Gear Motor Market to Surge Exponentially Due to Demand for Renewable Energy

The global gear motor market size is projected to show healthy growth by reaching USD 8.91 billion by 2029. Fortune Business Insights™ in its report titled “Gear Motor Market Size, Share & COVID-19 Impact Analysis, By Type (Helical Gear, Planetary Gear, Bevel Gear, Worm Gear, and Spur (in-line) Gear), By Rated Power (Up to 7.5 kW, 7.5 kW to 75 kW, and Above 75 kW), By Torque (Up to 10,000 Nm and Above 10,000 Nm) and by End-user (Material Handling, Construction, Power Generation, Mining, Food & Beverage, Manufacturing Industry, Packaging and Labelling, and Others) and Regional Forecasts, 2022-2029” observes that the market size in 2021 stood at USD 6.65 billion and reached USD 7.03 billion in 2022.

The market is expected to witness a strong CAGR of 3.4% during 2022-2029. The incorporation of Internet of Things (IoT) for the modernization of industrial infrastructure is projected to drive market growth. Countries such as China, Japan, Germany, India, and the U.S. are actively investing in renewable energy to reduce carbon emissions, which is expected to expand market development.

Weakened Demand During Pandemic Impacted Market Growth Significantly

The COVID-19 pandemic affected all major industries during 2020 and a major part of 2021. The gear motor industry experienced a medium-term impact owing to disruption in the operations in various manufacturing processes, such as the exploration and production of hydrocarbons, establishment and growth of production facilities, and decline in the trade. These factors led to lower demand during COVID-19.

Acquisition by Bonfiglioli S.p.A to Set Development for Market Enlargement

In March 2021, Bonfiglioli S.p.A acquired Sampingarnaggi from Bentivoglio (BO) for USD 6.055 billion. The acquisition includes Sampingarnagi based in India and China, their warehouses brand, patents, designs, and products. The acquisition by Bonfiglioli S.p.A has been done to expand the presence of Bonfiglioli S.p.A globally. Such acquisitions by the market players is done to propel market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/gear-motor-market-100753

Increasing Demand for Power Generation to Propel Market Improvement

Increasing number of investments in power generation for the developing of electricity is anticipated to drive gear motor market growth. Energy is one of the essential factors for economic development and growth. Gear motor is used in power generation plants such as in thermal power plants, wind plants, and others. Growth in the number of manufacturing facilities is expected to drive market growth. According to the International Energy Agency (IEA) the demand for electricity is expected to grow.

New Product Launches by the Market Players to Drive Market Share

Key players in the market have opted for new product launch strategies. For example, In April 2022, SEW-Eurodrive included stainless steel servo geared motors in their product portfolio. The PSH.CM2H series serves a range of applications in the food, beverage, and pharmaceutical industries. Such new product offerings are expected to drive market growth.  

Key Industry Development

• March 2021: Dana Brevini Power Transmission Group completed the acquisition of Sampingranaggi. The acquisition verticalized its production both countries in both Italy and China. The acquisition is set to expand its robotic application due to high accuracy and efficiency of gear units and motors development.

List of Key Companies Profiled in the Market Report:

• Bonfiglioli S.P.A. (Italy)
• SEW Eurodrive (Germany)
• Bauer Gear GmBH (Germany)
• Johnson Electric (Hong Kong)
• Premium Transmission (India)
• Regal Rexnord (U.S.)
• Nidec Corporation (Japan)
• Siemens (Germany)
• Shanthi Gears Limited (India)
• Emerson Electric (U.S.)
• Jiangsu Guomao Reducer Co. Ltd. (China)
• Watt Drive (Austria)
• Dana Brevini Power Transmission (Germany)
• Sumitomo Heavy Industries (Japan)
• Power Build Private Limited (India)

Further Report Findings

• The market in Asia Pacific dominated the market share in 2021 due to increasing number of power generation and construction activities, which is expected to have hold largest part in the gear motor market share.
• North America is expected to have considerable growth in the market due to rising demand from the power generation sector and manufacturing industries such as chemical and mining.
• Europe is also set to have noteworthy growth due to increase in the material handling industry, manufacturing industries, and energy sector.

Table of Segmentation