The Global Market for Gears, Drives & Speed Changers is Projected to Reach US$176 Billion by 2020
Growing Automobile Production & Sales Drives the
Gears, Drives and Speed Changers Market, According to a New Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Gears, Drives and Speed
Changers. The
global market for Gears, Drives & Speed Changers is projected to reach
US$176 billion by 2020, driven by growing automobile sales and
production in developing regions.
Transmission
systems are omnipresent in the world of mechanical engineering. Gears, drives,
and speed changers are critical elements in virtually every mechanical system
that involves force and movement. The increase in the use of electromechanical machinery
across diverse industries across the globe is therefore the single most
important factor driving growth in the market. Market development, over the
decades, has been guided by electrification of machine tools and rapid
industrialization. With the proliferation
of CNC (Computer Numerical Control) machines, the importance of gears, drives,
and speed changers remains undiminished even today. Plant automation and
developments in industrial kinetics will continue to drive demand growth in the
market.
Growth in the
market is also supported by the increase in the use of industrial conveyor
systems in industries such as automotive, agriculture, computers, electronics,
food processing, aerospace, pharmaceuticals, chemicals, bottling and canning.
Recovering global manufacturing PMI and renewed activity in power generation,
mining, and oil & gas, are expected to drive growth in the market. The
automotive industry represents a major end-use market, with growth supported by
stable automobile production and sales in developing countries. Growth in GDP, improvements
in standard of living, increase in discretionary spending and expanding base of
middle class population, represent factors favoring the rise in per capita
automobile ownership in these markets.
Growth in the military
sector will benefit from the growing fleet of military aircraft. Increase in
the aircraft sales and production will positively impact market opportunities
for aircraft power transmission components, including gears and gear drives. Increasing
investments in nuclear power plants, wind energy farms and coal fired thermal
plants, against a backdrop of rising global energy demand, will help spur
demand for a range of gears, drives and speed changers used in power generation
equipment like turbines. Growing focus on renewable energy amidst growing
concerns over fossil fuel depletion and environmental pollution is driving
demand for wind turbine gears. Wind turbine gearboxes form an integral
component of wind power generation equipment and increased development of
onshore as well as offshore wind farms is offering robust growth opportunities
for wind turbine gearboxes.
As stated by the
new market research report on Gears, Drives and Speed Changers, Asia-Pacific
represents the largest and the fastest growing market, with a projected CAGR of
6.3% over the analysis period. Growth in the region is led by rapid
industrialization, strong GDP gains, growing investments in the industrial
sector, and outsourcing induced expansion of the manufacturing base in low cost
Asian countries.
Major players covered
in the report include ABB Ltd., Bharat Gears Ltd., Bonfiglioli Riduttori
S.P.A., BorgWarner Inc., Bosch Rexroth AG, Cone Drive Operations, Inc., Curtis
Machine Company, Dana Holding Corp., Danfoss Group, David Brown Engineering
Limited, Eaton Corp., Emerson Industrial Automation, FLSmidth MAAG Gear AG, Haley
Marine Gears Inc., Horsburgh & Scott, Hub City Inc., Kanzaki Kokyukoki
Manufacturing Co., Mitsubishi Electric Automation Inc., Oerlikon Graziano Drive
Systems, Rexnord Corporation, Rockwell Automation Inc., Schneider Electric
Ltd., Siemens Energy and Automation, SEW Eurodrive GmbH, Sumitomo Machinery
Corp. of America, Twin Disc Inc., and ZF
Friedrichshafen AG among others.
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