The global Industrial Gears Market held a market value of USD 204,052.2 Million in 2021 and is projected to reach USD 260,765.0 Million by the year 2027. The market is anticipated to grow at a CAGR of 4.2% from 2022 to 2027.
Industrial Gears are a system wherein the mechanical energy is transferred from one device to another. The market is expected to be driven by the rising number of installations in wind power sector and rapid growth of construction industry in developing nations is also estimated to fuel the market growth. Moreover, implementation of stringent government regulations for controlling noise pollution. Despite the driving factors, technical faults such as oil leakage and heating are likely to hinder the market growth.
Rising number of installations in wind power sector
Industrial gears are used in wind turbines for increasing the rotational speed from a low-speed main shaft to a high-speed shaft, which connects with an electrical generator. Declining cost of the wind energy coupled with the growing investments in the wind power sector are leading to the growing number of industrial gear installations in the wind power sector. This is estimated to boost the market growth.
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The global Industrial Gears market is segmented into product type, application, and distribution channel.
The spur gear segment is estimated to account for the largest market share of more than 25% in 2021 owing to their advantages for providing a wide range of transmission ratio. Also, it enables efficiency and easy processing in industrial equipment, which also boosts the market growth. The planetary gear segment is expected to witness the fastest growth rate of around 5.6% over the projected period owing to its wide range of applications in steel plants, wind turbines, mining, cement, and food & beverages industry, among others. The bevel gear segment holds an opportunity of around USD 6,030.3 million during 2021 to 2027 owing to their rising use in the automobile industry.
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The automotive segment is estimated to hold the largest share of more than 70% in 2021 owing to the growing automotive industry globally. The aviation segment and the oilfield equipment is anticipated to witness the highest growth rate of about 4.7% over the projected period owing to the rising adoption of technologically products in these industries. The construction machinery segment is estimated to surpass a revenue of USD 10,000 million by 2024 owing to the rising demand of industrial gears in manufacturing construction equipment.
The aftermarket segment is anticipated to witness the fastest CAGR of about 4.7% during the projected period owing to its rising usage by manufacturers for distribution of industrial gears.
By region, the global Industrial Gears market is divided into Asia Pacific, Europe, North America, Middle East, Africa, and South America.
The Asia Pacific region is expected to hold the largest market share of over 45% owing to the presence of Japan and China, which are the amongst the largest manufacturing countries globally.
North America region is estimated to surpass a market size of USD 50,000 million by 2025 owing to the rapid technological advancements. Moreover, Europe, South America, Middle East, and Africa regions are also expected to boost the market growth.
The cumulative market share of the seven major players is more than 50%. These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in January 2022, Stellantis N.V. increased its shareholding in GAS-Stellantis from 50% to 75% and this is set to expand the company’s presence in China. GAS Stellantis was formed in March 2010 by a joint venture between Stellantis and China Guangzhou Automobile Group Co., Ltd. (GAC Group).
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Major players in the global Industrial Gears market as per various industrial areas are as follows:
The global Industrial Gears market report provides insights on the below pointers:
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