Latest News- Geared Motors and Drives Market: Geared motors is expected to lead the Type segment during 2024-2028

The Geared Motors and Drives Market is being driven by Growing importance of accuracy in quality control processes

The Geared Motors and Drives Market is expected to grow at a CAGR of 7.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8455.18 million. Magnetic gearboxes, a cutting-edge technology in the industrial sector, deliver several advantages for businesses. These advanced systems, which function without physical gear contact through magnetic attraction and repulsion, provide enhanced efficiency, decreased maintenance requirements, and improved overall performance. The elimination of lubrication needs in magnetic gearboxes leads to lower maintenance costs and reduced wear and tear, contributing to long-term cost savings. Additionally, the minimal frictional loss associated with magnetic gearboxes results in higher energy efficiency, making them eco-friendly and cost-effective solutions for businesses. Primarily utilized in high-speed applications and environments with significant shock and vibration, magnetic gearboxes are a promising investment for industries seeking reliable, sustainable, and low-maintenance power transmission solutions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Geared motors
  • Geared drives
• End-user
  • Food and beverage
  • Metals and mining
  • Automotive
  • Wind power
  • Oil and gas and others
• Geography
  • APAC
    • China
    • India
  • Europe
    • Germany
    • UK
  • North America
    • 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: 

• Growing importance of accuracy in quality control processes
• Rising need to maintain certification standards of industrial products
• Increasing use of geared motor and drive systems in automotive plants

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

• Growing use of VSDs in different end-user industries
• High maintenance costs associated with geared motors and drives
• Availability of counterfeit geared motors and drives

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Market Scope in Geared Motors and Drives Market Research Report

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Research Analysis Overview

The Geared Motors and Drives Market encompasses Motor Control, Gear Ratio, Torque Output, and Power Rating for efficient power transmission. Operating Temperature and Environmental Protection ensure durability with IP Rating and Enclosure Type. Shaft Configuration, Mounting Options, and Maintenance Requirements ensure ease of integration. Service Life, Operational Efficiency, Energy Consumption, and Control Systems optimize performance. Cloud Connectivity, Data Analytics, Process Optimization, and Automation Solutions enhance productivity. Lifecycle Management, Preventive Maintenance, Spare Parts, Technical Support, Custom Engineering, Application Expertise, Industry Specific Solutions, Case Studies, Success Stories, Future Trends, Industry 4.0 Applications, Digital Transformation, Sustainability Initiatives, Circular Economy, Additive Manufacturing, 3D Printing, Robotics Integration, Automation Trends, Smart Automation, Data Security, and Motor Control advancements drive innovation.

Market Research Overview

The geared motors and drives market is a significant segment of the global industrial machinery and supplies and components market, encompassing companies that manufacture geared motors and drive systems for industrial automation and motion control applications. This market is part of the larger industrial machinery and supplies and components sector, which includes businesses engaged in the production of machinery and components for various industries such as presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. The industrial machinery and supplies and components market size is determined by the combined revenue generated by these manufacturers. Key growth drivers for this market include the expanding industrial output in process and discrete industries, fueled by increasing global demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages, particularly in developing countries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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