Latest News- Gear Manufacturing Market: Worm gear is expected to lead the Product segment during 2025-2029

The Gear Manufacturing Market is being driven by Adoption of industrial automation

The Gear Manufacturing Market is expected to grow at a CAGR of 8.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 137.8 billion. Additive manufacturing, also known as 3D printing, is increasingly being adopted for mass production of critical mechanical components, surpassing its traditional role in prototyping and R&D. This technology enables the direct fabrication of components via material deposition of a base filler material, offering versatility with a wide range of applicable materials, including plastics, metals, alloys, composites, and ceramics. Additive manufacturing presents several advantages over conventional manufacturing methods. It significantly reduces material wastage and energy costs due to the additive nature of the process. Faster product development and time to market are achievable with this technology, as it eliminates the need for tooling and allows for the production of complex geometries in a single build. Additive manufacturing also enables the use of extremely high-strength materials, making it relatively less expensive for certain applications. Its ease of manufacturing complex parts or components with intricate surface profiles is another significant advantage. Ongoing research efforts aim to further enhance the capabilities of additive manufacturing techniques. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Worm gear
  • Bevel gear
  • Others
• End-user
  • Oil and gas industry
  • Power industry
  • Automotive
  • Others
• Material
  • Steel
  • Cast iron
  • Polymer
  • Bronze
  • Composite materials
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Adoption of industrial automation
• Growing investments in renewable energy
• Resurgence of investments in oil and gas sector

However, the market also witnesses some limitations, which are as follows:

• Slowdown in Chinese manufacturing sector
• Challenges in mining and steel industry
• Intense competition among industrial gear manufacturers

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Market Scope in Gear Manufacturing Market Research Report

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Research Analysis Overview

In the dynamic world of Gear Manufacturing, reverse engineering and rapid prototyping, aided by Computer-Aided Design (CAD) and Computer-Aided Manufacturing (CAM), drive innovation. Industrial design aligns with supply chain visibility, demand forecasting, and quality assurance for efficient production. Process optimization, waste management, and circular economy principles reduce carbon footprint. Ethical sourcing, sustainability initiatives, and global supply chains ensure responsible manufacturing. Digital twins, remote monitoring, predictive analytics, and smart manufacturing leverage technology. Automation systems, robotics integration, assembly line optimization, software solutions, maintenance management, and various maintenance strategies enhance productivity.

Market Research Overview

The industrial machinery and supplies and components market encompasses businesses specializing in the manufacturing of industrial machinery and components, including injection molding, CNC machining, 3D printing, additive manufacturing, and subtractive manufacturing. This market's size is determined by the consolidated revenue generated by these manufacturers supplying equipment for industries such as presses, machine tools, compressors, pollution control, elevators, escalators, insulators, pumps, roller bearings, and metal fabrications. Market expansion will be fueled by the increasing industrial output in process and discrete industries, driven by the growing global demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing economies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/