LONDON, Sept. 1, 2014 /PRNewswire/ -- Benefits such as simplicity, cost-effectiveness, modular design and flexibility are spurring the demand for gearboxes and gear motors globally. The growing emphasis on energy efficiency and the investments expected in wind energy will further fuel the adoption of gearboxes and gear motors in industries as well as in wind turbines.
New analysis from Frost & Sullivan, Analysis of the Global Gearboxes and Gear Motors Market, finds that the market earned revenues of $12.80 billion in 2013 and estimates this to reach $15.67 billion in 2017. North America and Asia-Pacific are likely to become the largest markets owing to increased manufacturing and mining activities.
"Advancements in gear technology that facilitate the development of compact, high precision devices will encourage the uptake of gearboxes and gear motors in these regions," said Frost & Sullivan Industrial Automation & Process Control Senior Research Analyst Krishna Raman. "The high torque density and customisable features of gearboxes will add to their popularity."
Unfortunately, advancements in technology result in a longer life cycle for products, decreasing the market for replacements. The use of hybrid gearboxes, in particular, will reduce the need for new devices in the short term. The global economic slowdown too will affect the uptake of new equipment.
As a result, manufacturers must scout for inorganic growth opportunities among companies that offer products complementary to gearboxes to establish a strategic advantage in the global market. This will also help them deliver holistic drive solutions and meet consumer demand for integrated automation solutions. For instance, the acquisition of motion controller manufacturers will allow gearbox suppliers to deliver complete energy-saving solutions.
"Backward vertical integration could also enable manufacturers to gain control over lead times," observed Raman. "Setting up local manufacturing or assembling units near the markets served will be another efficient way to achieve faster delivery times and stay competitive in the global arena."
If you are interested in more information on this study, please send an e-mail to Julia Nikishkina, Corporate Communications, at julia.nikishkina@frost.com.
Analysis of the Global Gearboxes and Gear Motors Market is part of the Power Transmission (http://www.motors.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Global Belt Drives and Chain Drives Market and European Electric Drives Market - Fact Book. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global Gearboxes and Gear Motors Market
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Julia Nikishkina
Corporate Communications – Europe
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