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According to the study undertaken by Astute Analytica the global industrial gears market is anticipated to register a CAGR of 4.2% during the forecast period 2022-2027. The global industrial gears market was valued at US$ 204,052.2 Million in 2021 and is forecasted to reach US$ 260,765.0 Million by 2027.
An industrial gear is a collection of gears in which mechanical energy is transferred from one device to another that increase torque while reducing speed. Industrial gear consists of various types of gears such as spur gear, planetary gear, helical gear, rack and pinion gear, worm gear and many more that has huge application in various industries. Moreover, industrial gear is used in a wide range of industries, including power generation, construction, food and beverage processing, marine, material handling, metal and mining, agriculture and automotive.
Factors such as rising installation in wind power sector and rapid growth of construction industry in developing nations drives the growth in the global industrial gears market over the forecast period. The rising demand from wind energy is contributing a significant share in industrial gear market as the gearbox is used in a wind turbine to increase the rotational speed from a low-speed rotor to a high-speed electrical generator. Moreover, rapidly rising emergence of numerous advanced technologies by the major players provides a lucrative growth trend in the industrial gears market. However, technical faults such as oil leakage and heating restrict the market growth as gearbox is the most widely used transmission equipment in the field of machinery. In addition, global industrial gears market witnessed a decline in 2020, post the outbreak of COVID-19 pandemic and has affected major end user sectors such as power, metals and minerals, etc.
Global Industrial Gears Market Insights by Product Type
Based on product type, the global industrial gears market is segmented into spur gear, planetary gear, helical gear, rack and pinion gear, worm gear, bevel gear and others. The spur gear segment holds the highest share in 2021 in industrial gears market owing to its advantageous properties such as transmission ratio, easy processing and efficiency in industrial equipment. Moreover, planetary gear segment is expected to grow at the highest CAGR during the forecast period due to its wide application in a variety of industries including tractors and construction equipment. Furthermore, planetary are used in wind turbines, steel plants and various industries such as food and beverage, mining and cement.
Global Industrial Gears Market Insights by Application
Based on application, the global industrial gears market is segmented into automotive, aviation, agricultural machinery, construction machinery, material handling, mining equipment, oilfield equipment, power plants, pulp and paper, steel and manufacturing and others. The automotive segment holds the largest share in 2021 in industrial gears market as the automotive industry transitions its focus toward electric vehicles. Moreover, the aviation and oilfield equipment are expected to grow with the highest CAGR over the forecast period.
Global Industrial Gears Market Insights by Distribution Channel
In terms of distribution channel, the global industrial gears market is bifurcated into OEMs and aftermarket. The OEMs segment dominated the industrial controls market in 2021 as OEMs provides a complete machine that meets the needs of the industry in every component. Whereas, aftermarket segment is anticipated to grow at the highest CAGR over the forecast period owing to its high demand in various industries for industrial gears in the forthcoming years.
Global Industrial Gears Market Insights by Regional Outlook
By region, Asia Pacific holds the largest market share in 2021 and is also anticipated to project the highest CAGR over the forecast period. The projected installation of wind power and the growing automation in the manufacturing industries in the region drives the growth of the market in Asia Pacific. Moreover, the growing manufacturing, automobile and automotive components in the region owing to its cost-effective techniques, availability of skilled labor and raw materials are the key factors responsible for the growth of industrial gears in Asia Pacific region.
Global Industrial Gears Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the market includes Aero Gear Inc., Precipart Corporation, ITAMCO, Riley Gear Corporation, Atlas Gear Company, Hota Industrial Manufacturing co., Ltd, Jackson Gear Company, Cleveland Gear Company, David Brown Santasalo, OKUBO GEAR Co. Ltd, Eaton, Martin Sprocket & Gear, Inc., Philadelphia Gear, Omni G&M Corporation, Gear Motions, Ford Motor Company, Honda Motor Co., Ltd., Toyota Industries Corporation and Caterpillar Inc. among others.
Global Industrial Gears Market is segmented based on product type, application, distribution channel and region. The industry trends in the global industrial gears market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Industrial Gears Market:
By Product Type segment of the Global Industrial Gears Market is sub-segmented into:
By Application segment of the Global Industrial Gears Market is sub-segmented into:
By Distribution Channel segment of the Global Industrial Gears Market is sub-segmented into:
By Region segment of the Global Industrial Gears Market is sub-segmented into:
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