Industrial Gear Market Size, Growth and Regional Share, Trends, Competitive Landscape Through 2030| Major Players: Allied Precision Gears Inc, Ashoka Machine Tools Corporation., Brevini Power Transmission & Cleveland Gear Company, Inc.

Industrial gears are mechanical components used for transferring torque and motion or set mechanical motion. The APAC region generates more than 40% of the global demand and the value of Global Industrial Gears Market was close to US$ 20 billion in 2019. Multiple gears are interlocked with each other and connected to shafts and other transmission elements to accomplish a defined task. With advancement in manufacturing technology, the industrial gears have gained increased adoption to improve the efficiency of industrial machinery and to reduce operational failures.

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Rapid urbanization fueled by population explosion has contributed towards the growth of industrialization, thereby fueling the demand for industrial gears. The manufacturers of industrial gears are working in close conjunction with the leading manufacturing industry players to develop customized gears in line with the process or machine requirement, which is expected to contribute towards the growth on industrial gear market. Rising demand from power generation through renewable resources such as wind and hydro power plants is anticipated to fuel the growth of the global industrial gear market in coming years. The global industrial gear market is anticipated to grow at a steady compound annual growth during the forecast period.

Strong demand from multiple industry verticals and expanding applications to fuel growth of planetary gears

The global industrial gear market is segmented on the basis of type, design, end use industry, and geography. Based on type, the global industrial gear market is segmented into planetary, helical, bevel, spur, worm, and others. The planetary gear contributed a prominent share to the global industrial gear market in 2019 and is anticipated to be the fastest growing segment during the forecast period owing to strong demand from food & beverages, and power generation applications. Increasing investment in expansion of renewable power generation infrastructure, especially wind farms, is anticipated to bolster the growth of the global industrial gear market during the forecast period.

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Increasing investment in expansion of renewable power generation infrastructure to drive growth of industrial gear market

Based on end use industry, the global industrial gear market is segmented into automotive & transportation, aerospace & defense, metal & mining, chemicals, pharmaceuticals, energy & utility, food & beverages, heavy machinery, agriculture, construction & building materials, and others. The energy & utility industry segment contributed a prominent share to the global industrial gear market and is anticipated to be fastest growing industry segment during the forecast period owing to increasing investment in expansion of power generation infrastructure. Increasing adoption of wind power across major countries has fueled the growth of wind power generation worldwide, which is anticipated to bolster the growth of industrial gear market in coming years.

Based on geography, the global Industrial Gear market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed the largest share to the global industrial gear market in 2019 and is anticipated to be the fastest growing segment during the forecast period owing to the largest manufacturing industry across China, India, and Southeast Asian countries. Increasing investment in development of renewable energy infrastructure is anticipated to bolster the growth of the Asia Pacific industrial gear market during the forecast period. North America contributed a prominent share to the global industrial gear market and is expected to witness steady growth during the forecast period.

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Major players active in the global industrial gear market include Allied Precision Gears Inc, Ashoka Machine Tools Corporation., Brevini Power Transmission, Cleveland Gear Company, Inc., Essential Power Transmission Pvt. Ltd., GearTech, Inc., (United Stars, Inc.), Griffin Gear Inc., Klingelnberg GmbH, NORD drivesystems Pvt. Ltd., Precipart Corporation, Renold plc, and SEW-Eurodrive.

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This release was published on openPR.