Escalating Demand for Gear Measuring Machines to be Witnessed from Automobile Industry: Fact.MR
Published : 07 Apr 2021 Industry: Industrial Goods
Gear measuring machines are instruments that are designed for the measurement and inspection of picth, lead, and profile to ensure quality and performance of the gears manufactured. Furthermore, due to advancing technology, gear measuring devices are now capable of providing the user with meaningful measurements and insights of the inspected gear. Gear measuring machine manufacturers are constantly trying new ways to increase the throughput and level of accuracy for both, smaller and bigger gears. Integration of advanced technology such as laser scanning for non-contact gear inspection and faster data collection is one of the examples of recent changes in gear measuring machines.
Continuously varying market requirements urge gear measuring machine manufacturers to come up with relevant technologies for customer satisfaction and efficient production. Constant innovations in technology are, therefore, one of the factors driving the global market for gear measuring machines.
As per the revised report by Fact.MR, the global gear measuring machines market is anticipated to reach a valuation of around US$ 486
Mn in 2031, expanding at a CAGR of approximately 3% over the next ten years.
Key Takeaways from Market Study
- The market is anticipated to add 1.3X value in 2031 as compared to 2021.
- The above 1200 mm segment of gear measuring machines captures a major chunk of the market, equivalent to 37% of the total market share.
- South Asia & Oceania is the fastest-growing region in the gear measuring machines market.
- Europe will dominate market revenue in 2031, but is expected to lose 21 BPS in its market share over the next ten years.
- The aviation industry, as an end user, is anticipated to gain around 82 BPS by 2031.
- Use of gear measuring machines in automotive manufacturing is anticipated to lose around 44 BPS by 2031.
- The market in both, Germany and the U.K. is expected to progress at a CAGR of more than 3% through 2031.
- The U.S. market is projected to expand at a CAGR close to 3% over the next ten years.
- Due to the COVID-19 pandemic, demand was hit, and the market witnessed a growth rate of -3.9% in 2020, with things likely to come back to normal by the second half of 2021.
“Manufacturers of gear measuring machines need to provide a one-stop solution to customers to stay ahead of the competition,”says a Fact.MR analyst.
Who is Winning in this Space?
The global market is highly competitive in nature, and is thriving on key players. Manufacturers are investing in R&D in order to create highly efficient product models. Introduction of non-contact gear inspection by combining laser technology with gear measuring and manufacturing machines with micron-level accuracy in a shorter period of time is improving the scope of market players. This innovative non-contact method has opened the door to a new way of viewing gear tooth defects, deviations, and measurements.
Furthermore, it has been observed that, rivalry among competitors is moderate, and key players are dominating their domestic markets. Higher switching cost along with specific features provided by manufacturers are keeping the competition level moderate.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global gear measuring machines market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the basis of max. working diameter ( <300 mm, 300-600 mm, 600-900 mm, 900 - 1200 mm, and above 1200 mm), permissible test gear weight (below 50 Kg, 50 - 100 Kg, 100 - 250 Kg, 250 - 500 Kg, 500 - 750 Kg, 750 - 1000 Kg, and above 1000 Kg), and application (gear manufacturing, automotive manufacturing, construction & mining equipment manufacturing, aviation industry, agriculture & forestry equipment manufacturing, industrial equipment manufacturing, and others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the Industrial Goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive