Applied Mechatronics and Sumitomo have Formed a Partnership to Use Motion Control on Machines
In February 2022, a partnership between Sumitomo and Applied Mechatronics was announced in using motion control in industrial automation and machine design. Because of the company's expertise in mechanical and electrical automation, customers can engage with speed reducers in the real world and have a "out-of-the-box" experience.
Increasing Demand for Energy-Efficient Solutions to Drive Market Growth
The speed reducer market is primarily driven by the rising need for energy-efficient solutions. In industrial applications, speed reducers, commonly referred to as gearboxes, are essential for lowering energy usage. They are used to increase torque production while decreasing the rotational speed of an electric motor or other power source, which leads to improved control over power transmission and less energy usage. The rising energy cost and worries about environmental sustainability in various businesses is driving the need for energy-efficient solutions. Speed reducers can aid in achieving the aims of businesses that want to use less energy and leave a smaller carbon impact.
Technological Disruptions to Constrain Market Expansion
Technological upheavals might severely constrain the speed reducer market. Technology is advancing quickly, and new goods and technologies may soon take the place of conventional speed reducers. This can include innovative motor technology like brushless DC motors, which might eliminate the requirement for gearboxes in some situations. Developments in software and control systems may also impact the speed reducer market. For instance, digitization and Industry 4.0 technologies are making it possible to have more control over industrial equipment and processes, which can make some types of speed reducers unnecessary.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the speed reducer market plan acquisitions to improve their brand recognition globally. For instance, in November 2019, one of the most prominent speed reducer manufacturers, Bonfiglioli, operates a tramin feeder hopper at an iron ore facility where wheel loaders deposit 45t bucket loads onto reclaimer hoppers before conveying the ore onto a stockyard conveyer.
List of Key Players Profiled in the Report
- Sew eurodrive
- Sumitomo Heavy Industries
- Bosch Rexroth
- Jiangsu Tailong
- Siemens Flender
- Altra Industrial Motion
- ABB Baldor
- Ramsey Winch
- Hub City
- Toledo Gearmotor
- Jiangsu Taixing
- Nidec Shimpo
- The market in the Asia Pacific is expected to gain a huge portion of the global Speed reducer market share in the coming years due to an increase in speed reducer producers.
- The most in-demand industries, manufacturing, are widely dispersed across the Asia-Pacific region.
- In North America, the growth in this region is primarily driven by rising need for automation across a range of businesses and increased use of renewable energy sources.
|Market Size in 2022||USD 9.8 Billion|
|Market Forecast in 2030||USD 16.4 Billion|
|Compound Annual Growth Rate||8.90 %|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Types, By Applications and By Geography|