The global industrial gear market size was USD 27.04 Billion in 2022 and is expected to reach USD 38.43 Billion in 2032, and register a rapid revenue CAGR of 4% during the forecast period. Rising need for machinery and equipment in various industries, including automotive, Food & Beverage (F&B), construction, and mining, among others, is a major factor driving market revenue growth.
The automotive sector is a prominent end user of industrial gears as these are utilized in various automobile components, including gearboxes, engines, and axles In addition, rising demand for cars and other commercial vehicles is another key factor driving revenue growth of the market. Adoption of Electric Vehicles (EVs) is expected to open up considerable potential opportunities for the industrial gear industry because EVs need gears for their gearbox systems.
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Industrial gears are utilized in various machines in the Food & Beverage (F&B) sector, including mixers, conveyors, and packaging tools. Demand for industrial gears in this industry is rising by increasing need for processed F&B products as well as requirement for reliable and efficient machinery. Another important end-use for industrial gears is the construction sector because it uses them in a variety of tools such as bulldozers, excavators, and cranes. Moreover, rising investments in infrastructure development and demand for homes and businesses is also expected to drive market revenue growth during the forecast period.
Due to the fact that industrial gears are utilized in equipment, including crushers, conveyor belts, and drilling machines, the mining industry is another key end-user of these products. Furthermore, necessity for high torque and power transfer, rising need for customized gears, and adoption of automation and Industry 4.0 technologies across many industries are also expected to drive market revenue growth during the forecast period. However, high cost of manufacturing and availability of less expensive alternatives, are major factors, which could restrain market revenue growth.
Competitive Landscape:
- ABB Ltd.
- Siemens AG
- Bonfiglioli Riduttori S.p.A.
- Dana Brevini Power Transmission S.p.A.
- David Brown Santasalo
- Falk Corporation
- Rexnord Corporation
- Altra Industrial Motion Corp.
- Timken Company
- Sumitomo Heavy Industries, Ltd.
- Mitsubishi Heavy Industries, Ltd.
The global market is further segmented into type and application:
| By Product Type Outlook |
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| By End-Use Outlook |
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Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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