A recovery in the global manufacturing and construction industries is boosting activity in the chemicals and petrochemicals industries, boosting demand for specialty and basic chemicals. The development of these industries creates a huge demand for gears. In addition, governments around the world are allocating large amounts of funds to support the growth of small and medium-sized businesses. This development has led to the growth of various end-user industries, which creates huge growth opportunities for market participants.
Technavio expects the gear manufacturing market to grow by $73.66 billion between 2020 and 2025 at a CAGR of 5.73% over the forecast period.
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By product, the worm gear segment will generate the largest revenue in the gear manufacturing market during the forecast period. Worm gears are widely used to reduce and control speeds at low to medium levels. They are also self-locking, making them ideal for lifting work. In terms of geography, the Asia-Pacific region will offer significant opportunities for market sellers. The region currently accounts for 40% of the global market share. Rapid industrialization and increased investment in water treatment and wastewater treatment plants are driving the growth of the gear manufacturing market in the Asia Pacific region.
The growth of the gear manufacturing market is expected to be driven by the introduction of industrial automation. The introduction of automation is becoming more and more important in the manufacturing industry worldwide. This has increased the use of robotics and automated equipment for a variety of high speed repetitive tasks. With the increasing adoption of automation, the demand for gears will increase, which will contribute to the growth of the global gear manufacturing market.
Moreover, an increase in investment in renewable energy and a revival of investment in the oil and gas industry will further accelerate the growth of the market.
Stard Automaiton: This company offers gearboxes such as the SG/S00/SLJ/SJ/SGJ series quarter-turn worm gearboxes.
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Post time: Mar-24-2023