Parallel shaft gear motors devour a remarkable source of vitality in companies, which translates into high costs. In terms of rising vitality costs, companies around the world are focusing on running competent systems in their start-up process. The presentation of strict guidelines that emphasize the reduction of expenditure has led to the selection of effective vitality techniques for different mechanical applications. There is growing interested in various areas of assembly, e.g., packaging, plastics, automobiles, and unit materials to open doors for parallel shaft geared motors.
Market Trends:
Asia-Pacific governments are focused on implementing their current framework. Business expansion and innovative advancements in wind energy, livelihoods and beverages, materials, and end-customer applications have increased interest in parallel shaft geared motors. The food and beverage industry has a significant supply in the market for parallel shaft geared motors. This is primarily due to the need to accept strict guidelines that emphasize sanitation, quality, and cleanliness, prompting producers to redesign their equipment as needed.
Market Drivers:
The escalating call for automation to increase productivity, and energy efficiency, and reduce labor costs is predicted to drive the global parallel shaft geared motors market development during the outlook period. Precision gearboxes are widely employed in machines and systems to automate many processes. Automation reduces the degree of manual operation and confirms minimal human intervention, which, in turn, should benefit sparsely populated areas with less skilled labor. Therefore, the call for these automated machines and systems is likely to have an optimistic impact on market growth during the conjecture period. The deployment of robots in response to the coronavirus pandemic has been comparatively faster in the United States. This pandemic has created a great need for automation. The push to replace humans with machines has accelerated in recent months in the medical, pharmaceutical, plastics, and rubber industries as establishments struggle to avoid coronavirus infections in the workplace in the United States. The growing call for food products has led to the adoption of automated technologies for processing and packaging machinery in countries such as India, China, Thailand, and Indonesia, which in turn is predicted to stimulate the market for parallel shaft geared motors.
Market Opportunities:
The escalating adoption of automation in the industrial sector in established economies is also predicted to create opportunities for market players during the forecast period. Increased investment in industries to lower production costs is likely to drive the uptake of industrial robots. Also, the improved capabilities of the robots increased security, lower prices, and production flexibility presented by the robots are estimated to attract many labor-intensive countries, such as India, to invest in automation technologies, thus creating opportunities for product manufacturers during the envisioned period. The introduction of strict energy regulations that focus on reducing energy costs has led to the adoption of many energy efficiency methods for various industrial applications. Escalating investments in different manufacturing sectors such as packaging, plastics, automotive, and unit material handling are predicted to create opportunities for parallel shaft geared motors over the projection period.
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
15.23% |
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Segments Covered |
By Shaft Type Insights, Application Insights, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Siemens AG, NORD Drivesystems, WEG S. A., Toledo Gearmotor, ABB Motors and Mechanical Inc., Bison Gear & Engineering Corp., Bodine Electric Company, SPG Co., Ltd, Mitsubishi Electric Corporation, and Allied Motion Inc., and Others. |
Parallel shaft geared motors can have a solid or hollow shaft. The hollow shaft is also called a plug-in reducer. On the hollow shaft, the Gearmotor is effectively combined with the machine being driven.
The food and beverage segment is predicted to have the largest share in the global parallel shaft geared motor market. This can be attributed to strict hygiene and food quality standards. This should encourage manufacturers to upgrade their equipment.
Market Regional Analysis:
By region, Asia-Pacific was the leading market in 2019, with more than 40.54% of the worldwide revenue share. The cost of digital controllers and computer robots has dropped dramatically over the past decade, reducing the payback time for manufacturing equipment. Labor costs in the Asia-Pacific region have risen at a rate of 10-15% over the past decade, leading to an increase in the number of manufacturing facilities opting for automation, which has resulted in an improvement in the call for gearboxes in recent years. The North American region is predicted to be an important part of the parallel shaft geared motor market due to high adoption from countries such as the United States and Canada. With the development of the population, coupled with the increase in people's salaries and the growing interest in food, the market for parallel-shaft gear motors is invoked to observe a high rate of development.
The rise in the cost of labor in China has been severe, where the unavailability of labor creates difficulties for labor-intensive industries. As a result, establishments automate their production lines to cope with the unavailability of skilled labor. Asia-Pacific has become one of the largest markets for parallel shaft geared motors, due to large-scale industrialization and infrastructure development in the region. Governments in Asia-Pacific are focusing on expanding their existing infrastructure. Increased investment and technological advancements in wind power, food and beverage, materials, and other end-user applications have driven calls for parallel shaft geared motors in this area.
The call for energy has declined with the huge economic contraction that followed the worldwide coronavirus pandemic. Even before that happened, the economic slowdown had stalled worldwide energy consumption expansion at 0.6% in 2019, compared with an average expansion of around 2% per year over the previous two decades. An IEA study estimates a drop in worldwide energy call of 5% and a corresponding drop in call for oil and gas of 9% and 4%, respectively, by the end of 2020. A drop in worldwide calls for coal and electricity slowed the rally, followed by oil and gas. Fossil fuels that were already under pressure from surplus-induced low prices were further affected by prolonged lockdowns that caused people to work and learn from home and use less road or air transportation.
Some of the key players in the global Parallel Shaft Geared Motors Market include
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