Press release
Gearbox & Gear Motor Market Trends 2024: Global Analysis
gear box and gear motor market size
According to The Business Research Company's, The gear box and gear motor market size has grown strongly in recent years. It will grow from Customise$16.3 billion in 2023 to $17.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. Customise The growth in the historic period can be attributed to rapid growth in heavy machinery, early adoption in aviation and aerospace, pioneering industry applications, world wars and defense machinery, rise of automation and robotics..
The gear box and gear motor market size is expected to see steady growth in the next few years. It will grow to Customise$20.81 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. Customise The growth in the forecast period can be attributed to demand in renewable energy sector, automation and industrial robotics expansion, emphasis on lightweight and compact solutions, rise in industry 4.0 implementation, growing preference for energy-efficient solutions.. Major trends in the forecast period include development of maintenance-free solutions, customization and tailored solutions, focus on noise reduction and vibration control, adoption of gearless direct drive systems, growing emphasis on electric vehicles (evs)..
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Market Drivers and Trends:
The expansion of the construction industry is expected to propel the growth of the gearbox and gear motor market going forward. The construction industry refers to the sector of the economy involved in the planning, design, development, construction, renovation, and maintenance of physical structures and infrastructure. Gearboxes and gear motors are frequently used in the construction industry's heavy equipment, such as bulldozers and excavators, to regulate the speed and torque of hydraulic systems, enabling the precise movement of tools and attachments. For instance, in July 2022, according to Statistics Poland, a Poland-based government executive agency, 109,400 residences were completed in the first half of 2022, which is 3.8% more than in the previous year. Developers completed 62,900 homes, up 3.7% from 2021, while private investors completed 44,900 dwellings, an increase of 6.0%. Therefore, rising residential building construction is driving the growth of the gearbox and gear motor market.
CustomiseIncreasing Focus On Developing Customized Industrial Gearboxes To Maximize RevenuesCustomise
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Mitsubishi Electric Corporation, Hitachi Ltd., Siemens AG, ABB Ltd., Toshiba Corporation, Eaton Corporation PLC, Emerson Electric Co., Danfoss A/S, Dana Incorporated, Sumitomo Heavy Industries, Bosch Rexroth, WEG Industries, Regal Rexnord Corporation, SEW-EURODRIVE GmbH & Co KG, Johnson Electric Holdings Limited, Nord Drivesystems, TECO Electric & Machinery Co. Ltd., Lenze Gruppe, ElectroCraft Inc., Elecon Engineering Company Ltd., TECO-Westinghouse Motors, Bonfiglioli Transmissions Private Limited, Bauer Gear Motor, Varvel SpA, Flender Group, Rossi Group LLC, Bison Gear and Engineering, NER Group Co. Ltd, Sha Yang Ye IndustrialCustomise
Gear Box And Gear Motor Market 2024 Key Insights:
• The gear box and gear motor is expected to grow to Customise$20.81 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. Customise
• Surging Demand For Large-Scale Energy Storage Powers Growth In The Vanadium Market
• Rising Focus Towards Product Advancement To Attain Maximum Revenues
• CustomiseAsia-PacificCustomise was the largest region in the gear box and gear motors market in 2023. CustomiseMiddle EastCustomise And CustomiseAfricaCustomise is expected to be the fastest-growing region in the forecast period. The regions covered in the gear box and gear motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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The Business Research Company
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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