Industrial Gear Market (Type - Helical Gears, Bevel Gears, Worm Gears, Spur Gears, Herringbone Gears, Hypoid Gears, Crown Gears, Skew Gears, Spiral Gears, Non-Circular Gears, Epicyclic Gears, Harmonic Gears, and Magnetic Gears; Application - Oil and Gas, Steel and Manufacturing, Material Handling, Machine Tools, Pulp and Paper, Automotive, Mining, Plastic, and Cement) - Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 08/01/2017 -- 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.
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.
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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.
Concerns Related to Costly and Timely Maintenance of Industrial Gears Challenges Growth
One of the major restraint of this market is the high maintenance cost of most industrial gears in the Europe market. Industrial gears are used for heavy processes and during their utilization, there are chances of gears wearing out before their promised workable lifespan owing to factors such as negligence in maintenance or deployment of unskilled resources for the purpose.
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Maintenance of industrial gears requires skilled labor and leads to huge overhead costs. Skilled labors help assure that the gears are well lubricated, the thorough check up of wear and tear of the gears is taken care of on a timely basis, gears are aligned properly, which collectively help reduce the maintenance cost. Lack of skilled labors specialized in undertaking these tasks is restraining the demand of industrial gears in Europe and is likely to have a medium impact on the overall development of the market during the forecast period.
This review of the market is based on a recent market research report published by Transparency Market Research, titled "Industrial Gear Market - Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."