Global Gear Technology Market
Global Gear Technology Market By Technology, By Geographic Scope, Competitive Landscape, Company Profiles, Opportunities And Forecast
According to Verified Market Research, Global Gear Technology Market was valued at USD 127.81 Billion in 2018 and is expected to witness a growth of 5.9% from 2019-2026, and reach USD 200.10 Billion by 2026.
Gear technology is a mechanism used for the manufacturing of gears element. In the gear technology, manufacturing and measuring of gears during the production is a very important task. Manufacturing technology plays a key role in producing gear with precise, defined chamfers which is often the main requirement. Reproducing method and generating method are two of the important gear manufacturing techniques. While, gear measurement can be accomplished in three ways namely, teeth concentricity, good alignment, and gear hardness. Gear measuring machines can be further segmented into three major types including less than 650 mm, 650-4500 mm and more than 1500 mm. Each machine is focused on enhancing the gear structure in accordance with the final requisites.
Gears have three main functions. Firstly, to increase the speed, secondly to increase the force and thirdly, to change the direction by applying force in the opposite direction. Many industries employ gear in their machinery. The end-user industries include agriculture, automation, aviation, metal & mining, wind power generation, and many others. These gears offer many advantages such as the lifting of higher loads, for the reduction in speed, the transmission of torque, motion can be transmitted between non-parallel intersecting shafts, compact gear systems, and many others.
The factor driving the Gear Technology Market are rising automotive production, ongoing economic growth of developing countries, increased need for manufacturing output. A shift in energy-efficient units such as seven and eight-speed automatic transmissions and fast-growing markets like wind and solar energy also funds the growth to global gear sales. Gears play an important role in minimizing production times to ensure competitiveness.
As the global automotive industry continues to grow, the demand for automated production is also expanding in order to control quality and production costs. As a result of this increased automation, many automotive manufacturers employ gear technology in different automotive manufacturing processes. The automotive industry is highly dependent on gearbox installed in different automobiles such as bikes, cars, trucks, and others. Gearbox, also known as the transmission system in an automobile is a machine that uses multiple gears, shafts and actuating parts for transmitting power from the engine to the wheel. The growing production of automobiles has boosted the demand for gears.
Continuing industrialization efforts and increasing personal income levels and demand in developing parts of Asia and Europe will beat product sales and other gear-containing durable goods, advancing both original equipment manufacturing and aftermarket gear sales. Rapid growth and widespread acceptance of the wind power industry are an opportunity for the market, as gear science and manufacturing technology play a key role in wind power technologies. Increasing demand and advances in gears for engines has demanded a number of new capabilities and technologies.
Increasing prices of raw materials used in gears manufacturing, costly gear manufacturing methods, and others are expected to hamper the growth of the global gear technology market during the forecast period.
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