Industrial Gear Market
Industrial Gear Market (Product Type: Spur Gear, Planetary Gear, Helical Gear, Rack and Pinion Gear, Worm Gear, Bevel Gear, and Others; Application: Oilfield Equipment, Mining Equipment, Industrial Machinery, Power Plants, Construction Machinery, and Others; and Distribution Channel: Online and Offline) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Coronavirus Impact: Slowdown in Production Activities of Oil Sector
The effects of COVID-19 (coronavirus) pandemic have compelled oilfield companies to reduce their headcount in services. Oil companies have witnessed facility closures, thus affecting the global economy. This is emerging as a challenge for companies in the industrial gear market, since all industries are interdependent. Volatility supply and demand has compelled manufacturers to adopt contingency plans in order to address unforeseen situations. Companies in the industrial gear market are also facing backlash from the mining and construction industries.
Stakeholders in mining and construction industries are adopting social distancing and robust sanitization measures to contain the spread of coronavirus. This has led to a decline in the headcount of employees working in these industries, and has slowed down the pace of production activities.
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Testing and Verification of Gear Units Fuel Sales Growth
Manufacturers in the industrial gear market are increasing their production capabilities in worm gears that are being extensively used to accomplish large speed reduction ratio. For instance, ZHY Gear— a one-stop platform for gear design and manufacturing is increasing its product portfolio in worm gear, rack and pinion gear, and cylindrical gear, among others. Since industrial gears are being used in routine production activities worldwide, the industrial gear market is predicted to surpass the revenue of US$ 111.4 Bn by the end of 2030.
Companies in the industrial gear market are tapping into value-grab opportunities in the energy sector. Moventas— a wind turbine gearbox expert is bolstering its credibility credentials by providing testing and verification services to clients. The trend of in-house testing for gear units during production processes is growing in the market landscape.
Load Distribution Strategies Help to Increase Operational Life of Industrial Equipment
Spur gears are advantageous in providing a wide range of transmission ratio, easy processing and efficiency in industrial equipment. However, issues such as increased vibration, deformation, and changes in the involute shape are creating undesired outcomes during production processes. This explains why industrial gear market is projected to grow at a modest CAGR of 5% during the forecast period. Hence, companies are educating end users to use spur gears for bearing radial load instead of axial load to establish load distribution. This helps to increase the operational life of gearbox.
Apart from spur gear, even helical gears have disadvantages such as bad axial force and in many cases lead to increased manufacturing costs. In order to avoid this, end users are using new strategies such as deploying the compensation effect to increase the durability of helical gears.
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Drivetrain Analysis of Wind Gearbox Minimizes Dynamic Excitation of Turbine Structure
In-house design and production of gear units is helping manufacturers gain in-depth competence. In order to acquire market visibility, companies in the industrial gear market are increasing efforts to become a member of the American Gear Manufacturers Association (AGMA) and comply with the Environmental Noise Directive standards. In-house technologies involving case carburizing, integrated planet and journal bearings help to increase the operational life of gearboxes.
Companies in the industrial gear market are increasing efforts to provide quality and reliable wind gearboxes. They are boosting their R&D muscle to minimize turbine tonality risk by conducting complete drivetrain analysis. Such strategies help to keep noise levels in control and minimize the dynamic excitation to the turbine structure. Manufacturers are increasing the availability of gear units that do not vibrate and ensure low sound levels.
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Shutdowns due to the COVID-19 pandemic have revealed the weight of China, South Korea, and others on global oil supply chains. This phenomenon is predicted to cause a slowdown in the energy sector that is dependent on the industrial gear market. As such, the market is projected to grow with the introduction of new right-angled planetary gearboxes, as created by the Italian firm Motor Technology to include them in space-constrained operations. However, other gear types such as spur gears are subject to noise and vibration in high-speed applications. Hence, companies should increase awareness about load distribution to reduce the stress on the teeth of the spur gear units.
Industrial Gear Market: Overview
- According to Transparency Market Research’s latest research report on the global industrial gear market for the historical period 2018–2019 and the forecast period 2020–2030, rising demand from the automotive industry is expected to boost the global industrial gear market during the forecast period
- In terms of revenue, the global industrial gear market is estimated to exceed value of US$ 111.4 Bn by 2030, expanding at a CAGR of 5% during the forecast period
Usage of Industrial Gear in Various End-use Sectors: A Key Driver
- 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 axis, which improves its acceptance in various end-use applications
- Bevel gears such as straight bevel, spiral bevel, and miter gears are preferred by users for intersecting configurations. This helps them in changing the direction of motion within power transmission systems. However, users are also opting for hybrid gear for low motion and power transmission efficiencies by using screw gear, worm gear, and hypoid gear.
Increasing Demand from Asia Pacific
- Asia Pacific is the emerging hub of manufacturing, automobile, and automotive components, owing to its cost-effective techniques, availability of skilled labor and raw materials, and being geographically closer to key automotive markets. This growth can be attributed to the increase in manufacturing of passenger and commercial vehicles since automakers are constantly developing drive-trains and cost efficient engines to reduce fuel consumption, and also enhancing emission-control technology to produce cleaner automobiles. In addition, continuous growth in ambitious infrastructure programs and fast-tracking of ongoing projects is expected to gain demand for construction equipment. Industrial gear is an essential element while producing construction and industrial equipment, and demand for industrial gear from Asia Pacific is one of the major factors driving the market. Similarly, 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.
Industrial Gear Market: Competition Landscape
- Detailed profiles of providers of industrial gear have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global industrial gear market are
- 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.
Industrial Gear Market: Key Developments
- Key providers of industrial gear such as ABB Ltd, Siemens AG, Martin Sprocket & Gear, Inc., and Hota Industrial Manufacturing Co., Ltd. are focusing on product development to attract more customers. Some other key developments in the global industrial gear market are highlighted below:
- In March 2020, Martin Sprocket & Gear, Inc. provided assistance to customers involved in production of essential products in these challenging times with COVID-19. The company provided customized products to a chemical company in Georgia, which will help in increasing the production of cleaning products.
- ABB Ltd is planning to expand its product portfolio to meet the requirements of its end users by providing them with customized and standard products. In addition, the company is also indulging in strategic collaborations and acquisitions with prominent players to remain competitive in the market and improve its business activities across the globe as well as India.
- In 2019, Siemens AG invested about US$ 6.3 Bn in research and development (R&D). This has helped the company to develop innovative and sustainable solutions for its clients. The company has also announced its “Vision 2020+” strategy to enhance its profitability to strengthen its portfolio with better innovation and quality oriented productivity.
- OKUBO GEAR Co., Ltd. is planning to expand its business beyond the border of Japan where it is based in order to enhance the sales of products and fulfill the requirement of clients across the globe with innovative products and advanced technology. In addition, the company is focusing on offering value added services and customized solutions to its clients.
Industrial Gear Market – Scope of the Report
A new study on the global industrial gear market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the global industrial gear market across the globe. TMR’s study offers valuable information about the global industrial gear market to illustrate how the market would grow during the forecast period, 2020–2030.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), have been elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global industrial gear market during the forecast period.
An extensive analysis on business strategies of leading market players has also been featured in TMR’s study on the global industrial gear market. This can help readers understand principal factors to foresee growth in the global industrial gear market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global industrial gear market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Industrial Gear Market Study
- What are the key factors influencing the industrial gear market in each region?
- What will be the CAGR of the global industrial gear market between 2018 and 2030?
- What is the future scope and current trends in technologies of the global industrial gear market?
- What is the revenue of the global industrial gear market based on segments?
- Which key strategies are used by top players of the global industrial gear market?
- Which are the leading companies in the global industrial gear market?
Research Methodology – Industrial Gear Market
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global industrial gear market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global industrial gear market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the industrial gear market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from industrial gear industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global industrial gear market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global industrial gear market more reliable and accurate.
Industrial Gear Market – Segmentation
TMR’s study on the global industrial gear market includes information categorized into four sections ? product type, application, distribution channel, and region. Changing industry trends and other crucial market dynamics associated with these sections of the industrial gear market have been discussed in detail.