Parallel Shaft Geared Motors Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 15.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Parallel Shaft Geared Motors Market Analysis
The parallel shaft geared motors market is expected to register a CAGR of around 15% during the forecast period. The COVID-19 pandemic had negatively affected the demand for geared motors. For instance, Control Engineering Company recorded over a 7% reduction in the market value for their geared motor products and gearboxes in 2020, which created short-term difficulties for the manufacturers. The global parallel shaft geared motor market is expected to witness a great demand in the coming years, due to the growing concerns regarding the efficiency of mechanical power transmission machinery and the growing inclination toward the modernization and up-gradation of industrial machinery and infrastructure. However, the market is hindered by the growing trend toward environmentally friendly factories that want more installations of electrical machinery like battery-run material handling equipment.
- The industrial segment is expected to have the lion's share during the forecast period, particularly due to the growth in the food processing industry.
- The high rate of industrialization in many emerging economies and the advancement in supply chain management with the introduction of new versions of automated guided vehicles (AGVs) create numerous opportunities for the growth of the market.
- Asia-Pacific is expected to witness significant growth in the near future due to the growing demand for automated technologies for processing machinery.
Parallel Shaft Geared Motors Market Trends
This section covers the major market trends shaping the Parallel Shaft Geared Motors Market according to our research experts:
The Industrial Segment Expected to Witness a Significant Growth
- The parallel shaft geared motors use gears to accomplish speed reduction. The motor shaft and the speed reducer shaft are aligned parallelly in this specifically geared motor. The increasing momentum toward the modernization of material handling and processing equipment in various industries forms the basis for the high demand for parallel shaft geared motors in the industrial segment.
- The most prominent driver of the market is the fast-growing food processing industry which is on an upscale in many economies. In India, the foreign direct investment (FDI) in the food processing industry reached INR 2934 Crores in 2020. The downfall was the consequence of the widespread pandemic. However, the country witnessed a continuous uptrend till 2019.
- In February 2022, the Ministry of Food Processing Industries (MoFPI) reported that around 94 food processing projects were approved to set up the facilities in India, which include agro-processing clusters, cold-chain infrastructure projects, mega food parks, and food testing laboratories. They involve a private investment of around INR 1286 crores.
- Moreover, in the United States too, a number of new food processing projects are about to get started from 2022. For example, the robotic greenhouse farming company Iron Ox planned to invest USD 120 million to establish a 1-million-square-foot processing facility in Lockhard, Texas. The project is expected to get completed in 2023.
- Owing to such developments, it is predictable that the industrial segment is likely to have the highest share in the market during the forecast period.
Asia-Pacific Expected to Witness the Highest Growth
- The Asia-Pacific region has consistently witnessed an upsurge in demand for flexible and automated technologies to be deployed in various industries due to the growth in industrialization and urbanization in many developing economies. The two fastest-growing industries in the region, the automotive sector and the food-processing sector, are largely responsible for the acceleration of the market growth.
- In 2020, around 92 million automobiles were produced globally. China, one of the global leaders in automobile production, accounted for 32% of the global production. The most distinguishing fact behind such a high production is the increased EV production. The country has more plans to set up new EV manufacturing factories in the country.
- In January 2022, Honda announced plans for the construction of an electric car plant to be built with its Chinese joint venture partner Dongfeng in Wuhan, Hubei. The manufacturing unit is designed for an annual capacity of 120,000 electric cars and is scheduled to be operational in 2024.
- In India, the Uttar Pradesh Government has taken new initiatives to develop the food processing industry. In October 2021, the Uttar Pradesh Government was able to attract an investment of around INR 5,000 crores in the food processing sector from national and international companies. They have already allotted land to the companies like ITC, Coca-Cola, Pepsico, and AB Mauri for new projects.
- Moreover, in March 2021, the Indian government approved a production-linked incentive (PLI) scheme for the food processing sector, entailing an outlay of INR 10,900 crore from 2021-22 to 2026-27. The approved scheme is expected to boost exports and expand food processing capacity to generate processed food output worth INR 33,494 crore.
- Such developments are bound to have a positive impact on the market of industrial machinery in the region.
Parallel Shaft Geared Motors Industry Overview
The parallel shaft geared motors market is moderately fragmented. The key players in the market include Siemens AG, Oriental Motor USA Corp., Getriebebau NORD, Toledo Gearmotor, and Mitsubishi Electric Corporation.
Parallel Shaft Geared Motors Market Leaders
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Siemens AG
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Oriental Motor USA Corp.
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Getriebebau NORD
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Toledo Gearmotor
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Mitsubishi Electric Corporation
*Disclaimer: Major Players sorted in no particular order
Parallel Shaft Geared Motors Market News
- In April 2021, Oriental Motor announced the expansion of its product portfolio of IP67 brushless parallel shaft geared motors (BMU and BLE2 Series). The IP67 brushless motors are now available in the range of 200W (1/4 HP)-400W (1/2HP) in motor output power. They are designed for industries such as food, agriculture, and material handling, which generally require a higher IP rating with a stainless steel shaft.
- In February 2022, Kuka Robotics introduced new robotic models for automation in the food processing industry at the International Production & Processing Expo held in Atlanta. The innovative products included the company's Hygienic Machine (HM) and Hygienic Oil (HO) robot portfolios along with its completely hygienic, all-stainless steel KR3 Delta and food processing versions of its other robot models.
Parallel Shaft Geared Motors Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Shaft Type
5.1.1 Hollow Shaft
5.1.2 Solid Shaft
5.1.3 Splined Hollow Shaft
5.1.4 Hollow Shaft with Shrink Disc
5.2 Stage
5.2.1 2-Stage
5.2.2 3-Stage
5.2.3 Other Stages
5.3 Application
5.3.1 Logistics
5.3.2 Food and Beverages
5.3.3 Other Applications
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 South America
5.4.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Siemens AG
6.3.2 WEG SA
6.3.3 NORD Drivesystems
6.3.4 Toledo Gearmotor
6.3.5 Bison Gear & Engineering Corp.
6.3.6 ABB Motors and Mechanical Inc.
6.3.7 Bodine Electric Company
6.3.8 Mitsubishi Electric Corporation
6.3.9 SPG Co. Ltd
6.3.10 Allied Motion Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Parallel Shaft Geared Motors Industry Segmentation
The parallel shaft geared motors market includes:
| Shaft Type | |
| Hollow Shaft | |
| Solid Shaft | |
| Splined Hollow Shaft | |
| Hollow Shaft with Shrink Disc |
| Stage | |
| 2-Stage | |
| 3-Stage | |
| Other Stages |
| Application | |
| Logistics | |
| Food and Beverages | |
| Other Applications |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Parallel Shaft Geared Motors Market Research FAQs
What is the current Parallel Shaft Geared Motors Market size?
The Parallel Shaft Geared Motors Market is projected to register a CAGR of 15% during the forecast period (2024-2029)
Who are the key players in Parallel Shaft Geared Motors Market?
Siemens AG, Oriental Motor USA Corp., Getriebebau NORD, Toledo Gearmotor and Mitsubishi Electric Corporation are the major companies operating in the Parallel Shaft Geared Motors Market.
Which is the fastest growing region in Parallel Shaft Geared Motors Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Parallel Shaft Geared Motors Market?
In 2024, the Asia-Pacific accounts for the largest market share in Parallel Shaft Geared Motors Market.
What years does this Parallel Shaft Geared Motors Market cover?
The report covers the Parallel Shaft Geared Motors Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Parallel Shaft Geared Motors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Parallel Shaft Geared Motors Industry Report
Statistics for the 2024 Parallel Shaft Geared Motors market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Parallel Shaft Geared Motors analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
