Gear Motor Market 2021-2024 Global Research activities, Industry Overview, Capital Investment, Key Factors, Comprehensive Analysis
Research Reports
Jan 05, 2021
International motor market is anticipated to market decent growth during the forecast period of 2023. It’s the growing rate of renewable energy production that is said to be the prime reason behind the growth prospects of this market. Greater emphasis paid by boosting energy efficacy is also one factor contributing to the growth of the global motor market. Incredible market prospect of wind segment is also the reason behind the promising scope of Global Gear Motor market.
European motor market looks quite significant due to growing demand for wind energy. Wind energy demand remains consistently strong all across the globe. Contribution from the mega turbine segment is also one of the prime reasons contributing to global motor market. Advanced technology facilitating smooth installation, in turn, contributes towards the growth of the global motor market in a significant fashion. With advancing technology, the market is anticipated to remain even more noteworthy during forecast period.
It’s the ability of the gear motors in electrical devices to generate superior torque at nominal speed motor production contributes towards the higher prospects of the global motor market. It’s the significant contribution of helical gear motor that enriches the international motor market. Modular and compact design and simplicity of the mechanical process along with advancing renewable energy segments all contribute towards the growth of global gear motor market. It is forecasted that the international gear motor market is projected to grow at a significant CAGR rate of 5.80 percent during the forecast period.
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Segmentation
Global gear motor market can be segmented based on product type, based on torque, based on industry, in terms of rated power and regionally. In terms of product type, the market is further classified into Gearbox and Integrated Gear Motor Unit. Based on Turnque, the market is segmented into up to 10k Nm and above. In terms of gear type, the market is segmented further into planetary gear motors, Helical Gear motors, Helical BevelGear Motors, Worm Gear Motors, and other motors. Regionally, the market is classified further into North America, Europe, Asia Pacific, Middle East & Africa, and South America
Regional analysis
Global gear motor market is segmented based on region into North America, Europe, Asia Pacific, South America, Middle East, Africa, and Rest of the world. Among these, North America is considered the most dominant among all being led by United States. Asia Pacific is the other major contributor to the global market in this segment being led mainly by India, China, and Japan. South American market is expected to remain the most dominant through Brazil and Argentina’s market. In rest of the world, Middle East and Africa are projected to be the major contributors to this market.
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