The global gear motors market size was evaluated at $20.01 Billion in 2022 and is slated to hit $31.07 Billion by the end of 2030 with a CAGR of nearly 6.01% between 2023 and 2030.
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➤ The global market trends will be expedited by a decrease in gear motor costs and an increase in wind power installations.
The global gear motors market is expected to expand exponentially in the future due to the minimal cost of gear motors, their compact nature, and the increasing deployment of wind power. A growing number of concerns regarding the effectiveness of mechanical power transmission in expanding the global market. The global market trends will be influenced by the increase in the number of renewable energy projects. The gear motors market is expected to experience a surge in the coming years due to the rapid evolution of design processes, the implementation of modular and compact designs, and the simple mechanical designs of specific products.
➤ The global industry’s expansion is hindered by substantial initial and ongoing expenses.
High initial costs and after-sales services can impede the global gear motors industry’s expansion. The gear motors industry’s expansion may be hindered by the widespread availability of alternative products and the increasing costs of maintenance and production.
➤ The global market is poised for growth as a result of the increasing penetration of gear motors in the automotive and food and beverage sectors.
The global gear motors market will experience new growth opportunities in the future as the use of gear motors in the automotive and food & beverage sectors continues to expand.
➤ The global industry will face a significant challenge in preventing oil leakage by conducting routine monitoring of gear motors and gear boxes.
The global gear motors industry may face a significant challenge in its growth trajectory due to the necessity of conducting routine inspections of gearboxes and gear motors to prevent oil leakage and temperature checks.
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The Global Gear Motors Market is segmented based on product, application and region
Global Gear Motors Market: Product Segment Analysis
● Gearbox
● Gear Motor
Global Gear Motors Market: Application Segment Analysis
● Wind Power
● Material Handling
● Food & Beverage
● Cement & Aggregates
● Metals & Mining
● Automotive
● Construction
● Power Generation
● Chemicals, Rubber, & Plastics
● Marine
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The global Gear Motors market profiles key players such as:
● Radicon
● Winergy
● Elecon Engineering Company Limited
● Siemens AG
● Johnson Electric Holdings Limited
● Eaton Corporation plc
● Portescap Inc.
● Bosch Rexroth AG
● Bonfiglioli Riduttori S.P.A.
● Emerson Electric Co.
● Bison Group
● Baldor Electric Company
● BFT Automation UK Ltd.
● Sumitomo Drive Technologies
● Brevini Power Transmission
● Watt Drive AntriebsTechnik GmbH
???? Recent Developments
• Premium Transmission, a prominent Indian company that specializes in the production of industrial gearboxes, fluid couplings, and gear motors, introduced seven new products in the industrial gear sector during the third quarter of 2019. For the record, the new products consist of a small planetary gearbox, PCX-series cooling tower gearbox, clever modular series helical gearbox, gearless lift machine, modular fluid coupling, gearless lift machine, and inline geared motor.
• Tata Motors, a prominent Indian automotive manufacturer, and Uber, a prominent ridesharing app in India, executed a memorandum of understanding (MoU) in the first half of 2023. The agreement aims to introduce nearly 25,000 XPRES-T electric vehicles into the premium category. The objective is to enhance the company’s efforts and contributions to the green environment, as well as to provide electric vehicles to the main cities of the countries, including Hyderabad, Delhi NCR, Ahmedabad, Mumbai, Chennai, Kolkata, and Bangalore. The gear motors industry in India will expand as a consequence of the initiative.
➤ Escalating Growth in the Gear Motors Market in the Asia-Pacific During 2023-2030
The global Gear Motors market is anticipated to be led by the Asia-Pacific region during the forecast period. Rapid industrialization and expeditious infrastructural expansion may contribute to the expansion of the regional market in the years ahead. The regional market trends will be bolstered by the increasing number of wind power initiatives and the expansion of industrial developments in Japan, China, and India.
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