Industrial gears find vast usage across a number of industries owing to the reduction in mechanical work they bring about in a variety of industrial processes and operations. Industrial gears have equally expansive applications in heavy industries as well as in different manufacturing industries. Forming the core of most machinery used extensively in a vast array of industrial processes, the market for industrial gears in the highly industrialized European countries is expected to expand at a healthy pace in the next few years.
The Europe industrial gear market is mostly privatized and the features both international and local companies. Considering the new technologies introduced in the industrial gear market in the recent years, the market has vast potential opportunities for the manufacturers of industrial gears in the near future. As a result, the market is experiencing a high level of competition. Moreover, the entry of international players from North America and Asia Pacific into the region also facilitates the exchange of enhanced gear technologies. Growing competition is expected to ensure steady market growth rate over the forecast period
Transparency Market Research estimates that the market will exhibit a 4.5% CAGR over the period between 2016 and 2024. At this pace, the market is expected to rise from a valuation of US$24.21 bn in 2015 to US$35.23 bn by 2024.
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On the basis of gear types the market is bifurcated into helical gears, bevel gears, worm gears, spur gears, herringbone gears, hypoid gears, crown gears, skew gears, spiral gears, non-circular gears, epicyclic gears, harmonic gears, and magnetic gears. Of these, the segment of helical gears held the dominant 12.4% of the overall market in 2015, in terms of revenue. The segment, however, is expected to witness a sizeable decline in its share in the Europe industrial gears market by 2024 owing to issues such as the production of more heat, less efficiency, and higher maintenance cost as compared to other gears.
Gear varieties such as worm gear, herringbone gear, and magnetic gear are expected to gain more focus and witness increased adoption across a number of industries over the period between 2016 and 2024. The segment of magnetic gears is expected to exhibit the most promising growth over the said period, an estimated 6.6% CAGR from 2016 through 2024; light weight, compact designs, and low costs of these gears are expected to work in their favor.