Market Size of Parallel Shaft Geared Motors Industry
| 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 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 Size Summary
The parallel shaft geared motors market is poised for significant growth, driven by the increasing demand for efficient mechanical power transmission solutions and the modernization of industrial machinery. Despite the initial setbacks caused by the COVID-19 pandemic, which temporarily dampened demand, the market is expected to recover and expand, particularly in the industrial sector. The food processing industry, in particular, is a major contributor to this growth, with substantial investments and projects underway in regions like India and the United States. However, the market faces challenges from the shift towards environmentally friendly technologies, as industries increasingly adopt electric machinery and battery-operated equipment.
The Asia-Pacific region is anticipated to experience robust growth due to rapid industrialization and urbanization, with the automotive and food processing sectors leading the charge. China's dominance in automobile production, especially in electric vehicles, and India's strategic initiatives to boost its food processing industry are key factors propelling market expansion. The region's demand for automated and flexible technologies further supports this trend. The market is moderately fragmented, with key players like Siemens AG and Mitsubishi Electric Corporation actively expanding their product offerings to cater to diverse industrial needs. These developments underscore the dynamic nature of the parallel shaft geared motors market and its potential for continued growth in the coming years.
Parallel Shaft Geared Motors Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Shaft Type
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2.1.1 Hollow Shaft
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2.1.2 Solid Shaft
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2.1.3 Splined Hollow Shaft
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2.1.4 Hollow Shaft with Shrink Disc
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2.2 Stage
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2.2.1 2-Stage
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2.2.2 3-Stage
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2.2.3 Other Stages
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2.3 Application
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2.3.1 Logistics
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2.3.2 Food and Beverages
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2.3.3 Other Applications
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 South America
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2.4.5 Middle-East and Africa
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Parallel Shaft Geared Motors Market Size 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.
