The performance of the gear product market is highly dependent on its application industry, including potential growth in many machinery and processing industries. The material processing industry is the industry that uses the most gear products. In 2014, it accounted for 15.5% of the market revenue, with revenues of nearly US$1.9 billion. The compound annual growth rate from 2014 to 2019 is also the highest 4%.
In recent years, the global gear product market has been ups and downs, with a strong recovery in 2010 and 2011, contraction in 2012, and then a slight rebound in 2013. In 2014, the global gear product market value exceeded $12 billion, a slight increase from 2013. However, the recovery is expected to disrupt market growth and lead to market stagnation in 2015 and 2016, mainly due to the instability of the downstream process industry and the gear motor market due to global economic and geopolitical uncertainties. Poor performance.
IHS predicts that the global gear product market will gradually pick up from the mid-term of the forecast period. From 2014 to 2019, it will grow at a compound annual growth rate of 1.6%, reaching $13 billion by 2019. In terms of regional markets, the Asia Pacific region remains the largest regional market for gear products in 2014, accounting for 46% of global revenues and a valuation of over $5.5 billion. The EMEA (Europe, Middle East and Africa) region is the second largest regional market, with a value of over $4.3 billion in 2014, accounting for 36% of global revenue.
In 2014, the transmission market was still much larger than the reducer market, with market revenue accounting for approximately 60.3%. However, IHS predicts that until 2019, the growth of the transmission market will be much slower than the speed reducer market and will shrink until 2016. Overall, from 2014 to 2019, the transmission market revenue will achieve a compound annual growth rate of 0.9%, mainly due to poor performance of the downstream process industry, especially mining, cement and metal processing. In the same period, the reducer market is expected to achieve a CAGR of 2.8%, in part because the share of gearboxes in discrete industries is larger than that of transmissions, while gear products in discrete industries will grow faster than the process industry. The speed reducer market is expected to reach $5.5 billion in 2019, and its share of total gear product share will increase from 39.7% in 2014 to approximately 42%.
The performance of the gear product market is highly dependent on its application industry, including potential growth in many machinery and processing industries. The material processing industry is the industry that uses the most gear products. In 2014, it accounted for 15.5% of the market revenue, with revenues of nearly US$1.9 billion. The compound annual growth rate from 2014 to 2019 is also the highest 4%. The food and beverage industry (including machinery and processing) is the second largest application market for gear products, especially the speed reducer. It is expected to be the second fastest downstream industry with an average annual compound growth rate from 2014 to 2019, at 3.5%. Mining, one of the major downstream industries, will be the worst of all, with a compound annual growth rate of -3.4%, followed by metal processing.
In terms of market structure, European suppliers continued to lead the entire gear product market in 2014, with eight of the top ten companies, accounting for about 45% of global revenue. SEW-EURODRIVE remains the market leader in gear products and dominates the field of gearboxes. The market share of the transmission industry is leading, and the overall market share of gear products is second.
