of the novel coronavirus with each passing day. The pandemic outbreak is a new-age difficulty that is having a significant impact on the production and manufacturing ability of the players to produce as per the demands of the global audience. Almost all market players fabricating the equipped engines have been struck as they manage circumstances like contracting interest, falling costs, and lack of resources and crude materials. Gear engines have colossal interest, mainly in the agribusiness business. Ranchers cannot spend a lot of sum on Gear Motor because of a monetary emergency experienced during the COVID-19 pandemic outbreak in recent times. In this manner, they use the conventional techniques for the water system and different exercises.
The rising cases and alarming fatalities have forced the global governments to get their hands and investments and put the same for developing new market products and services. Also, the global market players are opting for developmental steps like mergers and acquisitions to compete in the international market and expand globally.
The gear motors promise a higher degree of efficiency than the induction motors and the most power-dense type of traction motors and their commercial availability. Many industries like Textile, Pulp, paper, and Electronic are opting to use such motors hand hence, offer higher-functionality products that come with additional features.
But, a significant issue might restrain the market from growing during the forecast period ending in 2028. There is a high cost associated with the use of the market products. The main reason for the increasing cost is that the cost of rare-earth magnets is high, which adds to these market motors.
The rare-earth gears are commonly used for costly magnet motors. The ferrite magnets are used to manufacture cost-effective motors and are readily available in countries like China that are a part of the APAC region. The ferrite magnets don’t have a considerable current loss in low-frequency applications like the motor drivers. Many global participants seek opportunities to use these magnets irrespective of their market cost. They ensure a reduced maintenance cost.
The report covers the functional aspects of the market based on which the industry leaders and market experts have projected the rate of global market growth and the achievable market revenue by the end of the forecast period in 2030. It also covers the market dynamics like growth drivers and opportunities, along with the possible challenges that might restrain the market from growing.
The report discusses the basis of the global market that functions in the form of segments to meet the rising needs of the target audience and hence, expand at a considerable rate by the end of the forecast period. The report discusses the growth potential of the market. It discusses the distribution of market resources that will give rise to the market developments at a larger scale and establish domination.
The report further establishes an understanding of the market need to study the rising competition for investments and market expansions in joint ventures, collaborations, mergers, and acquisitions. The report discusses the recent developments by the global competitive players that have positive attributes for the market.
The gear motor market has been divided all across the globe based on type, power rating, end-user, and region.
By Gear type
Based on Gear Type, the market is isolated into Helical-Bevel Gear Motors, Helical Gear Motors, Worm gear Motors, etc. Helical Gear Motors held the most extensive offer in the Industrial Gear Motors Market in 2020. The rising interest for helical stuff engines is higher than other Gear Types in the global gear motor market premises. These particular engines are relied upon to rule the Gear Motors market during the figure time frame.
The Industrial Gear Motors Market is partitioned into Material Handling; Power Generation, Automotive, Construction, Metals, Mining, etc. The Windpower business overwhelms the worldwide Industrial Gear Motors Market out of these participating regions. Wind power establishment is at the quickest level for developing gearboxes concerning modern end-clients. The development can be ascribed to innovative headways that have made Gear Motors fabricating more productive and cost-effective.
The market has been divided worldwide based on the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
According to the regional analysis, Europe has been enrolling an ongoing development in the Gear Motor Market. Notwithstanding, the regional Market for equipped engines in North America, including regions like the US and Canada, is anticipated to assume responsibility on the offered premise. The development of the Asia Pacific Market is prognosticated to ascend on the rear of expanding interests in the wind power age and different kinds of sustainable power in participating regional markets like India, China, and Japan. Regarding development rate, the Chinese region is relied upon to come first in the regional local Market. Non-industrial nations are also participating and are expected to considerably advance the worldwide Market with flooding foundation improvement exercises and forceful industrialization.
The most prominent major key players in the gear motor market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the gear motor market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the gear motor market all across the globe.
The most prominent vital players invest in mergers and acquisitions, joint ventures, and new products.
Asia-Pacific drove the market for gear engines in 2015, attributable to massive scope industrialization and infrastructural advancement in the area. Governments in the Asian Pacific region are zeroing in on creating an existing framework.
Expansion in the quantity of cultivating projects, which require a high measure of proficiency, is relied upon to drive the global market during 2020-2025. The agribusiness industries significantly determine this market, and ranchers present colossal difficulties for the market to develop. Additionally, the feature of high starting expenses and after-deals administrations are not many variables that hinder the development of the market in the estimated period.
This global gear motor market research report consists of the following components mentioned below:
This market research report contains factors that drive the growth of the gear motor market in the global market and the factors that restrict its growth in the global market. The impact of the COVID 19 on the gear motor market in the global market is mentioned. The future growth rate in the gear motor market during the review period is estimated and mentioned.
|Market Size||2030: Significant Value|
|CAGR||5.80% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Product Type, Rated Power, kW, Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Eaton Corporation PLC., Siemens AG, Baldor Electric Company, Sew-Eurodrive GmbH & Co. Kg, Winergy, Watt Drive Antriebstechnik GmbH, Bauer Gear Motor GmbH, Sumitomo Heavy Industries Ltd, Johnson Electric Holdings Limited, Emerson Electric Co, Elecon Engineering Company Ltd, China High Speed Transmission Equipment Group Co. Ltd, Brevini Power Transmission S.P.A., and Bonfiglioli Riduttori S.P.A|
|Key Market Opportunities||Increasing renewable energy generation|
|Key Market Drivers||
The global gear motor market is expected to record a substantial market valuation due ot the increasing number of energy and power sector projects.
The global gear motor market is projected to register a moderate 5.80% CAGR in the forecast period.
The helical gear motor segment is slated to expand as the fastest-growing segment.
The automotive segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global gear motor market are Brevini Power Transmission S.P.A., Siemens AG, and Bonfiglioli Riduttori S.P.A, among others.