Speed Reducers Market

Global Speed Reducers Market Size (2024-2032):

The Global Speed Reducers Market was worth US$ 9,854 million in 2023 and is anticipated to reach a valuation of US$ 20,365 billion by 2032 from US$ 10,682 million in 2024, and it is predicted to register a CAGR of 8.40% during the forecast period 2024-2032.

MARKET DRIVERS

Due to the growth of industries that require machinery for production, demand for speed reducers has increased. Emerging countries like India and China, where most of the manufacturers' production houses are located, are a great boon for the speed reducers market due to their applications in rolling machines, cranes, etc.

With the rise in urbanization, there is a lot of use in the construction field. Due to the increase in the construction of architecture, the use of cranes and construction equipment is increasing, mainly in developing countries like Vietnam, Indonesia, India, China, etc. Therefore, the market is growing significantly due to the application of these speed reducers in cranes and construction equipment.

Due to the low production of these speed reducers, it is predicted that a production decrease may bring market integration in the near future, which can bring new growth for the Speed Reducers Business.

MARKET CHALLENGES

Though the speed reducer market is witnessing significant growth, it has challenges to overcome. Apart from their wide range of applications, speed reducers are way too complex to maintain, and their lifecycle is not very long. Most manufacturers are investing in adding reliable factors to these speed reducers.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Speed Reducers Market Analysis By Type

• Gear Reducer
• Worm Wheel Reducer
• Planetary Gears
• Cycloid Reducer
• Harmonic Drive

Global Speed Reducers Market Analysis By Application

• Industrial Industry
• Food Industry
• Mining Industry
• Construction Industry
• Others

In terms of the application, other industries are expected to grow significantly in the coming years. Other sectors include automotive industry which is mentored to bring more electric vehicles on to roads. The application of speed reducers in electric motor for regenerative power technique is one of the crucial reasons for the growth of speed reducer in the automotive industry.

REGIONAL ANALYSIS

• North America 
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

In the regional segmentation, Asia-Pacific is the one region to witness the fastest growth with the help of the increase in the number of speed reducer manufacturers in a country like China. This factor can take Asia-Pacific to the top place in terms of the development of the speed reducer market.

MARKET KEY PLAYERS

Companies playing a prominent role in the global speed reducer market include Sumitomo Heavy Industries, Guomao, Nidec Shimpo, Jiangsu Tailong, Jiangsu Taixing, ABB Baldor, Altra Industrial Motion, Winsmith, Toledo Gearmotor, and Others.

RECENT HAPPENINGS IN THE MARKET

• Bonfliglioli, one of the most significant speed reducer manufacturer, drives Tranmin feeder hopper at iron ore operation where it is by wheel loaders depositing 45t bucket loads onto the reclaimer hopper, after which it is transported onto a stockyard conveyor.

• Bluffton Motor Works, leading Gearmotor speed reducer manufacturer, was acquired by an American company named WEG, SA. It is said that the integration of these companies can give a more profitable chance for both of them.