Established Opportunities in Manufacturing Transmission Systems for Automobiles, Aircraft & Heavy Machinery to Drive the Global Market for Gears, Drives & Speed Changers
Growth in automobiles production, growing aerospace sector, robust
demand for construction and mining equipment, mechanization of agriculture, and
steady growth in global power generation are poised to drive the global market for Gears,
Drives and Speed Changers to exceed US$213 billion by 2024.
Gears, industrial high-speed drives and
speed changers will experience steady demand so long as there is demand for
manufactured durable goods such as automobiles, construction and mining
equipment, among others. Any surge in demand for such goods warrants their
increased production, creating the need for gears and drives. The manufacturing
industry therefore is a critical growth driver and the shifting role of
manufacturing and its level of contribution to economic development tend to
impact growth patterns in the market. Gears, drives, and speed changers are
important manufacturing parts and components, critical to production of a range
of machinery and equipment. While gears and gearboxes help in increasing or
decreasing speed, transmitting power or changing the direction or position of a
rotating axis, gear drives are mechanical devices used to alter the speed,
torque and direction of rotating shafts. Speed changers, on the other hand, are
gear assemblies that are made using gears
as an integral basis, and include speed enhancers and speed reducers. Manufacturers are increasingly focusing on product
innovations and enhancements that can meet technology challenges to deliver
better performance, yet at a reasonable cost. Newer techniques such as traction
drives, hydraulic systems and electric gears, have made a remarkable foray into
the industry.
Improving economic scenario is expected to bring substantial rise in
demand for a range of finished products, better business prospects, rise in
manufacturing activity, and gradual increase in manufacturer capital
investments, all of which will create considerable demand for gears, drives,
and speed changers in the coming years. Rapid growth in demand for
passenger vehicles has over the years resulted in rapid surge in automotive gears demand from both
OEMs and aftermarket. In the coming years, highly durable and lightweight
composite and aluminum gears are anticipated to witness increased popularity. The
power steering gears market for the automotive sector is anticipated to witness
a steady growth over the coming years owing to growing demand for enhanced
torque, control and steer handling. The key driving factors for growth of gears
and drives in the aerospace market include increased demand for lightweight
aircraft engines; growing demand for new aircrafts in various sectors;
increasing investments in R&D related to Open Rotor Engine Configuration;
and growing investments in the geared turbofan engines segment. Also, the use
of high-technology-based gears is driving the performance and consistency of
gears used in production processes.
As
stated by the new market research report on Gears,
Drives and Speed Changers, Asia-Pacific represents the largest
market in terms of value sales. The region is also forecast to emerge as the
fastest growing market with a CAGR of 6.5% over the analysis period. Growth in
demand for gears, drives and speed changers in the Asia-Pacific region is led
by economic development and increasing manufacturing activity, particularly
automotive production.
Key
players in the market include ABB Ltd., Bharat Gears Ltd., Bonfiglioli
Riduttori S.P.A., BorgWarner, Inc., Bosch Rexroth AG, Cone Drive, Curtis
Machine Company, Inc., Danfoss Group, David Brown Santasalo, Eaton Corporation
Plc, Emerson Electric Co., FLSmidth MAAG Gear, Horsburgh & Scott, Hub City,
Inc., Kanzaki Kokyukoki Manufacturing Co. Ltd., Marine Gears, Inc., Oerlikon
Graziano, Rexnord Corp., Schneider Electric, SEW Eurodrive, Siemens AG,
Sumitomo Drive Technologies, Twin Disc, Inc., and ZF Friedrichshafen AG, among
others.
The
research report titled “Gears,
Drives and Speed Changers - Market Analysis, Trends, and Forecasts” announced
by Global Industry Analysts Inc.,
provides a comprehensive review of the market, industry overview, trends,
growth drivers, issues, and other industry activities of global companies. The
report provides market estimates and projections for Gears, Drives and Speed
Changers in US$ Million for major geographic markets including the United States,
Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia
and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of
Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and
Rest of World. The report also analyzes the market by end-use sectors –
Automotive, Industrial, Marine, Aerospace, & Others.
For cutting edge analyst
reviews on top industries
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