05/01/2017
The global gear motors market is projected to grow at a CAGR of 5.8% from 2016 to 2021, to reach USD 23.94 Billion by 2021.
This growth can be attributed to increasing wind power installations and growing concerns regarding the efficiency and cost-effectiveness of mechanical power transmission technologies.
Asia-Pacific led the market for gear motors in 2015, owing to large-scale industrialization and infrastructural development in the region. Governments in Asia-Pacific are currently focusing on developing existing infrastructure. India and China are expected to be the fastest-growing markets in the region from 2016 to 2021.
The figure below shows the market sizes of Asia-Pacific countries in 2016 and 2021, with CAGR from 2016 to 2021.
Manufacturing a gear motor requires a gear assembly, shaft, motor (integrated unit in case of a gear motor), an enclosure of desired specification, wiring, and so on.
The prices of the major components required for gear motors are relatively less volatile, which makes the overall assembly of the device inexpensive compared to competing products such as direct drives.
This makes the gear motor a highly attractive product. However, the price difference has little consequence when the process is very critical and requires superior efficiency and control. This factor has proved to be a restraint for the gear motors market.
