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Gear Reducer Market is Estimated To Witness Moderate Growth Owing To Trends of Industry Automation12/11/2023 Gear reducers are mechanical devices that are used to reduce the revolutions per minute (RPM) of a motor shaft and increase the torque output. Gear reducers find wide applications where high torque output is required at low speeds. They are commonly used in conveyor systems, packaging equipment, cranes, railway locomotives, and robotic arms among others.
The global Gear Reducer Market is estimated to be valued at US$ 17.32 Bn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the key trends in the gear reducer market is the increasing adoption in the industrial Internet-of-Things (IoT). IoT enables interconnectivity within industrial machinery and equipment through sensors and controllers. Gear reducers play a vital role in IoT-enabled industrial equipment by facilitating low-speed, high-torque motion required for automation. Various factors such as predictive maintenance, remote monitoring, and data analytics are augmenting the demand for IoT-integrated gear reducers across industries. This is expected to drive the growth of the gear reducer market over the forecast period. Segment Analysis The gear reducer market is dominated by helical and worm gear reducers. Helical gear reducers account for over 40% share owing to their compact size, high torque transmission capacity, and smooth functionality. Worm gear reducers hold the second largest share and are preferred for applications requiring high torque and self-locking functionality such as conveyor systems, injection molding machines, and presses. Planetary gear reducers are growing at a faster pace and gaining acceptance in machine tools and robotics due to their compact design and high torque to weight ratio. Key Takeaways The Global Gear Reducer Market Size is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing demand from industrial machinery, material handling equipment, and construction industry. Regional analysis - Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period. This can be attributed to rapid industrialization and growth of the manufacturing industry in China, India, and Southeast Asian countries. Key players operating in the gear reducer market are SEW-EURODRIVE, Bosch Rexroth, ZF Friedrichshafen, Sumitomo Heavy Industries, and Dana Incorporated. SEW-EURODRIVE and Bosch Rexroth capture over 30% market share due to their extensive product portfolio and wide global presence. Get more insights on this topic: https://www.marketwebjournal.com/gear-reducer-market-size-market-share-analysis/
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