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The geared motors and drives market size is estimated to grow at a CAGR of 7.3% between 2023 and 2028. The market size is forecast to increase by USD 8.45 billion. The growth of the market depends on several factors such as the growing importance of accuracy in quality control processes, the rising need to maintain certification standards of industrial products and the increasing use of geared motor and drive systems in automotive plants. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by type (geared motors and geared drives), end-user (food and beverage, metals and mining, automotive, wind power, and oil and gas and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Geared Motors and Drives Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The manufacturing sectors are constantly facing stress over the issue of QC, as it adversely affects their business outcomes. The compromised product quality may result in tarnishing the /image of manufacturers, thereby affecting their sustainable business growth. Thus, industrial manufacturers are seeking numerous opportunities to enhance their manufacturing standards and practices without affecting the cost of production. Moreover, multiple QC processes during the production process are essential to increase overall operational productivity. The increased complexity and large-scale production in the manufacturing sector are limiting the accuracy level of manual QC processes.
As a result, the overall profitability sometimes gets compromised. Therefore, geared motor and drive systems have gained popularity over manual QC in recent times. In addition, the use of geared motor and drive systems greatly reduces production and related costs by lowering the amount of waste generated and the need for rework. This results in higher production efficiency and helps spur the demand for geared motor and drive systems, which will thereby contribute to the growth of the market in focus during the forecast period.
Geared motors and drives are used in a wide range of industrial applications. With the requirement for geared motors and drives in new application areas, vendors are offering geared motors and drives with improved functionality and specialized design. Vendors are offering ruggedized motors to meet the extreme operating requirements of process industries such as oil and gas and chemicals. Additionally, vendors are launching new industrial gear motors and drives with improved features. For instance, in April 2021, Siemens AG launched the servo planetary gear motor Simotics S-1FK2 and expanded its range of applications. The company launched Simotics S-1FS2, which is a motor version with stainless-steel housing, the highest degree of protection IP67/IP69, and high-resolution 22-bit absolute multiturn encoders.
However, the servo motor meets all hygienic conditions and can be used for a wide variety of end-products in the food and beverage sector and in the pharmaceutical industry. Robotics is one area where vendors in the market are focusing on finding new growth opportunities. Apart from hardware, software is another area where vendors are investing in improving the performance of geared motors and drives, which is anticipated to drive the growth of the market in focus during the forecast period.
The maintenance cost for geared motors and drives is very high. Also, due to the presence of mechanical parts, they require periodic lubrication, cleaning, and monitoring. Different areas where geared motors and drives require maintenance and monitoring are bearings, rotors or stators, belts, brushes, and motor mounts. Bearing failure is one of the major causes of motor failures and can be due to improper lubrication, misalignment, replacement with the wrong type of bearing, high loading, and a hostile environment. Geared motors are often employed in industries such as oil and gas, chemical, marine, metals and mining, and wind power generation, which are prone to hostile environments that often lead to wear and tear of the geared motors and drives.
Moreover, the complexity of geared motor and drive systems, which often involve various components and intricate mechanisms, can make maintenance labour-intensive and costly. Specialized tools and expertise are often required, further driving up the maintenance expenditure. Such factors will negatively impact the growth of the global geared motors and drives market during the forecast period.
The geared motors segment is estimated to witness significant growth during the forecast period. Geared motors are electromechanical devices that integrate an electric motor and a gearbox into a single unit. The gearbox, consisting of a set of gears, is designed to modify the output speed and torque of the motor. These components are essential in numerous industrial and commercial applications where precise control over motion and power transmission is required.
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The geared motors segment was the largest and was valued at USD 11.01 billion in 2018. Furthermore, in elevators, geared motors enable the smooth operation of the car and provide the necessary lifting power. Major vendors in the global geared motors and drives market offer a wide array of geared motors tailored to meet the demands of diverse industrial applications. SEW-EURODRIVE, for instance, is known for its MOVITRAC series, which offers versatile and efficient solutions widely used in industries such as manufacturing and material handling. NORD Drivesystems provides the NORDAC BASE series, integrating motors and gearboxes to deliver customized and reliable geared motor solutions for various applications. Bonfiglioli offers geared motor solutions, including the compact and reliable VF/W Series, catering to diverse industrial needs. Thus, the growing demand for geared motors in different end-user industries will drive the growth of this segment in the market in focus during the forecast period.
Based on end-user, the market has been segmented into food and beverage, metals and mining, automotive, wind power, and oil and gas and others. The food and beverage segment will account for the largest share of this segment. The global demand for food is increasing rapidly, owing to the rise in the global population, especially in APAC. Furthermore, equipment such as geared motors and drivers should withstand the effect of cleaning agents and disinfectants that are used in large quantities to prevent the growth of microorganisms. Vendors in the market are offering new products to meet the varying degrees of sanitary protection and safety requirements of the food and beverage industry. For example, Altra offers the SS2000 Series Helical Bevel Gear Motor that provides features such as automatic entrapment of metallic wear debris, a sealing option for high-pressure wash-down processes, and domed crown and rounded corners for superior wash-down run-off. Therefore, these factors are expected to boost the growth of the market in focus in this segment during the forecast period.
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APAC is estimated to contribute 43% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The demand for geared motor and drive systems in APAC is rising at a strong rate, with strong contributions from the steelmaking, automotive, and electronic industries. Rapid industrialization and booming infrastructure growth in developing countries such as China and India have increased the demand for steel, which is contributing to the demand for geared motor and drive systems from the metal industry. The geared motors and drives market in APAC will be led by an increase in demand in the automotive, oil and gas, and power generation industries. The growing population in the region has led to an increase in demand for vehicles, particularly in India, China, and Vietnam.
In addition, the automotive industry in APAC, particularly in China, Japan, South Korea, and India, is undergoing large-scale expansion in terms of existing and new facilities, which is constantly raising the demand for geared motors and drives. Japan is one of the largest automotive industries in the world and holds a reputation as the early adopter of industrial automated machinery and robots. The country is witnessing a large adoption of geared motors and drives to bring production optimization to automotive plants. Such factors will contribute to the growth of the regional geared motors and drives market during the forecast period.
In 2020, the COVID-19 pandemic slowed down the expansion of the regional geared motors and drives market. However, the introduction of vaccines led to the lifting of COVID-19-related restrictions in the region in 2021. Furthermore, operations in metals and mining projects in the region restarted in 2021. Similarly, in India, the government is focusing on increased spending to stimulate growth in the infrastructure sector and ensure an economic recovery from the negative impact of COVID-19. Due to these factors, the geared motors and drives market in APAC is expected to witness growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd - The company offers geared motors that have the ability to deliver high torque at low speeds, as the gearhead functions as a torque multiplier and can allow small motors to generate higher speeds
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ABB Ltd., Boneng Transmission Suzhou Co. Ltd., Bonfiglioli Riduttori Spa, Dana Inc., dematek GmbH and Co. KG, DieQua Corp., Eaton Corp. Plc, Elecon Engineering Co. Ltd., Emerson Electric Co., Groschopp, Johnson Electric Holdings Ltd., Mitsubishi Electric Corp., Nidec Corp., Regal Rexnord Corp., SDT Drive Technology, SEW-EURODRIVE GmbH and Co KG, Siemens AG, Sumitomo Heavy Industries Ltd., Watt Drive Antriebstechnik GmbH, and Nord Gear Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The geared motors and drives market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Geared Motors And Drives Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.3% |
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Market Growth 2024-2028 |
USD 8.45 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.06 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Boneng Transmission Suzhou Co. Ltd., Bonfiglioli Riduttori Spa, Dana Inc., dematek GmbH and Co. KG, DieQua Corp., Eaton Corp. Plc, Elecon Engineering Co. Ltd., Emerson Electric Co., Groschopp, Johnson Electric Holdings Ltd., Mitsubishi Electric Corp., Nidec Corp., Regal Rexnord Corp., SDT Drive Technology, SEW-EURODRIVE GmbH and Co KG, Siemens AG, Sumitomo Heavy Industries Ltd., Watt Drive Antriebstechnik GmbH, and Nord Gear Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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