Tim has over 20 years’ experience in technology market intelligence with expertise across a broad range of industrial automation technologies and industries. Tim is now Senior Research Director and Principal Analyst for the Interact Analysis Industrial Technology team, using his considerable experience to develop best-in-class research for the manufacturing sector.
Interact Analysis has recently published its Geared Motors and Industrial (Heavy-Duty) Gears – 2020 market report. The below infographic demonstrates some of the key findings.
A contraction of -7% is expected as COVID-19 impacts the market. However, in spite of the sector having a tough time in 2020, the market is projected to grow throughout the remainder of the forecast period, effectively surpassing its 2019 level in 2022. The long-term effect of COVID-19 will drive the demand for more automated and flexible equipment, particularly in the warehouse setting, much of which will consume geared motors and industrial gears.
- Total Market valued at $11.7 billion in 2019 but expected to contract by -7% in 2020 due to COVID-19.
- Despite the sector having a tough time in 2020, the market is projected to grow for the remainder of the forecast period, surpassing its 2019 level in 2022.
- The 5-year revenue CAGR is 2.1%, making the market worth in excess of $13 billion in 2024.
- The total revenue is 36% for Light-duty geared motors, 30% Heavy-duty industrial gears,17% Light-duty solo gearboxes and 17% Planetary products.
- Geared motors were projected the fastest growth (CAGR of 3.6%) to 2024 and will grow faster than the solo gearbox market due to OEMs and end-users increasingly seeing the benefit of a packaged solution.
- The best performing regional markets for gearboxes (CAGR 2019-2024) are China 3.3%, India 3.8% and South Korea 3%.
- The worst performing regional markets for gearboxes (CAGR 2019-2024) are Germany 0.4%, Italy 0.9% and Japan 0.8%
- During the forecasting period, the best-performing machinery sectors were; Conveyors, Elevators, Escalators & Lifts, and Packaging Machinery.
- The best-performing end-user industries in the same period were; Logistics, Water & Water treatment and Food & Beverage.
- The worst-performing machinery sectors in the same period were; Mining Machinery, Printing Machinery and Machine Tools.
- The worst-performing end-user industries in the same period were; Marine, Metals and Pulp & Paper.
- The global leading vendors for light-duty geared motors/solo gears in order of market ranking were; SEW Eurodrive, Nord and then Sumitomo. For heavy-duty industrial gears were; Flender, SEW Eurodrive and then Sumitomo. For Planetary products it was; Bonfiglioli, Dana Brevini and then Flender.