September 25, 2023 12:52 ET | Source: Transparency Market Research Transparency Market Research
Wilmington, Delaware, United States, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global industrial gear market is projected to flourish at a CAGR of 5% from 2023 to 2031. As per the report published by Transparency Market Research, a valuation of US$ 111.4 billion is anticipated for the market in 2031. As of 2023, the market for industrial gear is expected to close at US$ 79.1 billion. Worm Shaft
Industrial gear finds application in a wide range of heavy industries and manufacturing industries due to its capability of reducing mechanical work in various processes and operations.
Rising net income in developing economies has encouraged several industries to extend their facilities to meet the demand of consumers. These industries include textile, oil & gas, pulp & paper, and food & beverages.
Growth of end-use industries, along with increasing adoption of industrial automation at the global level is likely to fuel the growth of the industrial gear market in the upcoming years.
The industrial sector majorly prefers spur, helical, and internal gear. These products can work in parallel axes, which improves their acceptance in various end-use applications.
Aerospace and defense applications, such as aircraft engines, missile systems, and naval vessels, require high-performance gears. Ongoing defense modernization programs and the growth of commercial aviation contribute to industrial gear demand. The rising shift toward renewable energy sources globally contributes to the growth of the industrial gear market.
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Key Takeaways from the Market Study
Industrial Gear Market: Key Trends and Opportunistic Frontiers
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Industrial Gear Market – Regional Analysis
The global industrial gear market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global industrial gear market report:
Key Developments in the Industrial Gear Market
Partial Table of Content (ToC):
5.5. Porter’s Five Forces Analysis
5.7.1. Managing Supply Chain Risk and Disruption – Considering Impact of COVID-19
5.9. Global Industrial Gear Market Analysis and Forecast, 2018 - 2030
5.9.1. Market Revenue Projections (US$ Mn)
5.9.2. Market Revenue Projections (Million Units)
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Industrial Gear Market – Key Segments
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