Astute Analytica’s recent report on the global Industrial Gears Market encompasses all of the factors that will impact the market in the coming years. The report covers a variety of topics, including the impact of COVID-19, shareholding segments, latest trends, future prospects, innovations, strategies, etc.
The global industrial gears market was valued at US$ 204 Billion in 2021 and is expected to exceed US$ 273 Billion by 2030, registering a CAGR of 3.2% over the forecast period.
Factors Influencing the Market
Favorable regulatory standards for tax breaks for infrastructure ventures are primarily driving the growth of the global Industrial Gears Market. In addition, other factors like the rapidly growing urban population, technological advancements, and growing R&D activities will offer lucrative growth opportunities for market growth.
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However, risks associated with equipment handling and high machine costs are expected to stymie the growth of the Industrial Gears market. This report on the global Industrial & Heavy Machinery Market outlines every subject impacting the market. The report offers both qualitative and quantitative analysis based on every segment.
COVID-19 Impact Analysis
Following the coronavirus pandemic, the Industrial Gears market experienced a sharp decline in terms of revenue. The COVID-19 pandemic forced the imposition of a lockdown to reduce infection among the population across countries. Moreover, manufacturing companies rely heavily on the supply of raw materials and components from other countries around the world, which was halted during the pandemic. Thus, the negatively affected the global Industrial Gears Market.
Regional Analysis
The global industrial gears market is segmented based on Product Type, Application, Distribution Channel, and Region.
By Product:
- Spur Gear
- Planetary Gear
- Helical Gear
- Rack and Pinion Gear
- Worm Gear
- Bevel Gear
- Others
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By Application:
- Automotive
- Aviation
- Agricultural Machinery
- Construction Machinery
- Material Handling
- Mining Equipment
- Oilfield Equipment
- Power Plants
- Pulp and Paper
- Steel and Manufacturing
- Others
By Distribution Channel:
- OEMs
- Aftermarket
By Region:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Italy
- Spain
- Poland
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
Key Players Insights
Aero Gear Inc., Precipart Corporation, ITAMCO, Riley Gear Corporation, Atlas Gear Company, David Brown Santasalo, Eaton, Philadelphia Gear, Gear Motions, Ford Motor Company, Honda Motor Co., Ltd., Toyota Industries Corporation and Caterpillar Inc. among others.
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