Press release
Gear Motors External Services Market to Discern Magnified Growth During 2024
The gear motors market is segmented by type of service as emergency (breakdown) services, spare parts, and maintenance (and repair) services. The maintenance and emergency services dominate The Gear Motors External Services Market. However, the spare parts segment is expected to witness significant growth in gear motor external services market owing to replacement needs in the complex industries. The key players in the gear motors external service market include SEW Eurodrive, BFT Automation UK Ltd., Siemens AG, SKF International, Bonfiglioli and David Brown Gear Systems Ltd, Framo Morat Group among others. Gear motor external services market is segmented by geography into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Currently North America is the largest market for gear motors external services. China is one of the leading revenue contributors in the global gear motors external services market.
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In environments where gear motors are subjected to extreme conditions, constant maintenance is required. Thus, to maintain the life and efficiency of gear motors, demand for external services is gaining traction. Increasing importance of predictive and preventive maintenance is driving the gear motors external services market. Gear motor manufacturers are focusing mainly on conditional monitoring thus increasing the demand for external services in the gear motors market.
Customized gear motors are gaining traction in the market. In case of customized high powered gear motors, only the manufacturer holds the sufficient knowledge to provide repair services thus restraining the demand for external services in the gear motors market. However, as high powered gear motors require constant maintenance the demand for external services is expected to boost. Moreover, with manufacturers (gear motors) looking for alternatives to expand their network worldwide, demand for service providers is expected to further surge. The trend is further estimated to strengthen as customers look for quality/certified service providers so as to ensure higher run time of these motors for enhanced efficiency.
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External services for gear motors are also gaining importance due to energy efficiency requirements. For achieving efficiency, constant maintenance services are needed which drives the gear motors external services market. Gear motor replacement needs across industries boosts the gear motors market growth. In oil and gas industry, mining industry, power industry, provision of maintenance and repair is challenging in terms of distribution and logistics of services. Such niche segments are expected to open up new opportunities and gain demand over the coming years. The use of gear motors in non-conventional energy generation sector is expected to drive the market over the coming years. Though, ease of use and simple design is facilitating the wide acceptance of gear motor technology across various industries, new technologies such as variable frequency drives restrain the growth of gear motors external services market.
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