Worm Reduction Gearbox Market: Overview
In 2020, the overall sales for worm reduction gearboxes witnessed a massive decline due to the Covid-19 crisis as lockdown was implemented and all the factorial units were closed which led the manufacturing companies to face immense losses. Now in 2021, the global manufacturers are giving entire focus on improving their sales and profitability through product innovations and upgradations.
Leading corporations including NGC Group, Lenze SE, Flender Corporation, Nord Drivesystems Private Limited, Bosch Rexroth Corporation, Zollern GmbH, Rossi SpA, Sew Eurodrive GmbH, Sumitomo Heavy Industries, Eickhoff Antriebstechnik GmbH, Johnson Elctric Holding Limited, Comer Industries and Wikov Industry are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for worm reduction gearbox with largest market share.
For instance, Carlyle Group made an announcement of acquiring Flender Corporation, a market leader in mechanical and electrical drive technology from Siemens AG for Euro 2 billion on 29th October, 2020. The acquisition aimed at increasing the company’s product and service portfolios including gearboxes, couplings and generators for a variety of industries. The Carlyle Group will support the Flender Corporation to fully achieve its potential as a standalone company driving accelerated growth through operational and strategic improvements, including investment into its technology and service platforms. The equity for the investment will be provided by Carlyle Europe Partners, a Euro 6.4 billion fund investing in European opportunities across a range of sectors and industries and an affiliate of Carlyle Asia Partners, a US $ 6.6 billion fund focused on buyout and strategic investments across a range of sectors in the Asia Pacific region. These two corporations are looking forward to introduce new, better and improved worm reduction gearboxes and serve the customers around the world while also pursuing growth ambitions. Carlyle’s extensive experience and industrial expertise with carve out transactions will fully support Flender Corporation with its continued growth and innovation.
Worm reduction gearbox is a type of gear system that enables to produce high torque from relatively small electric motors or with low speed gear ratio. As small electric motors are generally low-torque and high-speed, addition of worm reduction gearbox increases its range of applications. The worm reduction gearbox are mainly used in industrial equipment, presses, conveying engineering, rolling mills, and on rudders. Further, rising scope of application in elevators, off-road vehicles, security gates, and conveyer belts for its compact size and non-reversibility of the gear is likely to influence the development of worm reduction gearbox market.
Apart from high-torque, the worm reduction gearbox is durable, highly efficient, wear resistant, high strength, and requires low maintenance and less lubrication. These factors are expected to earn high traction in the worm reduction gearbox market. The worm reduction gearbox play an important role in construction of windmills; continuous emphasis on harnessing of renewable wind energy will possibly fuel growth of the worm reduction gearbox in the near future.
As product innovation is readily adopted in the market, manufactures are focusing on incorporation of advanced technologies to improve the quality and usage, thereby accelerating the growth prospects of worm reduction gearbox market.
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About 75,000 Elevators can Spur the Demand for Worm Reduction Gearbox in Following Years
Rapid urbanization across the globe, especially in emerging economies, is expected to fuel the adoption of elevators and lifts. For example, in India, the demand for lifts and elevators is expected to cross 75,000 units by the end of 2020, owing to favorable real estate reforms and growth in the construction sector. In addition, demand for elevators and lifts in the country is also influenced by growing aging population (according to UNFPA, India will witness above 12 million senior citizens by 2020) that has prefers to use high quality lifts.
This has influenced the elevator and lift manufacturers to develop safe, smart and reliable equipment, which is expected to support the growth of worm reduction gearbox in the coming years. Worm reduction gear box provide speed reduction in medium to low speed applications, for instance lifts and elevators, where they are used to regulate the torque of the lift. Moreover, their mechanism offers efficient energy utilization as they have higher counter balancing effect.
However, development of hydraulic elevators, is expected to hinder the growth of the worm reduction gearbox market. In hydraulic elevators, hydraulic systems are used instead of traction gears. They have gained high traction owing to their easy installment, less space requirements and can lift high loads as hydraulic fluid mechanism can offer greater lifting force as compared to traction elevators.
Steady Demand From the Automotive Industry to Contribute to the Growth of the Global Worm Reduction Gearbox Market
Automotive sector has been witnessing significant growth since past several years. This growth is fuelled by the increasing preference for self-owned vehicles coupled with increase in GDP per capita in emerging as well as developed economies. The led to increased production of vehicles, typically passenger cars (In 2016, the number of passenger cars produced in China were 24,420,744 units and it reached a count of 24,806,687 in 2017. Similarly, in Russia, passenger cars production reflected a count of 1,124,774 units in 2016 and it increased to 1,348,029 units in 2017).
This is expected to drive the sale of worm reduction gearbox as they are widely used to regulate the torque of the vehicle and used for speed reduction applications. In vehicles, worm reduction gearbox produces torsion differentials in four wheelers thus supporting in direction change, when the wheels turn with higher force, where it reduces the vehicle speed to its threshold limit, without stopping the vehicle. Moreover, worm reduction gearbox is also used in huge trucks and off road vehicles to deliver varying torque levels to each wheel. This is anticipated to fuel the growth of the global worm reduction gearbox market during the period of forecast.
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Combination of Higher Reduction Ratio and Low Reverse Power to Intensify the Use of Worm Reduction Gear Box
Worm reduction gearbox offers huge reduction ratio as compared to standard motors. This allows huge turning of the main gear with a little directional shift of the worm gear in the worm reduction gear box. This permits the user to decrease the speed while simultaneously increasing the torque. This enables efficient handling, convenient direction change and reduced downtime of the engine. In addition, need for a backstop is eliminated as the set up is easily simplifies with a worm reduction gearbox.
This is due to its low reverse power that enables the gear to move in one direction. Relatively in a standard gear set up, power reversing more components in the machine along with a backstop. Worm reduction gearbox is ideal preference for a machine that requires less speed and more torque, for example, a conveyor belt system. Second benefit lies in its simplicity as additional gears are not required to carry out to increase or decrease the speed of the machine.
The key stakeholders in the global worm reduction gearbox market include Precision Gears Inc., Gear Manufacturing Inc., ESSOR Precision Company, HPC Gears, Avon Gear and Engineering, Berg, Mitsubishi and Gear Motions among others.
Key highlights and incisive insights with respect to various market developments and trends are compiles in this analytical research report. The research report on global worm reduction gearbox market can be a used as a comprehensive business document for gaining in-depth understanding of the global market with a view to achieve competitive advantage in the coming years.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
- Market Dynamics
- Market Size
- Market Segments
- Demand & Supply Trends
- Current Issues and Challenges
- Companies and Competitor Landscape
- Value Chain
Regional Segments Analyzed Include
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
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Highlights from the Report
- Elaborated scenario of the parent market
- Transformations in the market dynamics
- Detailed segmentation of the target market
- Historical, current and forecast market size based on value and volume
- Latest industry developments and trends
- Competition landscape
- Strategies adopted by the market players and product developments made
- Potential and niche segments, along with their regional analysis
- Unbiased analysis on performance of the market
- Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
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