Gear Measuring Machines Market to Witness Marginal decline in Near Term amid COVID-19 Pandemic
Gear measuring machines ensure efficient power transmission and have the ability to inspect small and large gears which, in turn, is expected to boost the market for gear measuring machines globally.
Gear measuring machines are widely used in multiple industries such as automotive, construction, aviation, agriculture, and mining to name a few. These industries require complex gear and gear assemblies for smooth functioning, consequently, raising the requirement for gear measuring machines in the market.
However, the outbreak of COVID-19 has become a global crisis causing serious hindrances to the business economy of the world. The global industry is facing a rapid slowdown in operations or have imposed shutdown of their manufacturing facilities which has caused massive disruptions in the import and export of gear measuring machines.
This has led to marginal decline in the sales of machines and created a severe impact on the gear measuring machines market. Owing to the above-mentioned facts, the global gear measuring machines market is foreseen to witness slow growth, at a CAGR of 2.3% during the forecast period 2020-2030.
Automotive Segment to Stimulate Market Growth
The outbreak of COVID-19 has resulted in the shutdown of automotive plants in leading automobile manufacturing countries such as China, Germany, India and US among others, posing a severe impact on the gear measuring machines market. Moreover, it is anticipated that by the end of 2020, the automotive segment will start showing positive signs and is expected to see an upward trend in the sales of gear measuring machines.
The anticipated rise in the production of automobiles in Asian countries after the pandemic is brought under control will fuel the market for gear measuring machines in the region. Among all end use applications, the automotive gear segment is estimated to create overall value opportunity of US$ 19.9 Mn during the forecast period 2020-2030.
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Europe to Outperform other Regions in Gear Measuring Machines Market
Europe is projected to continue its dominance in terms of value with 35% of the market share in 2020 and also remain the key market for <650 mm gear measuring machines segment. Europe is one of the widely affected regions with COVID-19 and a key region for gear measuring machines. The market will witness a negative impact on sales until the end of 2020. However, the effects of this pandemic will fade away by the first quarter of 2021 and the European economy will start regaining traction.
With the anticipated economic transformation and industrialization in countries like Germany, UK, France, and Spain will bolster multiple opportunities for the manufacturers of gear measuring machines in the region. In addition, the growth in the automotive industry will boost the demand for <650 mm maximum workpiece diameter as they are widely used in automobile applications. Fact.MR anticipates that the market for gear measuring machines in Europe will grow at a CAGR of 2.3% through 2030.
Gear Measuring Machines Market to Rebound with Plant Expansions as Key Strategy
The market for gear measuring machines is consolidated and highly competitive in nature. Prominent players like Gleason Corporation, Klingelnberg AG, KAPP Niles, Wenzel America Ltd., are focusing on plant expansions as their key strategy to enhance their market presence and to gain a competitive edge over other market players on a global scale. For instance,
In 2019, Gleason Corporation expanded its development and production center in Munich. Through this expansion, the company will increase its manufacturing capacity by almost 70%, including the redesigned machining area for prototype manufacturing, gear manufacturing services, as well as research and development work
In 2019, Wenzel America started the construction of its new development center in Germany. The company will strengthen its research and development work and will also demonstrate its diverse measuring solutions to customers in the region
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COVID-19 Market Insights
The industrial equipment companies are struggling with the unprecedented impact of COVID-19 as their manufacturing operations and supply chain have been disrupted. This is having an exponential effect on the demand and supply side and is severely impacting the players operating in the gear measuring machines market.
These machines are used in multiple end use industries like automotive, aviation, metal & mining, and many others, which adds another layer of complexity to production within these industries. With more than 50% of the sales coming from Europe and North America, the gear measuring machines manufacturers’ situation will remain critical until the end of 2020.
Post COVID-19 crisis, the companies will have to ramp up their production and strategize on their supply chain operations in order to meet demand. With a positive outlook anticipated from automotive industry and the expected rise in the production of automobiles coupled with the growth in agriculture sector, demand for gear measuring machines will spike. As per the recent report published by Fact.MR, it is estimated that gear measuring machines market demand curve will start showing positive signs by the end of 2020.
As the COVID-19 crisis continues, the players operating in the gear measuring machines market are facing several challenges like supply chain disruptions, production stoppages and workforce dislocation. With no near term resolution to the COVID-19 related slowdown in sight, the demand for gear measuring machines will remain stagnant until the end of 2020.
Global Gear Measuring Machines Market: Scope of the Report:
The recent global gear measuring machines market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities, and threats to the expansion of the global gear measuring machines market. A detailed segmental analysis, based on maximum workpiece diameter, sales channel, and application, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global gear measuring machines market. In addition, a separate section on the market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the gear measuring machines market.
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Key Segments of the Gear Measuring Machines Market
Fact.MR’s study on the gear measuring machines market offers information divided into three key segments-maximum workpiece diameter, sales channel, application, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Maximum Workpiece Diameter
- <650 mm
- 650 – 1500 mm
- >1500 mm
- Direct Sales
- Online Sales
- Metal & Mining
- Wind Power Generation
- North America
- Latin America
- CIS & Russia
- Middle East & Africa (MEA)
Key Questions Answered in Fact.MR’s Gear Measuring Machines Market Report
- Which regions will continue to remain the most profitable regional markets for gear measuring machines market players?
- Which factors will induce a change in the demand for gear measuring machines during the assessment period?
- How will changing trends impact the gear measuring machines market?
- How can market players capture the low-hanging opportunities in the gear measuring machines market in developed regions?
- Which companies are leading the gear measuring machines market?
- What are the winning strategies of stakeholders in the gear measuring machines market to upscale their position in this landscape?
Gear Measuring Machines Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the gear measuring machines market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the gear measuring machines market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases.
Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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