Gears, Drives and Speed Changers
The global market for Gears, Drives and Speed Changers is forecast to reach US$213.5 billion by 2024, driven by established opportunities in the manufacture of power transmission equipment for aircraft, automobiles, industrial machinery; and gears for wind turbines.

In the automotive end-use sector few of the major factors influencing growth include:
  • growing demand at the back of rising vehicle ownership rates and a parallel increase in production activities;
  • evergreen market for manual transmission systems and the resulting opportunities for sliding mesh gearbox, constant mesh gearbox, synchromesh gearbox;
  • and rise of Plug-in Hybrid EVs (PHEVs) as the fastest growing segment for gearboxes amid growing stringency of regulations curbing vehicular emissions;
  • robust proliferation of steer-by-wire engineering concept and the resulting demand for power steering gears.

In the aircraft manufacturing sector, demand will be supported by the development and manufacture of landing gear systems against the backdrop of healthy outlook for commercial aviation and the resulting expansion of aircraft fleet. Also, the growing popularity of geared turbofan engine as an efficient variant of a conventional turbofan engine is also expected to amplify growth in this sector.

Benefits and advantages of geared turbofan aeroengine include:
  • simplicity in design; fewer moving parts;
  • slower fan rotation and lesser burning of fuel;
  • enables higher compressor and turbine operating speeds;
  • lightweight and CO2 benefits;
  • reduced noise generation;
  • and easy maintenance.

Encouraging government led policy support in favor of greater roles of renewables in the world energy mix is indirectly spurring growth in the market in the form of increased investments in wind farms and a sequential rise in demand for high performance wind turbines. Gearboxes in wind turbines play the important role of controlling the speed of turbine motion rotations. A key noteworthy trend in the market is the growing preference for lightweight, heat-resistant composite materials in the manufacture of gears, drives and speed changers. Asia-Pacific represents the largest and the fastest growing market with a CAGR of 6.5% over the analysis period led by factors such as healthy economic growth; rapid industrialization and strong demand for machines that utilize gears, drives and speed changers as integral and indispensable part of the mechanical engineering design.   

Company and Industry News & Stories
  • Nidec Acquires MS-Graessner in a Move to Offer Comprehensive Precision Gearbox Solutions in the European Market
  • DBS Partners with Wärtsilä to Deliver 34 State-of-the-art Gearboxes for the US Navy’s T-A0-205 Oiler Series Vessels
  • Yaskawa to Acquire YSAD in a Bid to Provide Complementary Industrial Drives and Technologies
  • Oerlikon Divests Drive Systems Segment to Dana in a Transaction Valued at CHF600 Million
  • With the Aim to Strengthen its Presence in the Chinese Market, Timken Plans to Acquire Cone Drive
  • Outlook in Key Market Segments
  • Through 2024, the Automotive sector will remain the largest end-use market for Gears, Drives and Speed Changers, followed by the Industrial sector.
  • Marine, Aerospace, & Other end-use sectors are projected to witness the fastest growth driven by indispensable use of gears in power transmission.

Product Definition & Scope
  • A gear is a simple toothed wheel used in diverse engineering applications, mainly to increase or decrease speed, transmit power or to change the direction or position of a rotating axis. Broadly, drives are of three types: Mechanical, Electric and Fluid / Hydraulic Drives. Speed changers refer to gear assemblies that are made using gear as an integral basis.

Timeline for Analysis
  • Market Estimates and Forecasts for 2016-2024
  • Historic Review 2011-2015

Geographic Markets Analyzed
  • US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America), and Rest of World

Market Segmentation & Classification
  • End-Use Sectors:
    • Automotive, Industrial, and Marine, Aerospace, and Others

Major Players
  • ABB Ltd.
  • Bharat Gears Ltd.
  • Bonfiglioli Riduttori S.P.A.
  • Danfoss Group
  • Eaton Corporation Plc
  • Marine Gears, Inc.
  • Siemens AG
  • ZF Friedrichshafen AG

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