|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
715.11 million
|
|
CAGR
(2023-2028)
|
15.19%
|
|
Fastest
Growing Segment
|
Automotive
& Transportation
|
|
Largest
Market
|
North
America
|
Market Overview
Global Parallel Shaft Geared Motors Market has
valued at USD 715.11 million in 2022 and is anticipated to project robust
growth in the forecast period with a CAGR of 15.19% through 2028. The Parallel
Shaft Geared Motors market refers to a specialized segment within the broader
industrial machinery sector, focusing on the production, distribution, and
utilization of geared motors designed with parallel shafts. These motors play a
pivotal role in various industrial applications where controlled and precise
mechanical power transmission is required. Parallel shaft geared motors are
characterized by their unique design, featuring two parallel shafts connected
by gears of different sizes to achieve specific speed reduction or torque
multiplication objectives. This configuration makes them suitable for a wide
array of applications, ranging from conveyor systems, material handling
equipment, and industrial automation to automotive manufacturing, robotics, and
more. Key attributes of this market include a diverse range of product
offerings, including helical, bevel, and worm gears, each tailored to meet
specific industrial requirements. The market is influenced by factors such as
energy efficiency regulations, technological advancements, and the increasing
demand for automation and sustainability in various industries. Manufacturers
and suppliers within the Parallel Shaft Geared Motors market continually
innovate to enhance product performance, energy efficiency, and adaptability to
cater to the evolving needs of industries worldwide.
Key Market Drivers
Industrial Automation and
Robotics
In recent years, industrial
automation and robotics have witnessed exponential growth, and this trend is a
significant driver of the global Parallel Shaft Geared Motors market. As
industries across the world increasingly adopt automation to enhance efficiency
and reduce operational costs, the demand for high-performance geared motors,
specifically parallel shaft geared motors, has surged. Industrial robots,
conveyor systems, and various automated machinery require precise control over
motion, which is achieved through geared motors. Parallel shaft geared motors
are particularly suitable for applications where space is limited and torque needs
to be efficiently transmitted. These motors play a pivotal role in the
functioning of automated equipment, ensuring seamless, reliable, and controlled
movement. The growing popularity of Industry 4.0, characterized by the
integration of IoT, AI, and data analytics into manufacturing processes, has
further accelerated the demand for parallel shaft geared motors. These motors
enable precise synchronization and control, essential for smart factories and
advanced automation solutions. As a result, the global market for parallel
shaft geared motors is expected to continue expanding in line with the
increasing adoption of automation and robotics in industries ranging from
automotive to electronics.
Energy Efficiency and
Environmental Sustainability
Sustainability concerns and
stringent regulations on energy efficiency have become key drivers for the
global Parallel Shaft Geared Motors market. As industries strive to reduce
their carbon footprint and energy consumption, the choice of motor technology
becomes critical. Parallel shaft geared motors, known for their high efficiency
in power transmission, have gained favor among environmentally conscious
organizations. These motors boast impressive efficiency levels, often exceeding
90%. This high efficiency translates to lower energy consumption and reduced
greenhouse gas emissions, aligning with global efforts to combat climate
change. Industries that rely heavily on electric motors, such as manufacturing,
are increasingly replacing outdated, less efficient motors with parallel shaft
geared motors to reduce their energy bills and environmental impact. Furthermore,
many governments worldwide are introducing energy efficiency standards and
incentives, encouraging industrial facilities to adopt energy-efficient
technologies like parallel shaft geared motors. These regulatory measures are
expected to further boost the market's growth, as companies look to comply with
sustainability mandates and reap the cost-saving benefits of energy-efficient
motors.
Increasing Demand in
Material Handling
The material handling
industry is a vital driver of the global Parallel Shaft Geared Motors market.
Material handling encompasses the movement, control, and protection of
materials within manufacturing and distribution facilities. This industry
relies heavily on conveyor systems, elevators, and automated storage and
retrieval systems, all of which depend on geared motors to facilitate smooth
and precise movement. Parallel shaft geared motors are especially suited for
material handling applications due to their compact design and high torque
capabilities. They ensure the reliable transportation of goods within
warehouses, distribution centers, and manufacturing plants. As e-commerce
continues to flourish, the demand for efficient material handling systems has
skyrocketed, further fueling the need for parallel shaft geared motors. In
addition to e-commerce, industries like automotive, food and beverage, and
pharmaceuticals are also experiencing growth, leading to increased requirements
for material handling equipment. Consequently, the Parallel Shaft Geared Motors
market is expected to witness steady expansion as it becomes an integral part
of modern material handling solutions.
Automotive Industry
Advancements
The automotive industry
plays a pivotal role in driving the global Parallel Shaft Geared Motors market.
As automotive manufacturers continuously innovate and develop electric vehicles
(EVs) and hybrid vehicles, there is a growing need for compact, high-torque
motors to power various components such as power windows, sunroofs, and
windshield wipers. Parallel shaft geared motors find extensive applications in
the automotive sector, offering the necessary torque and precise control
required for these auxiliary systems. Moreover, the transition towards electric
powertrains in vehicles, including electric cars and hybrid vehicles, has led
to a surge in demand for geared motors for transmission and power management. EVs,
in particular, heavily rely on geared motors for functions like regenerative
braking and automatic transmission. As the automotive industry continues its
shift towards electrification and automation, the Parallel Shaft Geared Motors
market is set to grow significantly in tandem.
Expanding Construction and
Infrastructure Projects
The construction and
infrastructure sector is another major driver of the global Parallel Shaft
Geared Motors market. These industries involve a wide range of applications
where geared motors are indispensable, from cranes and hoists to conveyor belts
and concrete mixers. The demand for construction and infrastructure projects
has been on the rise, driven by urbanization, population growth, and the need
for modern infrastructure. Consequently, the demand for geared motors to power
heavy machinery and equipment has also surged. Parallel shaft geared motors are
particularly suited for construction applications due to their durability, high
torque capabilities, and compact design. They ensure the reliable and efficient
operation of equipment used in building bridges, skyscrapers, roads, and other
critical infrastructure.
Technological Advancements
in Motor Design
Advancements in motor
design and technology are propelling the global Parallel Shaft Geared Motors
market forward. Motor manufacturers are continually innovating to create more
compact, efficient, and reliable motors that meet the evolving needs of various
industries. Modern materials, such as high-strength alloys and advanced
composites, are being employed to enhance the performance and durability of
geared motors. Additionally, the integration of smart features, such as sensors
and connectivity options, is making parallel shaft geared motors more adaptable
to Industry 4.0 and IoT applications. These technological advancements are not
only improving the performance of geared motors but also extending their
lifespan and reducing maintenance requirements. As a result, industries are
more inclined to invest in parallel shaft geared motors for long-term cost
savings and operational efficiency.
In conclusion, the global
Parallel Shaft Geared Motors market is being driven by a combination of
factors, including the increasing adoption of industrial automation and
robotics, sustainability concerns, the material handling industry's growth,
advancements in the automotive sector, expanding construction and
infrastructure projects, and ongoing technological innovations. These drivers
collectively contribute to the market's expansion as it continues to play a
crucial role in powering various industrial applications worldwide.
Government Policies are Likely to Propel
the Market
Energy Efficiency Standards
and Incentives
Energy efficiency policies
and incentives are crucial drivers of the global Parallel Shaft Geared Motors
market. Governments worldwide recognize the importance of reducing energy
consumption in industries to mitigate climate change and promote sustainable
development. To achieve these goals, they have implemented various policies
aimed at encouraging the adoption of energy-efficient technologies, including
geared motors. One common policy is the establishment of energy efficiency
standards for electric motors, including parallel shaft geared motors. These
standards set minimum efficiency requirements that motors must meet to be sold
in the market. Manufacturers must ensure that their products meet or exceed
these standards to remain competitive and compliant with the law. Governments
also offer financial incentives, such as tax credits or rebates, to businesses
and industries that invest in energy-efficient equipment like parallel shaft
geared motors. These incentives help offset the initial cost of purchasing
energy-efficient motors and encourage companies to prioritize sustainability in
their operations. These policies not only drive the adoption of
energy-efficient parallel shaft geared motors but also contribute to energy
savings, lower greenhouse gas emissions, and reduced operating costs for
businesses.
Trade Tariffs and Import
Restrictions
Trade tariffs and import
restrictions imposed by governments can significantly impact the global
Parallel Shaft Geared Motors market. These policies can either stimulate
domestic manufacturing or hinder the international trade of geared motors. In
some cases, governments may impose tariffs on the import of parallel shaft
geared motors to protect domestic manufacturers. These tariffs make imported
motors more expensive, giving local manufacturers a competitive advantage. This
policy aims to boost domestic production, create jobs, and support the growth
of the domestic motor industry. Conversely, governments may implement free
trade agreements and reduce tariffs to encourage the import and use of
high-quality parallel shaft geared motors. By facilitating the flow of
international goods, governments can ensure that industries have access to the
latest technology and products at competitive prices. The impact of trade
tariffs and import restrictions on the global Parallel Shaft Geared Motors
market depends on the trade policies of individual countries and regions.
Manufacturers and distributors in the market must stay informed about trade
regulations and adapt their strategies accordingly.
Environmental Regulations
and Emissions Standards
Environmental regulations
and emissions standards play a critical role in shaping the global Parallel
Shaft Geared Motors market. Governments are increasingly focused on reducing
environmental pollution and limiting emissions from industrial processes. Geared
motors are an integral part of many industrial applications, and their energy
consumption and emissions are subject to regulatory scrutiny. Governments may
impose emissions limits and environmental regulations that affect the types of
motors that can be used in certain applications. For example, in
environmentally sensitive areas or industries, parallel shaft geared motors
with high energy efficiency and low emissions may be mandated. Additionally,
governments may require companies to report their energy usage and emissions
data, promoting transparency and accountability. This information can drive
industries to adopt energy-efficient parallel shaft geared motors to meet
regulatory requirements and reduce their environmental impact. Furthermore,
governments may offer incentives, such as tax breaks or grants, to businesses
that voluntarily adopt eco-friendly technologies, including energy-efficient
motors. These policies encourage companies to invest in parallel shaft geared
motors that align with sustainability goals.
Safety and Quality
Standards
Government policies related
to safety and quality standards are essential for ensuring the reliability and
performance of parallel shaft geared motors. These standards aim to protect
consumers, workers, and industries from accidents, equipment failures, and
substandard products. Governments often establish and enforce safety standards
that motors must meet to be used in specific applications. For example, motors
used in hazardous environments must adhere to strict safety regulations to
prevent explosions or other dangerous incidents. These standards ensure that
parallel shaft geared motors are designed and manufactured with safety in mind.
Quality standards, on the other hand, focus on the overall performance and
durability of motors. Governments may require manufacturers to obtain
certifications such as ISO 9001 to demonstrate that their production processes
meet high-quality standards. This assures buyers that the motors they purchase
are reliable and meet their specifications. Government policies related to
safety and quality standards provide confidence to industries that rely on
parallel shaft geared motors. They also help prevent substandard or unsafe
motors from entering the market, ensuring the safety and efficiency of
industrial processes.
Research and Development
Grants
Government policies
supporting research and development (R&D) grants can have a significant
impact on the global Parallel Shaft Geared Motors market. R&D grants are
incentives provided by governments to encourage businesses and institutions to
invest in innovative technologies and processes, including the development of
advanced geared motors. These grants can support motor manufacturers in their
efforts to create more efficient, compact, and technologically advanced
parallel shaft geared motors. By providing financial assistance for R&D
activities, governments stimulate innovation within the industry. Governments
often prioritize R&D in areas that align with national goals, such as
sustainability, energy efficiency, and industrial competitiveness. Parallel
shaft geared motors are integral to these objectives, making them eligible for
R&D funding. Additionally, R&D grants can foster collaboration between
manufacturers, research institutions, and universities, leading to the creation
of cutting-edge motor technologies. This collaborative approach can drive the
industry forward and position it at the forefront of global competitiveness.
Export Promotion and Trade
Agreements
Government policies
promoting exports and international trade agreements play a vital role in
shaping the global Parallel Shaft Geared Motors market. These policies aim to
boost the international presence of domestic manufacturers and facilitate the
export of their products, including geared motors. Governments often establish
export promotion agencies and offer financial incentives to support businesses
in expanding their global reach. These incentives can include grants,
subsidies, and trade missions to foreign markets, helping manufacturers connect
with potential buyers and partners. Furthermore, trade agreements negotiated
between countries or regions can reduce trade barriers and tariffs, making it
easier for parallel shaft geared motor manufacturers to access international
markets. These agreements promote fair trade and open up opportunities for
businesses to compete on a global scale. Government policies that prioritize
export promotion and international trade agreements can have a profound impact
on the growth and competitiveness of the global Parallel Shaft Geared Motors
market. Manufacturers that leverage these policies can expand their customer
base and drive increased demand for their products on a global scale.
In conclusion, government
policies related to energy efficiency standards, trade tariffs, environmental
regulations, safety and quality standards, research and development grants, and
export promotion and trade agreements all have a significant influence on the
global Parallel Shaft Geared Motors market. These policies shape the market's
dynamics, drive innovation, and impact the competitiveness of manufacturers and
industries worldwide. Staying informed about these policies is crucial for
businesses operating in the parallel shaft geared motors industry to navigate
the regulatory landscape effectively.
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Key Market Challenges
Increasing Competition and Market Saturation
One significant challenge confronting the global Parallel
Shaft Geared Motors market is the intensifying competition and market
saturation. As the demand for geared motors, including parallel shaft geared
motors, continues to grow due to their widespread applications in various
industries, an increasing number of manufacturers have entered the market.
While this competition can stimulate innovation and drive product quality
improvements, it also poses challenges for existing players and newcomers
alike.
Price Competition: With more manufacturers vying
for market share, there is a growing tendency for price competition. Companies
often reduce their prices to attract customers, which can lead to thinner
profit margins. This price-driven competition can make it challenging for
manufacturers to invest in research and development, maintain product quality,
and ensure customer support.
Market Saturation: The Parallel Shaft Geared Motors
market is reaching a point of saturation in some regions and industries. In
mature markets, such as manufacturing and automation, many businesses have
already adopted geared motor solutions. This limits the scope for rapid growth
within these sectors, and manufacturers must seek new applications and markets
to expand their customer base.
Product Differentiation: To stand out in a crowded
market, manufacturers face the challenge of creating unique selling
propositions for their products. This requires continuous innovation, such as
designing geared motors with advanced features, improved energy efficiency, or
increased durability. However, developing and marketing differentiated products
can be resource-intensive.
Global Supply Chain Constraints: The COVID-19
pandemic highlighted the vulnerabilities of global supply chains. Interruptions
in the supply of raw materials, components, and electronic chips can disrupt
production and lead to delays in delivering geared motors to customers.
Manufacturers must navigate these supply chain challenges to maintain
consistent product availability.
Consolidation: In response to market pressures and
competition, some manufacturers may consider mergers and acquisitions to
consolidate their positions or gain access to new markets. While this can
create stronger, more diversified companies, it can also reduce the number of
independent players in the market, potentially limiting customer choices.
To address these challenges, manufacturers in the
global Parallel Shaft Geared Motors market must focus on innovation, product
differentiation, and strategic expansion into emerging markets. They should
also prioritize maintaining high product quality and exploring opportunities
for collaboration and partnerships to enhance their competitive edge.
Technological Advancements and Rapid Obsolescence
Another significant challenge facing the global
Parallel Shaft Geared Motors market is the rapid pace of technological
advancements and the consequent risk of product obsolescence. In today's
dynamic industrial landscape, technological innovation is a double-edged
sword—it drives progress but also necessitates constant adaptation and
investment to stay relevant.
Shortened Product Lifecycles: Technological
advancements lead to shorter product lifecycles in the geared motors industry.
New, more efficient, and technologically advanced motor designs emerge
regularly, rendering older models obsolete. This poses challenges for
manufacturers in terms of managing inventory, supporting legacy products, and
transitioning customers to newer solutions.
Compatibility Issues: The introduction of advanced
technologies in parallel shaft geared motors, such as IoT integration, smart
sensors, and connectivity, may create compatibility issues with existing
infrastructure and control systems. Customers often face the dilemma of
choosing between upgrading their entire system or attempting to integrate new
technologies with older components.
Cost of Innovation: Developing and implementing
cutting-edge technologies in geared motors requires substantial investments in
research, development, and testing. Manufacturers must balance the cost of
innovation with the potential return on investment. The risk of investing in
technology that may not gain widespread adoption is a constant concern.
Skills Gap: As technology advances, manufacturers
may face a skills gap within their workforce. Employees may require training
and upskilling to operate and maintain new, technologically advanced geared
motors. Bridging this skills gap is essential to ensure the efficient operation
of equipment.
Sustainability and Regulatory Compliance: Evolving
environmental regulations and sustainability goals drive the development of
energy-efficient geared motors. Manufacturers must stay abreast of changing
regulatory requirements and invest in sustainable technologies to meet these
demands while remaining competitive.
To address the challenges posed by technological
advancements and rapid obsolescence, manufacturers in the Parallel Shaft Geared
Motors market must adopt agile product development strategies. This includes
investing in research and development, maintaining open lines of communication
with customers to understand their evolving needs, and offering upgrade paths
for existing equipment to extend its lifespan. Additionally, fostering a
culture of innovation and continuous learning within the organization can help
manufacturers stay ahead in the rapidly evolving landscape of geared motor
technology.
Segmental Insights
Stage Insights
The 3-stage segment had the largest market share in
2022 & expected to maintain it in the forecast period. 3-stage geared
motors typically offer a higher reduction ratio compared to 2-stage motors.
This means they can provide greater torque output, making them suitable for
applications that require substantial force or load handling. In applications
where precise control of speed and torque is crucial, 3-stage geared motors can
offer finer control due to their multi-stage design. This makes them valuable
in industries like robotics, where precision is paramount. While they offer
higher reduction ratios, 3-stage geared motors can still maintain a relatively
compact design, making them suitable for applications with space constraints. 3-stage
geared motors are versatile and can be adapted to a wide range of applications
across different industries, including manufacturing, material handling, and
automation. Modern 3-stage geared motors are often designed for high
efficiency, reducing energy consumption and operating costs. This can be a
crucial factor in energy-conscious industries.
Application Insights
The Energy Industry segment had the largest market
share in 2022 and is projected to experience rapid growth during the forecast
period. The energy industry encompasses a wide range of applications, including
power generation, transmission, and distribution. Parallel Shaft Geared Motors
are versatile and can be used in various aspects of these applications. For
example, they can be used in conveyor systems for coal handling in power
plants, in the rotation of wind turbine blades, or in controlling the flow of
fluids in oil and gas operations. The energy industry places a high value on
efficiency and reliability. Parallel Shaft Geared Motors are known for their
precision, reliability, and the ability to deliver consistent performance over
extended periods. This makes them well-suited for critical applications within
the energy sector. Many processes within the energy industry involve heavy
loads and high torque requirements. Parallel Shaft Geared Motors are capable of
providing the necessary torque, making them an ideal choice for tasks such as
moving materials or controlling valves and dampers. As the energy industry
adopts more automation and smart technologies, geared motors play a crucial
role in ensuring precise and controlled movements in various automated systems,
contributing to the overall efficiency of energy generation and distribution. Parallel
Shaft Geared Motors can be adapted to a range of environmental conditions,
including extreme temperatures and harsh operating environments, which are
often encountered in the energy sector. With a growing emphasis on energy
efficiency and sustainability, the energy industry is constantly seeking ways
to reduce energy consumption. Parallel Shaft Geared Motors with high efficiency
ratings align with these initiatives and can help reduce energy costs.
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Regional Insights
North America:
North America had the largest market for parallel
shaft geared motors in 2022. The growth of the market in this region is driven
by the presence of a large number of end-user industries, such as food and
beverage, oil and gas, and automotive. The United States is the largest market
for parallel shaft geared motors in North America, followed by Canada.
Europe:
Europe had the second-largest market for parallel
shaft geared motors in 2022. The growth of the market in this region is driven
by the increasing demand for parallel shaft geared motors in the automotive and
machinery industries. Germany is the largest market for parallel shaft geared
motors in Europe, followed by France and Italy.
Asia Pacific:
The Asia Pacific market is expected to grow at the
fastest CAGR during the forecast period, driven by the increasing demand for
parallel shaft geared motors in the food and beverage, oil and gas, and
machinery industries. China is the largest market for parallel shaft geared
motors in the Asia Pacific, followed by India and Japan.
Recent Developments
- In March 2023, Siemens
announced that it would invest USD 107.89 million in its manufacturing facility
in Amberg, Germany. The investment will be used to expand the production
capacity of parallel shaft geared motors.
- In February 2023,
SEW-Eurodrive announced that it would invest USD 53.92 million in its
manufacturing facility in Wassertrüdingen, Germany. The investment will be used
to expand the production capacity of parallel shaft geared motors and to
develop new products.
- In January 2023, Nord
announced that it would invest USD 32.35 million in its manufacturing facility
in Bargteheide, Germany. The investment will be used to expand the production
capacity of parallel shaft geared motors and to develop new products.
- In December 2022, Bosch
Rexroth announced that it would invest USD 10 million in its manufacturing
facility in Fort Wayne, Indiana. The investment will be used to expand the
production capacity of parallel shaft geared motors.
- In November 2022, Emerson
announced that it would invest USD 5 million in its manufacturing facility in
Pune, India. The investment will be used to expand the production capacity of
parallel shaft geared motors.
Key Market Players
- Siemens AG
- SEW-EURODRIVE GmbH & Co KG
- NORD Drivesystems
- Bosch Rexroth AG
- Emerson Electric Co.
- ABB Ltd
- Sumitomo Heavy Industries Ltd
- Bonfiglioli S.p.A.
- Regal Rexnord Corporation
- WEG S.A.
|
By Shaft Type
|
By Stage
|
By Application
|
By Region
|
- Solid Shaft
- Splined Hollow Shaft
- Hollow Shaft with Shrink Disc
|
|
- Energy Industry
- Food and Beverages
- Automotive & Transportation
- Others
|
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
|
Report Scope:
In this report, the Global Parallel Shaft Geared
Motors Market has been segmented into the following categories, in addition to
the industry trends which have also been detailed below:
- Parallel Shaft Geared Motors
Market, By Shaft Type:
o Solid Shaft
o Splined Hollow Shaft
o Hollow Shaft with Shrink Disc
- Parallel Shaft Geared Motors
Market, By Stage:
o 2-stage
o 3-stage
o Others
- Parallel Shaft Geared Motors
Market, By Application:
o Energy Industry
o Food and Beverages
o Automotive & Transportation
o Others
- Parallel Shaft Geared Motors
Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Parallel
Shaft Geared Motors Market.
Available Customizations:
Global Parallel Shaft Geared Motors market report
with the given market data, Tech Sci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
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profiling of additional market players (up to five).
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