Report : Asia Pacific Worm Gear Drives Market Forecast to 2030 - Regional Analysis - by Operation Type (Cylindrical Worm Gear and Single and Double Enveloping Worm Gear), Product Type (Housed Units, Gearsets, and High Speed Worms), and Material Type (Stainless Steel, Cast Iron, Aluminum, and Others)
At 4.1% CAGR, Asia Pacific Worm Gear Drives Market is Speculated to be Worth US$ 1,672.26 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific worm gear drives market was valued at US$ 1,213.77 million in 2022 and is expected to reach US$ 1,672.26 million by 2030, registering a CAGR of 4.1% from 2022 to 2030. Growing elevator and escalator installations due to increasing construction activities and rise in adoption of robotics are among the critical factors attributed to drive the Asia Pacific worm gear drives market growth.
Worm gear drives are commonly used in elevators and escalators owing to their fast braking or stopping abilities. Moreover, their compact size and ratio render them suitable for these applications, they can stop and hold a weight and prevent a reverse motion. These technical advantages help regulate the elevator's speed and prevent its elevator from a free fall. Growing elevator and escalator installations due to increased construction activities in developed and developing nations is one of the factors that is driving the demand for worm gear drives. Approximately half of the 7.8 billion people worldwide currently reside in cities and urban regions, with an additional 2.5 billion predicted to move in the next 20 to 25 years. In crowded places where empty lands are scarce, high-rise structures-especially residential ones-have shown to be advantageous. There is an increase in the number of high-rise buildings owing to population growth. Builders construct taller structures that can accommodate more individuals on a lesser footprint. The rising number of high-rise buildings is propelling the installation of elevators and escalators.
In India, increased disposable income and rapid urbanization have led to a surge in the need for housing. The subsequent growth in residential construction in the country has resulted in the construction of luxurious and high-rise buildings in the last couple of decades. Data published in the International Journal of Research Publication and Reviews, 2022, highlights that Mumbai (India's commercial hub) is home to the majority of the country's tallest structures. More than 2,500 tall buildings and thousands of mid-rise buildings have already been completed in the city. Delhi and its adjacent areas are witnessing huge construction efforts with ~1,500 previously built high rises. Thus, the increased trend of high-rise buildings in India has driven the elevator business, ultimately benefiting the worm gear drives market.
On the contrastingly, presence of alternative products hampers the growth of Asia Pacific worm gear drives market.
Based on operation type, the Asia Pacific worm gear drives market is bifurcated cylindrical worm gears and single and double enveloping worm gears. The cylindrical worm gears segment held 71.2% market share in 2022, amassing US$ 863.76 million. It is projected to garner US$ 1,208.11 million by 2030 to register 4.3% CAGR during 2022-2030.
In terms of product type, the Asia Pacific worm gear drives market is categorized into housed units, gearsets, and high speed worms. The gearsets segment held 45.8% share of Asia Pacific worm gear drives market in 2022, amassing US$ 555.79 million. It is projected to garner US$ 783.89 million by 2030 to expand at 4.4% CAGR from 2022 to 2030.
By material type, the Asia Pacific worm gear drives market is segmented into stainless steel, cast iron, aluminum, and others. The stainless steel segment held 31.0% share of Asia Pacific worm gear drives market in 2022, amassing US$ 376.69 million. It is estimated to garner US$ 491.28 million by 2030 to expand at 3.4% CAGR during 2022-2030.
Based on country, the Asia Pacific worm gear drives market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.8% share of Asia Pacific worm gear drives market in 2022. It was assessed at US$ 361.58 million in 2022 and is likely to hit US$ 538.30 million by 2030, registering a CAGR of 5.1% during 2022-2030.
Key players operating in the Asia Pacific worm gear drives market are Kohara Gear Industry Co Ltd, Tulsa Winch Inc, Nozag AG, The Timken Co, and Tracey Gear Inc., among others.
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