London, 18 March 2015: Technavio, the independent tech-focused global research firm, has published a report on the Global Gear Manufacturing Market 2015-2019, which is expected to grow at a CAGR of 5.33 percent during the period 2015-2019.
In developed countries, industries such as chemical, power, pulp and paper, oil and gas, and textile are upgrading old gears and replacing them with new and innovative gears that guarantee high productivity. Moreover, this helps these industries reduce their overall operational costs by reducing the maintenance costs of the equipment.
“Several manufacturers offer customized, industry-specific gears to meet the specific needs of end-users. They offer various types of gears in different sizes, shapes, designs, and speed ratios according to the specific requirements of industrial applications,” says Faisal Ghaus, Vice President of Technavio.
“This enables organizations to enhance the efficiency of their gear-equipped machinery, thereby improve the productivity of their plant operation.”
Key Market Drivers
- Demand from Oil and Gas Industry
- Demand from Power Industry
- Increased Demand from Automotive Industry
Key Market Trends
- Development of Industry-specific Gear
- Increased Technical Expertise
- Increased Focus on R&D
Key Market Vendors
- David Brown Gear Systems Ltd.
- Emerson Electric Co.
- Rotork plc
To define the market circumstances in the next 3-4 years, analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
