The advent of magnetic gearboxes is one of the major trends in the global geared motors industry.
According to the latest Arizton's market research report, the global geared motors industry to be valued at approximately USD 27 Billion by 2026, growing at a CAGR of around 5% during the forecast period.
Global Geared Motors Industry Growth
With the increasing investments in industrial sectors, expansion, and upgradation, the demand for geared motors is expected to witness significant growth. Growth in mining activities and production of mined materials in China, India, and other developing countries is expected to fuel the production of geared motors in countries with large mining sectors. The automotive, power generation, oil & gas, and metal & mining industries are dependent on the economic growth of the country/region and can witness fluctuating demand in the global geared motors industry. AC geared motors are estimated to hold the highest share in the global geared motors industry and is anticipated to witness higher growth than the DC motors segment due to the high cost of brushed DC motors.
Emergence of Magnetic Gearboxes
Magnetic gears are the ones where power and torque transmissions are carried out without contact and with the assistance of magnetic powers. As a result, there is no noise, vibration, and friction, unlike mechanical gear transmissions. This eliminates the need for lubrication and significantly lowers cost. Heavy investments are also being made in magnetic geared motors. Many end-use industries are registering high demand for motors coupled with magnetic gearboxes due to several advantages offered, such as higher efficiency and low cost. The advent of magnetic gearboxes is one of the major trends in the global geared motors industry and is expected to witness high growth over the next few years.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by motor type, sales channel, gear type, rated power, end-user, and geography
- Competitive Landscape – 9 Key Company Profiles and 8 Other Prominent Vendors
Global Geared Motors Industry – Geographic Analysis
India and China are expected to be the fastest growing market in the global geared motors industry, supported by a rapid shift toward urbanization and industrialization. Owing to continuous automation in the industrial sector in several APAC countries, activities such as manufacturing, construction, and power generation, and mining are significantly increasing. Industries that are fueling the demand and revenue generated from geared motors include chemical, marine, mining, and F&B. The market is expected to see major changes in the technological aspect, particularly due to the increased efficiency of the motor. F&B is the largest manufacturing industry in Europe, generating a turnover of over USD 1 trillion and more than USD 260 billion in value-added in 2019. The highly established F&B industry is expected to drive the demand for geared motors in Europe.
The players of the global geared motors industry are likely to be adversely affected by the rapidly evolving technological climate, as the characteristics of this sector are continuous developments and improvements according to schemes and government policies. The global geared motors industry is characterized by the presence of diversified international and regional suppliers, with international players growing their market footprint, it is becoming increasingly difficult for regional suppliers to compete with them, particularly about features such as quality, technology, and price. The competitive environment in this market is expected to intensify further with an increase in product/service extensions, technological innovations, and M&As. Furthermore, improving global economic conditions will fuel market growth, making it an exciting time for new products to be introduced.
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