Gear Reducer Market, By Product Type (Single Reduction Gear and Double Reduction Gear), By Application (Commercial Vehicles, Agriculture, Wind Power, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026

  • To Be Published : Jul 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Gear reducer is a mechanism by which output energy of high-speed motor or engine is transmitted to another mechanical component by lowering the rotational speed at higher torque. It also delivers mechanical safety by reducing speed of the rotating equipment. The number of gears used in the reduction gear assembly depends on the output speed and requirement of applications.

Increasing installation of wind turbines worldwide is driving growth of the market

Increasing installation of wind turbines worldwide is one of the major factors driving growth of the gear reducer market. Gear reducer is used in wind turbines for controlling the speed of motor with which power is transmitted. The primary purpose of gear reducer is to multiply the amount of torque generated by an input resource, in order to achieve the desired output from the wind turbine. For instance, according to the Global Wind Energy Council (GWEC), in 2016, the total installed capacities of wind turbine was 485 GW and is expected to surpass 800 GW by 2021. According to Coherent Market Insights’ analysis, the total installed capacities would increase to over double the installed capacities in 2016, by 2025.

Moreover, factors such as low initial cost, high ratios, and high output torque, less energy cost, light weighted, and ease of installation are some of the advantages of gear reducers, which inadvertently increases its applications in agricultural, industrial, construction, mining, and automotive equipment among others. These factors will help in fueling growth of the gear reducer market.

Global Gear Reducer Market: Key Trends

One of the key trends of the market is the launch of magnetic gear reducer, which is expected to drive growth of the market over the forecast period. A magnetic gear reducer uses a permanent magnet to transmit torque from an input shaft to an output shaft without mechanical contact. Since there is no contact between the rotors, the gear will work smoothly even if the torque exceeds the speed limit. Magnetic gear reducer offers various advantages such as higher efficiency, low maintenance cost, high reliability, low noise and vibration, durability, high bearing overloading capacity, and a low energy consumption.

High repairing cost of gear reducer is one of the major factors restraining growth of the market

High repairing cost of gear reducers is one of the major factors restraining growth of the market. For instance, according to Spareinmotion, a leading online shop for wind turbine parts and repairs, repairing cost for Gearbox PEAB 4935 was US$ 54.47 million and Gearbox PEAB 4390 was US$ 48.94 million. Moreover, the increasing cost of raw materials such as stainless steels, hardened steel, aluminium, cast iron, bronze, and brass is another factor restraining growth of the market.

Global Gear Reducer Market: Regional Insights

The gear reducer market in Asia Pacific is expected to grow at highest CAGR during the forecast period (2018-2026). Rising number of wind power producing projects in emerging economies such as India, China, and Japan is one of the major factors driving growth of the market. For instance, according to the Global Wind Energy Council (GWEC) analysis, the total installed capacity of wind power in 2016 was 168,732 KW, which increased to 19,660 KW in 2017. Similarly, in India, the installed capacity of wind power was 26,777 KW in 2016, which increased to 32,280 in 2017. Therefore, increasing installation of wind turbines will positively increase the demand for gear reducers, as it helps in converting a relatively slow turbine blade speed to a high speed for generating electricity.

Furthermore, rapid industrialization especially in the developing regions such as India and China, are further  increase the installation of wind turbine for fulfilling the need of the electric power in these particular region. Moreover, stringent government rules and regulations in regarding reducing the emission of carbon will further increase the installation of wind turbine as wind being cheapest power source for generating the power. This resource is vital for developing a sustainable and low carbon economy which reduces the overall detrimental effects on the environment.

Global Gear Reducer Market: Competitive Landscape

Key players operating in the global gear reducer market include IPTS, Inc., NORD Drivesystems, Altra Industrial Motion Corp., Apex Dynamics, Inc., Ondrives.US Corporation, Siemens, Li Xiang Mach & Elec Co., Ltd, JVL Industri Elektronik, Boneng Transmission Co., LTD, Zhejiang Ever-Power Transmission Co. Ltd., FIXEDSTAR, and HBReducer.

The gear reducer market appears to be highly fragmented due to the presence of several international and regional players who focus extensively on R&D and technological advancements. The competition among the players increased due to low product differentiation. Moreover, to attain competitive advantage over the other players, the manufacturers of gear reducers are focusing on introducing new and innovative variants, and their product portfolio varies based on price, quality, innovation, and regulatory compliance. For instance, in January 2018, Li Xiang Mach & Elec Co., Ltd launched new series of helical gear reducers to provide greater efficiency and flexibility for mechanical, electrical, and hydraulic motor operations.

Global Gear Reducer Market: Taxonomy

On the basis of product type, the global gear reducer market is segmented into:

  • Single Reduction Gear
  • Double Reduction Gear

On the basis of application, the global gear reducer market is segmented into:

  • Commercial Cars
  • Wind Power
  • Agriculture
  • Other Industrial Applications

On the basis of region, the global gear reducer market is segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Research Methodology

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  • Primary Research (Trade Surveys and Experts Interviews)
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In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
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Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

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The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

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Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

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Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

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  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

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