Geared Motors and Drives Market to increase by USD 8.45 billion from 2023 to 2028; Growing importance of accuracy in quality control processes boosts the market growth - Technavio

NEW YORK, Dec. 11, 2023 /PRNewswire/ -- The geared motors and drives market is expected to grow by USD 8.45 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of over 7.3% during the forecast period. The market is segmented by type (geared motors and geared drives), end-user (food and beverage, metals and mining, automotive, Wind power, and oil and gas and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).  

The growing importance of accuracy in quality control processes drives market growth. Several industrial manufacturers are seeking various opportunities to improve their manufacturing standards and practices without affecting the cost of production. In addition, multiple QC processes during the production process are required to increase overall operational productivity. Hence, the growing emphasis on accuracy drives the market growth. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the geared motors and drives market: ABB Ltd., Boneng Transmission Suzhou Co. Ltd., Bonfiglioli Riduttori Spa, Dana Inc., dematek GmbH and Co. KG, DieQua Corp., Eaton Corp. Plc, Elecon Engineering Co. Ltd., Emerson Electric Co., Groschopp, Johnson Electric Holdings Ltd., Mitsubishi Electric Corp., Nidec Corp., Regal Rexnord Corp., SDT Drive Technology, SEW-EURODRIVE GmbH and Co KG, Siemens AG, Sumitomo Heavy Industries Ltd., Watt Drive Antriebstechnik GmbH, and Nord Gear Ltd.
• Geared Motors and Drives Market is fragmented in nature.
• Market to observe 6.06% YOY growth in 2024.

Market Dynamics:

Trend

• Technological advances and new product developments drive the market growth. 
• There is an increasing use of geared motors and drives in various industrial applications.
• In addition, several market players are providing ruggedized motors to meet the extreme operating requirements of process industries including oil and gas, and chemicals.
• Furthermore, companies are investing in software to improve the performance of geared motors and drives.
• Hence, such factors are driving the market growth.

Challenges

• High maintenance costs associated with geared motors and drives hinder market growth.
• Geared motors and drives require periodic lubrication, cleaning, and monitoring due to the presence of mechanical parts.
• In addition, the maintenance cost for geared motors and drives is very high.
• Hence, such factors are hindering the market growth.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

• The market growth of the geared motors segment is significant during the forecast period. The geared motors segment refers to electromechanical devices that integrate an electric motor and a gearbox into a single unit. The gearbox, consisting of a set of gears, is designed to modify the output speed and torque of the motor. In addition, these components are important in various industrial and commercial applications where precise control over motion and power transmission is required. Hence, such factors are fueling the growth of this segment which in turn drives the market growth.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio