The global geared motors market size to reach USD 27 billion in 2026, growing at a CAGR of 5% during the forecast period. The global industry is expected to be highly influenced by China and India in terms of demand and raw material availability. Owing to the increasing focus on domestic production in the APAC region, particularly in India, the region is expected to grow significantly. This pattern is expected to persist in the long term, along with the globalization of trade in the Global South. Trade levels in developing economies are projected to grow faster than in developed economies. The market is likely to grow with the growth in industrial production, enhancement in technological advancement, increase in urbanization and expansion of industries, and favorable trade opportunities in developing countries.
- The helical segment is expected to reach a revenue figure of approx. $13 billion by 2026 due to the high application of gearboxes in F&B, chemical, and plastic industries.
- The AC motor segment is likely to touch the revenue mark of over $23 billion by 2026 on account of the entry of major manufacturers such as Siemens AG, Johnson Electric, and ABB in the market.
- The direct sales segment is projected to grow at the highest CAGR during the period 2020–2026 driven by cost efficiency and high market penetration.
- The food and beverage industry is likely to observe an incremental growth of over $1.20 billion by 2026 because of the rapid growth of the global food processing industry.
- The APAC region is projected to achieve an incremental growth of over $3 billion by 2026 due to increased investments and favorable FDI policies in several end-user industries in the region.
GLOBAL GEARED MOTORS MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Motor Type
- Sales Channel
- Gear Type
- Rated Power
INSIGHTS BY GEAR TYPE
Capable to handle high-pressure loads and long-lasting performance are increasing the application of helical gearboxes. In 2020, helical geared motors held the highest market share as they last longer than others. They are projected to dominate the market during the forecast period. F&B, textiles, road construction machinery, chemicals, cement, and plastic are the major end-users, which are expected to drive the helical geared motors demand. However, easy handling along with high torque, low maintenance, and power consumption are likely to contribute to the growth of power transmission gears.
Planetary geared motors are expected to grow at the highest CAGR during the forecast period as they offer several advantages. The automotive industry generates the second-highest demand and is expected to witness high growth during the forecast period. The automotive industry along with chemicals, power, and construction industries holds a prominent share in the market. APAC and North America are estimated to observe the highest demand for planetary geared motors.
INSIGHTS BY SALES CHANNEL
High trust levels and traceability are the major factors responsible for direct geared motor sales. The increasing demand for interconnectedness between consumers and businesses for reliability across the globe is also boosting the direct selling of geared motors. Reduced expenditure and deep market penetration are other factors driving the sale via direct channels. India and China are expected to witness the highest growth in direct sales owing to rapidly growing industrialization.
High brand awareness is aiding the growth of indirect sale channels. This distribution channel offers customers an advantage to choose, select, or reject. It provides consumers control over price, quality, and type. However, high incurred costs and the involvement of intermediaries are hindering the growth of the segment.
INSIGHTS BY MOTOR TYPE
The rise in automation in several industrial processes and the high application of electric AC motors in various end-users such as healthcare, F&B, automotive, and other industries are likely to drive the market. The geared motors market growth is accelerated by the increasing use of electric AC motors in infrastructure and construction projects, especially in developing economies, which is likely to increase influence growth prospects of the segment. APAC is expected to witness significant growth over the next few years owing to the increase in purchasing power, high production of AC motor-driven applications, and growth in infrastructure projects in developing economies, especially in India and China.
Collaborations across the world to manufacture and increase the acceptance of electric cars are projected to produce a massive market for DC gear motors in the future. They have undergone several advances over the past few years, which are likely to gain traction in the future. However, due to certain disadvantages associated with brushed motors, DC motors hold a comparatively low market share.
INSIGHTS BY RATED POWER
Horsepower (rated power), starting torque, and high efficiency are the most important factors, which end-user industries considered while purchasing geared motors. 7.5 KW rated geared motors prefer aluminum frames as they are available in abundance. Geared motors ranged between 7.5 KW and 75 KW are expected to grow significantly. However, stringency in government regulations, which include, compliance to IE2 levels for above 7.5KW motors is expected to curtail the production of these machines.
Geared motors above 75 KW hold a small share of the global geared motors market and are expected to witness the slowest growth during the forecast period. These motors are expected to accelerate the momentum by over 8% during the forecast period. Strict adherence to the IE4 level for over 75KW geared motors, specifically in Europe is likely to affect their growth prospects. Vendors are likely to face challenges to improve the minimum performance and follow IE4 standards, thereby curtailing growth prospects.
INSIGHTS BY END-USER
In 2020, the demand for geared motors has been adversely affected on account of the COVID-19 outbreak. However, the impact level varies in intensity and scale as the industry is characterized by a high degree of end-user variability. Worm gear engines and helical gear motors are commonly used in the F&B industry with varying degrees of sanitary safety to meet the requirement in the production facility. North America is expected to generate the highest demand for geared motors owing to the presence of a highly established and rapidly F&B growing industry.
The automotive industry is expected to make a significant contribution to the global geared motors market share. However, due to lockdowns and restrictions, car sales are likely to be unpredictable. In H1 2020, the supply chain was disrupted and a realignment of contracts in the auto industry is expected. Suppliers of geared motors to the automotive industry are expected to confront heightened liquidity concerns.
To achieve improved reliability, reduced energy costs, and increased automation and mechanization, large operators in the metal & mining industry are investing in geared motors. Advances in technology are strongly supporting the growth of the industry, however, due to the ongoing pandemic, the demand for metals has become highly uncertain, thereby affecting the market growth.
INSIGHTS BY GEOGRAPHY
The geared motors demand in the APAC region can be attributed to rapidly increasing urbanization and industrialization. The increased focus on urbanization is boosting the demand for vehicles and other consumable goods, which, in turn, are boosting the market for geared motors in the region. Owing to continuous automation of several industrial sectors in APAC, the demand for geared motors is increasing in manufacturing, construction, and power generation, and mining end-users. Moreover, due to increasing investments in the oil & gas industry, favorable government policies, boosting the automotive industry, APAC is expected to observe high growth opportunities during the forecast period.
INSIGHTS BY VENDORS
Vendors are likely to be adversely affected by the rapidly evolving technological climate as keeping up pace with continuous developments and enhancements is a major challenge. The rivalry among vendors is likely to intensify. The entry of large established motor firms is a major challenge for domestic and regional manufacturers. To maintain a strong market presence, suppliers are required to adjust and refine their specific products. The market is highly diversified on account of the presence of several manufacturers operating and selling their valued propositions worldwide.
The global geared motors market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Direct Sales
- Indirect Sales
- Helical-Bevel Gear
- Up to 7.5 kW
- 7.5 kW–75 kW
- Above 75 kW
- Food & Beverages
- Metal & Mining
- Material Handling
- Oil & Gas
- South Korea
- Rest of Latin America
- Saudi Arabia
- Rest of Middle Eastern Countries