Geared Motors Market: Need for Energy Efficiency in End-use Industries Driving Growth
The global market for geared motors will continue to feed off end-use industry segments such as materials, wind power, and food and beverages, finds Transparency Market Research (TMR) in a new market study. The study, titled “Geared Motors Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020,” also points out that investments in heavy industries is on the rise too, which will further fuel the market forward. The report estimates a healthy CAGR for the global market for geared motors over the course of forecast period of 2014 to 2020.
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A gear motor is either an AC or DC motor coupled with a gearbox or transmission, which helps alter the speed or torque of the motor. Geared motors are common devices for consumers of several sectors owing to its varied applications. The report states that economic stability across the market will increase consumer spending on gearbox motors. Moreover, rising concerns over increasing energy costs will lure customers towards energy-efficient geared motors. Furthermore, growing environmental concerns across the world will promote the use of wind power farms, which as a result, will escalate the use of gear motors in the turbines of non-conventional energy generators such as wind and hydroelectric power. The report highlights that the demand for geared motors from non-conventional energy sources sector will expand at a robust growth rate over the forecast period. Additionally, factors such as ease of use and simplicity of the design are facilitating the widespread acceptance of gear motors technology.
To present a thorough study, the report segments the global geared motors market on the basis of type of gearbox, type of gear box mounting, end-use industry, and geography. By type of gear box used in the motor, the market has been segmented into helical gearboxes, bevel gearboxes, planetary gearboxes, and worm gearboxes. By type of gear box mounting, the geared motors market is divided into in-line geared motors and shaft mounted.
Since geared motors are applicable in various sectors, the report also segments it on the basis of end-use industry into metals and mining, material handling, food and beverages, chemical, power, petrochemical, construction, pulp and paper, heavy machinery, water and waste water management, oil and gas, agriculture, and others. Revenue and growth prospects of each of the segments have been covered in the report.
The report observes that currently, North America is the most prominent market for geared motors in terms of market share, while the European market for the same has recorded consistent growth in recent years.
The report observes that the global geared motors market is highly competitive with several global and domestic players. Some of the prominent names in the market are Siemens AG, Radicon. (Elecon Group Company), Framo Morat Group, Portescap Inc., Johnson Electric, Bison Group, Sumitomo Drive Technologies, Varvel SpA, Leroy Somer, Bauer Gear Motor, SEW-Eurodrive, BFT Automation UK Ltd., and WEG S.A.
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