-- Rising global population and improving standards of living are leading industries such as textile, food and beverage, pulp and paper, and oil and gas to expand their production in order to meet the increasing demand of customers. In the foreseeable future, these industries are anticipated to continue driving the growth of the global industrial gear market. A new market intelligence report by Transparency Market Research (TMR) titled “Industrial Gear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” offers a 360-degree view of the market.
High demand from relatively small but fast-growing wind and solar energy markets is likely to contribute to the sales of industrial gears. Moreover, the increasing need of maximizing manufacturing output coupled with a shift in the production towards energy-efficient units is driving the global industrial gear market. However, volatile prices of raw materials, including hardened steel, aluminum, brass, bronze, and stainless steels, are posing a challenge to companies to absorb the burden of costs and maintain profit margins.
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Helical, spur, worm gears, bevel, spline, herringbone, double helical, sprocket, rack, and internal are some of the common types of industrial gears. Some of the applications of industrial gears are marine drives, pulverizes, conveyor drives, industrial gear boxes, and transportation systems. Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa are the regional markets evaluated in the report. Continuing industrialization efforts, robust economic growth, and climbing personal income levels in countries such as India, China, South Korea, and Singapore are likely to fuel the growth of the market in Asia Pacific. Increasing average-per-product transmission demand and presence of favorable conditions for machinery manufacturing is expected to provide impetus to the growth of the North America market for industrial gear.
Manufacturers in the global industrial gears market are experimenting with shapes, sizes, speed ratios, and designs of gears to match the specific requirements of industrial applications and to ensure their visibility in this highly competitive marketplace. Companies such as Precipart Corporation and Ashoka Machine Tools Corporation are offering customized and industry-specific gears to increase their market shares. A key strategy by Cleveland Gear Company Inc. is the refurbishing and customization of industrial gears produced by other manufacturers. SEW Eurodrive’s mechatronic industrial gear unit incorporates decentralized frequency inverters, industrial gear units, and motors in a standard package which facilitates the use of linked-up sensor technology. Some other key players in the market are Allied Precision Gears Inc, Essential Power Transmission Pvt. Ltd. (Esenpro), Edgerton Gear Inc., Griffin Gear Inc. (Renaissance Power Systems), Jrlon Inc., and Klingelnberg GmbH.
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