Strategic analysis of the Europe Industrial Gear Market, and Market growth Forecast 2024

Europe Industrial Gear Market: Overview

This report provides strategic analysis of the Europe industrial gearmarket, and the market growth forecast for the period 2016 to 2024. The scope of the report includes competitive analysis of various market segments based on the types, end use industries of the industrial gear market.

Spur gears are the simplest type of gears that have straight teeth and are mounted on parallel shafts. These gears are used in material handling equipment, power plants, steel mills among others.  Demand of these gears are high as they are easy to install and are compact, reliable and can transmit huge amount of power.

Due to easy installation and reliability of these gears, spur gears is acting as one of the key trend in the industrial gears market in the region of Europe. Another major advantage of these gears is that it offers constant velocity ratio.Europe industrial gear market is mostly privatized and the industry comprises both international and local companies. Considering the new technologies introduced in the industrial gear market, the market provides attractive opportunities for the manufacturers of industrial gears. As a result of which, the market is experiencing an important level of competition.

Industrial gears help in reducing the mechanical works in industries as it performs tasks by implementing less effort. It helps in operating various machines and carry out heavy works easily. These gears are used in heavy industries which help in changing direction of rotational force from one axis to other.

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Europe Industrial Gears Market: Snapshot

Industrial gears find vast usage across a number of industries owing to the reduction in mechanical work they bring about in a variety of industrial processes and operations. Industrial gears have equally expansive applications in heavy industries as well as in different manufacturing industries. Forming the core of most machinery used extensively in a vast array of industrial processes, the market for industrial gears in the highly industrialized European countries is expected to expand at a healthy pace in the next few years.

Transparency Market Research estimates that the market will exhibit a 4.5% CAGR over the period between 2016 and 2024. At this pace, the market is expected to rise from a valuation of US$24.21 bn in 2015 to US$35.23 bn by 2024.

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Vast Number of Industries to Help Germany Maintain Dominance

In terms of geography, the Europe industrial gears market is examined for U.K., Germany, Italy, France and Rest of Europe. Of these, the market in Germany dominated in terms of revenue contribution to the overall market in 2015. The presence of a large number of industries and a steadily expanding manufacturing sector in the country is fuelling the demand of industrial gears.

Over the forecast period, however, the market for industrial gears in Germany will lose prominence to other regional markets such as France, Italy, and countries in the Rest of the Europe segment, including Spain, Belgium, and the Netherlands. The Rest of the Europe segment will exhibit the most promising pace of growth, an estimated 5.5% CAGR from 2016 to 2024. The market in this region will primarily benefit from the flourishing manufacturing industries like construction, steel, and iron.

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