Gear Manufacturing Market Size to grow by USD 113.74 billion between 2023-2027
According to a research report “ Gear Manufacturing Market” by Product (Worm gear, Bevel gear, Others ) End-user (Oil and gas industry, Power industry, Automotive, Spur gear and others ) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 113.74 billion, at a CAGR of 7.75% during the forecast period. The technological advancements of the last few decades have significantly impacted industries, particularly manufacturing, by driving automation adoption. This trend is global and the manufacturing sector is expected to lead the market growth in gear manufacturing. Robots and automation equipment are increasingly utilized for high-speed, repetitive tasks, necessitating the development of more sophisticated gears for enhanced precision and application scope. The gear manufacturing market is poised for robust expansion due to this heightened demand for advanced automation solutions.
Browse market data tables, figures, and in-depth TOC on “Gear Manufacturing Market” by Product (Worm gear, Bevel gear, Others ) End-user (Oil and gas industry, Power industry, Automotive, Spur gear and others ) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample
By Product, the Worm gear segment is projected to dominate the market size in 2024
In the industrial sector, heavy-duty gears play a pivotal role in the oil and gas value chain and various chemical process industries. These gears are primarily utilized in equipment such as mixers, melt pumps, extruders/pelletizers, transport pumps for liquids and fuel, compressors, fans, blowers, and expanders. The power range for these gearboxes typically falls between 300 kW and 60 MW. The usage of high-value, intricately engineered gearing equipment is commonplace in these applications. Despite the oil and gas industry experiencing a downturn due to fluctuating oil and gas prices over the past few years, the rebound of crude oil and natural gas production from Q1 2022 has instilled confidence in oil and gas companies to invest in new upstream, midstream, and downstream projects.
By End-user, Oil and gas industry segment is expected to hold the largest market size for the year 2024
In the realm of gear manufacturing, worm gears represent a significant solution for transmitting power and changing rotational movements at a right angle. These gears feature a helical thread on their shaft, engaging with a toothed wheel to impart motion. Worm gears are renowned for their high reduction ratios, leading to substantial torque multiplication. They are instrumental in managing speed at low and medium levels, making them indispensable in various industries. Constructed from robust materials like steel and brass, worm gears boast a self-locking mechanism, rendering them ideal for hoisting and lifting applications. The reduction ratio, determined by the number of gear teeth, ensures a more compact design compared to other gears.
APAC is forecasted to hold the largest market size by region in 2024
The Asia Pacific (APAC) region, particularly China and India, have been key contributors to the growth of the gear manufacturing market due to their substantial expansion of wind energy capacity. With some of the world's largest oil and gas consumers, chemical and industrial manufacturing countries, and the automotive manufacturing hub, APAC holds a significant share in the global gear manufacturing industry. Given the region's diverse economic landscape, demand for gear manufacturing varies widely among developed and developing countries. China and India, in particular, are prioritizing renewable energy sources to meet emission targets and reduce environmental pollution, driving further market expansion.
The Gear Manufacturing Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The gear manufacturing market encompasses the production of industrial machines that utilize energy-efficient gears for smooth power transmission. Key players in this market include Ringfeder and Timken. These gears find applications in various sectors such as medical products, aerospace, and automotive. Cylindrical gears and worm gears are commonly used for transmitting speed and torque in machine components. Production activities in the gear manufacturing industry involve cutting and honing of teeth on wheels and gears. Energy efficiency is a significant consideration in modern gear designs, with manufacturers focusing on reducing power consumption and increasing productivity. The gear manufacturing industry employs a large workforce and has implemented sanitization measures and social distancing protocols to ensure employee safety during the ongoing pandemic. The oil and oilfield industries are significant consumers of gears, with oil companies relying on efficient gear systems for their operations. Energy-efficient gears are essential for various applications, including industrial machinery, automotive transmissions, and aerospace components. By reducing energy consumption and increasing efficiency, these gears contribute to the overall productivity and sustainability of industries that rely on them.
Market Research Overview
The gear manufacturing market is a dynamic and diverse industry, serving various sectors such as Agriculture, Aerospace and Defense, and Industrial Machinery. Companies like Curtis Machine play a significant role in this market, providing innovative gear designs and high-performance materials for applications in power transmission, CNC machining, 3D printing, and more. Key industries utilizing gear manufacturing include Agriculture, with equipment like loaders, excavators, and cranes requiring robust gearboxes. The Aerospace and Defense sector relies on high-precision gears for military vehicles, helicopters, and aircraft engines. In the Energy sector, companies like Timken and Ringfeder produce gear units for power plants, wind turbines, and solar tracking systems. The Medical sector also benefits from gear manufacturing, with surgical instruments, imaging devices, and medical equipment requiring precise gears. The adoption of robotics and automation in manufacturing processes is increasing, with robotic systems used for gear manufacturing, cutting, honing, and finishing processes like grinding, milling, shaping, hobbing, and heat treatment. Raw materials like aluminum, cast iron, steel, and high-performance materials are essential for gear manufacturing. Skilled labor and advanced machinery operation are crucial for producing gear specifications that meet dimensional accuracy, backlash measurements, gear ratio, pitch diameter, module, tooth profile, and gearbox specifications. The Automotive sector, including passenger cars, off-road vehicles, and commercial vehicles, utilizes gears in differentials, drivelines, and transmissions. The dimensionally accurate and durable gears ensure precise movement, speed, torque, and power in these applications. The gear manufacturing process is continuously evolving, with companies investing in research and development to improve gear designs, materials, and manufacturing processes. Sanitization measures and social distancing are essential in today's production activities to ensure employee safety and operational continuity. Oil and oilfield companies also rely on gear manufacturing for their drilling and production equipment. Overall, the gear manufacturing market is a critical component of various industries, driving innovation, efficiency, and productivity.
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