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 |
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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.
