Dec 09, 2019
Gear Measuring Machines Market Soars on Back of Increasing Demand for Gears with Complex Geometry
by Team Fact.MR
The global market for gear measuring machines is poised to grow at a noteworthy rate by the end of the forecast period. In terms of value, the global gear measuring machines market is expected to reach ~ US$ 538 Mn by the end of 2029. In terms of revenue, the global gear measuring machines market is foreseen to expand at a CAGR of ~3% throughout the forecast period, as revealed in the research study by Fact.MR.
According to the research, increasing demand for gears with complex geometry for better power transmission is bolstering the need for advanced gear measuring machines. Furthermore, inclination towards technological advancements such as increased throughput, better responsiveness along with the ability to inspect larger gears will also provide a stimulus to the sales of gear measuring machines in 2019 and further.
Rising Demand for Automotive Gears to Create Opportunities for Key Market Players
Collectively, the demand for gear and gear assemblies in China, India, Eastern Europe, South Africa, GCC Countries, and Latin America appears to be relatively higher as compared to North America, Western Europe, and Japan. The rapid economic transformation and industrialization in countries is resulting in a high demand for motor vehicles and other manufacturing units, thus, fuelling the market growth for gear measuring machines. Increasing demand for smaller gears with complex geometry in the automotive sector is forcing manufacturers of gear measuring machines to incorporate rapid changes in their upcoming models. However, for wind power generation and other industrial applications, the gear size varies a lot and could reach up to 1,500-3,000 mm or even above. Owing to the optimistic viewpoint towards wind power generation in the future, the application is foreseen to witness an above average growth in the global gear measuring machines market by the end of 2029.
According to Fact.MR’s study, gear measuring machines below 1,500 mm maximum workpiece diameter is expected to account for ~74% in the overall market in 2019. The automotive sector majorly drives the demand for gear measuring machines with a maximum workpiece diameter of below 650 mm. Moreover, gear measuring machines with above 650 mm maximum workpiece diameter is mostly used in gear assemblies for metal & mining, wind power generation, and other industrial applications.
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As per the report, rapidly growing technological advancements in the automotive sector are enforcing manufacturers of gear measuring machines to introduce improved product line-up with better inspection capabilities and reduced cycle time. According to the study, growth opportunities for market players of gear measuring machines are triggering the pace in Asian countries, owing to profound growth of the regional industrial ecosystem. Newer opportunities are blooming in the Asia Pacific gear measuring machines market and are set in motion by automotive production and demand.
Fact.MR’s business viewpoint also puts spotlight on innovative insights and the competitive landscape of the gear measuring machines market along with highlights of manufacturers’ differential blueprint. Key players in the gear measuring machines market will continue to draw upon R&D for offering new products in their existing portfolio. For instance, Gleason introduced an open data exchange interface for its GEMS Software. This new open interface leverages the strength of system design tools in calculating full system misalignments and loads, while at the same time taking advantage of GEMS’ strength in calculating gear tooth micro-geometry, contact stresses, and transmission errors under the same misalignments and loads.
This study on gear measuring machines assesses trends that are driving the growth of each market segment on the global level and offers potential takeaways that prove substantially useful for other potential entrants in the gear measuring machines market. In this report, we have discussed individual strategies followed by these companies, in terms of enhancing their product portfolios, creating new marketing techniques, mergers, and acquisitions. The ‘Competitive Landscape’ is included to provide report audiences with a dashboard view and companies’ share collectively.
This study emphasizes key future scenarios in the gear measuring machines market and finds that the market would exhibit growth at a value CAGR of ~3% during the forecast period.