Gear Demand Market is Estimated to Register 5.7% CAGR During the Forecast Period 2017-2026
Increasing use of electromechanical machinery and plant automation is resulting in the growing demand for gears. Manufacturers are also working towards developing gears that can withstand heavy loads, leads to low noise emission, and with increased service life.
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However, the high maintenance cost of gears is one of the major factor hampering the gear demand. Hence, with advancement in technology, companies are focusing on designing gears that produce less heat, and noise, thereby increasing life-cycle of gears.
According to the latest report from Fact.MR, the global gear demand market is expected to witness steady growth. It is estimated to register 5.7% CAGR during the forecast period 2017-2026.
One of the biggest advantages of gear is that it offers constant velocity ratio, hence it is being used on the large scale in various industries. Moreover, manufacturers of gear are also focusing on introducing new technology that helps in smooth operation and offers better rotational force, especially in heavy industries.
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5 Forecast Highlights on Global Gear Demand
Asia Pacific Excluding Japan (APEJ) is expected to witness highest gear demand during the forecast period 2017-2026. Several industries in countries such as India and China are extending their facilities to meet consumer demand. Hence, the growth in various industries is expected to drive gear demand in APEJ region.
North America and Europe are also expected to witness growth during the forecast period 2017-2026. Technological advancements and increasing competition are the factors resulting in the growth of gear demand in these regions. Moreover, companies are also developing new gears that can result in low maintenance cost.
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Bevel gear is expected to emerge as one of the top-selling products during the forecast period 2017-2026. Bevel gear is estimated to reach nearly US$ 51,900 million revenue by the end of 2026. Meanwhile, helical gear is also likely to witness significant growth during the forecast period 2017-2026.
The automotive sector is expected to be the largest user of gears during the forecast period 2017-2026. The automotive sector is estimated to account for nearly two-third of the revenue share by the end of 2017. The rise in automobile production and sales is driving the growth of the automotive sector, thereby resulting in the increase in gear demand.
Metallic gear is expected to gain maximum revenue share. Metallic gear is estimated to create an incremental opportunity of more than US$ 10,000 million between 2017 and 2026. Metal gears usually operate well with better speed and load, hence the demand for metal gear is increasing.
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The report also provides a detailed profile of some of the leading players in the global market for gear, which will remain active through 2026.
These include companies such as ZF Friedrichshafen AG, Valeo SA, Toyota Motor Corporation, Sumitomo Heavy Industries Limited, Siemens AG, Magna International Incorporated, Hyundai Motor Company, General Motors Company, Fiat Chrysler Automobiles NV, Eaton Corporation Plc, Dana Holding Corporation, Robert Bosch Gmbh, American Axle & Manufacturing Holdings Incorporated, Aisin Seiki Company Limited, and Xinapse Systems Ltd.
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