Industrial Gear Market 2022

Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033

Industrial Gear Market by Product Type (Spur Gear, Planetary Gear, Helical Gear, Rack and Pinion Gear, Worm Gear, Bevel Gear, Others), by Distribution Channel (OEMs and Aftermarket), by Application (Automotive, Aviation, Power Plants, Others), and by Region – Global Share and Forecast to 2033

Region: Global | Format: Word, PPT, Excel | Report Status: Published

According to the Market Statsville Group (MSG), the global industrial gear market size is expected to grow from USD 2,04.1 billion in 2021 to USD 342.2 billion by 2030, at a CAGR of 4.4% from 2022 to 2030. The industrial gear consists of various types of gear such as spur gear, helical gear, planetary gear, worm gear, rack and pinion gear, and many more that has huge application in various industries, including automotive, agricultural machinery, aviation, construction machinery, material handling and many more. Industrial gear provides a wide range of transmission ratios, easy processing, and efficiency in industrial equipment. The key market players are increasing efforts to provide quality and reliable gear types better to serve the huge diversified industrial demand worldwide. Additionally, the growing demand for industrial gear from the automotive and construction industry has tremendously increased the market's growth.

COVID-19 Impact on the Global Industrial Gear Market

The spread of coronavirus across the globe has resulted in lockdowns in the countries, which has compelled people to stay at home and forced companies to allow their employees to work at home to contain the spread of the epidemic. Every element has been affected, from raw material suppliers to manufacturers and end users. Factories and production facilities have been forced to remain closed due to lockdown and social distancing measures, resulting in a sharp drop in the sales of industrial gears market on a global level. Moreover, it further affects the business of its end-use industries, who opt for such tools as their versatile benefits, which may negatively influence the market growth amidst the pandemic.

Moreover, due to lockdown or limited production, the disruption in the supply chain of materials has affected industrial gears manufacturers due to shortages from China, as most of the materials were imported from China. Additionally, the other countries were looking for supply, which increased the demand, led large suppliers to dominate the market, and prioritized big companies over SMEs at the recovery time. Industrial gear manufacturers rely on the supply chain and over-rely on suppliers of key components, and their weak negotiation power will lead to a casting, high precision components, and others.

However, the market will gain traction with investments in new technologies like gearboxes interface with digitized controls through an ever more sophisticated array of sensors and self-diagnostic devices, fostering the industrial gears market growth. This will further enhance the demand amid advancement in manufacturing industries. Moreover, positive measures and innovative marketing strategies need to practice by companies to build up their business subsequently the post-COVID-19 pandemic.

Global Industrial Gear Market Dynamics

Drivers: Rapid Growth of the Construction Industry in Developing Nations

The key aspect that drives the growth of the global industrial gears market includes the increased demand for gearboxes from the construction industry coupled with the growing building and construction industry. Moreover, the growing demand for industrial gearboxes in the construction industry to enhance the operational efficiency of conveyors, crushers, plastic extruders, etc., further bolstered the market growth. Besides, Spur gearboxes, helical gearboxes, coaxial helical inline gearboxes, and bevel helical gearboxes are some of the most prevalent different products. These devices provide several benefits, including increased operating output, reduced workload, torque maintenance, vibration and noise management, and so forth. As a result, industrial gearboxes are used in a various industry, including metal and mining, construction, food and beverage processing, power generation, marine, material handling, agriculture, and automotive.

Moreover, construction equipment demand will likely rise as ambitious infrastructure programs and advanced ongoing projects. Industrial gear is a necessary component in the production of construction and industrial equipment, and Asia Pacific demand is one of the major factors driving the market. Similarly, advanced technology adoption in the mining, industrial machinery, power plants, and oilfields sectors is expected to boost demand for industrial equipment in the near future.

Restraints: Technical Faults such as Oil leakage and Heating

The gearbox is the most widely used transmission equipment in the field of machinery, thus its normal and smooth operation is difficult. When a gearbox fails, particularly if there are oil leakage issues, it can result in safety accidents and reduced economic benefits for businesses and waste oil use. The impacts of gearbox oil leaks, and the effective control and prevention strategies, are diverse, including leakage issues at the oil leak hole site, leakage of the oil lubrication distribution pipe, breakdown of fastener pre-tightening torque during gearbox maintenance to meet the standard requirements for leakage, and leakage issues that may occur if the reducer that enforces oil bath splash lubrication does not meet the requirements for filling the oil.

The oil leakage problem will arise in various degrees during the continuous load operation of the gearbox due to factors such as design process, production and manufacture, pressure, and vibration. The mechanical industry workers reported that the following elements contributed to the oil spill based on their work experience and the oil leakage issue created by cranes, excavators, and steel-grinding gears.

Opportunities: Rapidly rising emergence of Numerous Advanced Technologies by the Major Players

The emergence of numerous advanced technologies, such as artificial intelligence and robotics, for automated and highly efficient industrial purposes will continue to create opportunities for the global market for industrial gearboxes. The various major players are focusing on the launches of technologically advanced products. For instance, in March 2020, Martin Sprocket & Gear, Inc. assisted customers involved in producing essential products in these challenging times with COVID-19. A chemical company in Georgia received customized items from the company, which will support in the creation of cleaning products. Besides, ABB Ltd plans to extend its product line to suit its customers' needs by offering both customized and standard products. In addition, the company is engaging in strategic collaborations and acquisitions with well-known competitors in order to stay competitive in the market and expand its business operations globally, including in India.

In October 2020, WEG developed the W12 electric motor, designed to satisfy the needs of industrial applications such as gearboxes and pumps with greater efficiency and performance. It is an extremely versatile device since it complies with IEC 56, 63, and 71 housings and allows the connection box to be placed on the side or on the top, all in the same product. The flange alternatives C-90, C-105, and FF115 in polymer and C-80 in aluminium, incorporated in the motor frame, are manufactured by the quick fit system of the feet in the frames (snap fit), dimensioned not to utilize fixing screws. Furthermore, Siemens AG spent around US$ 6.3 billion on research and development in 2019.  As a result, the company has developed innovative and long-term solutions for its clients. The company has also revealed its “Vision 2020+” strategy to boost profitability and develop its portfolio through improved innovation and quality-oriented productivity.

Scope of the Global Industrial Gear Market

The study categorizes the industrial gear market based on product type, distribution channel, and application area at the regional and global levels.

By Product Type Outlook (Sales, USD Billion, 2019-2033)

  • Spur Gear
  • Planetary Gear
  • Helical Gear
  • Rack and Pinion Gear
  • Worm Gear
  • Bevel Gear
  • Others

By Application Outlook (Sales, USD Billion, 2019-2033)

  • Automotive
  • Aviation
  • Agricultural Machinery
  • Construction Machinery
  • Mining Equipment
  • Material Handling
  • Oilfield Equipment
  • Power Plants
  • Pulp and Paper
  • Steel and manufacturing
  • Others

By Distribution Channel Outlook (Sales, USD Billion, 2019-2033)

  • Original Equipment Makers
  • Aftermarket

By Region Outlook (Sales, USD Billion, 2019-2033)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA

Automotive segment accounts for the largest market share by application

Based on the application, the market is divided into automotive, mining equipment, aviation, agricultural machinery, power plants, construction machinery, material handling, oilfield equipment, pulp and paper, steel and manufacturing, and others. The automotive segment is expected to dominate the market share in 2022 in the global industrial gear market. Vehicle production in developed and developing countries has been increasing yearly. This will result in market growth. The automotive market is shifting toward a more enhanced driving experience in terms of smooth gear shifting and improved acceleration. Increased passenger and vehicle production has resulted in increased consumption of automotive gears. The growing demand for improved acceleration and a low carbon footprint in automobile engines propel the automotive application in industrial gears market.

Asia Pacific is expected to witness the largest market share by Region

Based on the regions, the global industrial gear market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Asia Pacific is projected to account for the highest market share in 2022. Owing to the cost-effective nature, availability of skilled labor and raw materials, and proximity to key automotive markets, Asia Pacific is emerging as a manufacturing, automobile, and automotive component hub. This increase can be attributed to an increase in passenger and commercial vehicle manufacturing, as automakers are constantly developing drive-trains and cost-effective engines to reduce fuel consumption and improving emission-control technology to produce cleaner automobiles. Furthermore, the continuous expansion of ambitious infrastructure programs and the acceleration of ongoing projects are expected to increase demand for construction equipment. Industrial gear is a necessary component in manufacturing construction and industrial equipment, and Asia Pacific demand for the industrial gear is one of the major factors driving the market.

Key Market Players in the Global Industrial Gear Market

The industrial gear market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global industrial gear market are:

  • AERO GEAR Incorporated

  • Precipart Corporation
  • ITAMCO
  • Riley Gear Corporation
  • Atlas Gear Company
  • Ashoka Machine Tools and Corporation
  • Hota Industrial manufacturing co., Ltd
  • Jackson Gear Company
  • Cleveland Gear Company
  • David Brown Santasalo
  • OKUBO GEAR Co. Ltd
  • KHK Stock Gear (Kohara Gear Industry Co., Ltd.)
  • Eaton
  • Elecon Engineering Company Limited
  • Martin Sprocket & Gear, Inc.
  • Overton Chicago Gear Corporation
  • Philadelphia Gear
  • Havlik Gear
  • Omni G&M Corporation
  • Commercial Gear & Sprocket Company Inc.
  • Gear Motions

Key Issues Addressed

  • What is the market size by various segmentation of the industrial gear by region and its respective countries?
  • What are the customer buying behavior, key takeaways, and Porter's 5 forces of the industrial gear market?
  • What are the key opportunities and trends for manufacturers involved in the industrial gear supply chain?
  • What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
  • What and how regulations, schemes, patents, and policies are impacting the growth of the market?
  • What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
  • The market player positioning, top winning strategies by years, company product developments, and launches will be?
  • How has COVID-19 impacted the demand and sales of industrial gear in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
  • Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
What is the growth rate of industrial gear market? The global industrial gear market is expected to register a CAGR of 4.4%, during the forecast period (2023 to 2033). Which tire application held the highest growing rate in the market of industrial gear? On the basis of application, the oilfield equipment segment has the highest growing rate during the forecast period (2023-2033). Which region has accounted for the largest industrial gear market share? In 2022, Asia Pacific held the largest share in the global industrial gear market, followed by Europe. Who are the key players in the industrial gear market? In the global market of industrial gear manufacturers are AERO GEAR Incorporated, Precipart Corporation, ITAMCO, Riley Gear Corporation, Atlas Gear company, Ashoka Machine Tools and corporation, and others. What are the factors that are driving global market of industrial gear? The emergence of numerous advanced technologies, such as artificial intelligence and robotics, for automated and highly-efficient industrial purposes will continue to create the opportunity for the global market for industrial gearboxes.

Frequently Asked Questions

  • Key Issues Addressed
  • What is the market size and growth rate for different segmentations at a global, regional, & country level?
  • What is the customer buying behavior, key takeaways, and Porter's 5 forces of the market?
  • What are the key opportunities and trends for manufacturers involved in the supply chain?
  • What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
  • What and how regulations, schemes, patents, and policies are impacting the growth of the market?
  • How will existing companies adapt to the new change in technology?
  • The market player positioning, top winning strategies by years, company product developments, and launches will be?
  • How has COVID-19 impacted the demand and sales of in the market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
  • Who are the leading companies operating in the market? Also, who are the prominent startups that disrupt the market in coming years?
  • PUBLISHED ON: Dec, 2022
  • BASE YEAR: 2022
  • STUDY PERIOD: 2019-2033
  • COMPANIES COVERED: 15
  • COUNTRIES COVERED: 24
  • NO OF PAGES: 242

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