Industrial Gear Market to Expand with Significant CAGR During 2024
The
Europe industrial gears market features a high concentration of
domestic as well as international players, operating amidst intense
competition to win a greater portion of the pie, observes
Transparency Market Research (TMR) in a recent report. The high
capital requirement for setting up industrial gears designing and
manufacturing facilities has kept the threat of new entrants low in
the market. As a result, companies can expect to witness a
medium-level impact of the possibility of new entrants making
competition more intense in the near future.
Report
Overview :
Innovations
in gear design could help develop a vast set of new opportunities in
the Europe industrial gear market and companies are suggested to
focus on designing gears that are likely to produce less noise, heat,
and have improved workable lifecycle. Some of the market’s notable
vendors are Siemens AG, Klingelnberg GmbH, Precipart Corporation,
RenoldPlc, Bonfiglioli Riduttori S.P.A., and BMT International S.A.
TMR
estimates that the Europe industrial gears market was valued at
US$24.21 billion in 2015 and will reach US$35.23 bn by 2024,
expanding at a CAGR of 4.5% from 2016 to 2024.europe industrial gear
market.
Low
Efficiency and High Production of Heat to Reflect Negatively on
Demand for Helical Gears
In
terms of gear types, the segment of helical gears accounted for the
most significant share in market’s overall revenues, an estimated
12.4% in 2015, but is expected to decline over the forecast period
owing to issues such as the production of excessive heat and low
efficiency as compared to other gears. Geographically, the market for
industrial gears in Germany contributes the most significant share in
the Europe industrial gears market’s revenues, thanks to a large
number of industries and a steadily expanding manufacturing sector.
High
Demand in Manufacturing Industries Key to Market Growth
The
industrial gear market in Europe is primarily driven by the steadying
manufacturing sectors like automotive, steel, plastic, paper, and
cement post the recent economic turmoil of 2008-2009. Existing
industries are upgrading old gears with newer ones and new industries
are incorporating industrial gears for various operations,
collectively escalating the demand for industrial gears in the
region. Factors such as higher loading capacity as compared to
domestic gears, efficiency, and reliability are the key benefits of
industrial gears that fuel their consumption in manufacturing
industries. Moreover, expansion of the manufacturing sector will have
a higher impact during the forecast period in Europe.
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