Asia Pacific Worm Gear Drives Market
No. of Pages: 80 | Report Code: BMIRE00030391 | Category: Manufacturing and Construction
No. of Pages: 80 | Report Code: BMIRE00030391 | Category: Manufacturing and Construction
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; it is estimated to register a CAGR of 4.1% from 2022 to 2030. Rise in Adoption of Robotics Boosts Asia Pacific Worm Gear Drives Market
Robotics is one of the areas that hold significant potential for the growth of worm gear drive vendors. As robots are becoming more prominent in industrial settings, the demand for high-performance gear systems is also expected to continue an upward trajectory in the coming years. Worm gear drives enable precise motion control, facilitating the accurate positioning and controlled movement of robotic devices. The combination of worm thread and worm wheel teeth enables fine adjustments and smooth operation, resulting in precise and repeatable movements. Worm gear drives provide large gear reduction ratios in a single stage , making them ideal for applications requiring low speed and high torque output. This allows robots in industrial material handling and assembly processes to execute jobs with precise control and large weight-handling capacities. Increasing investments by manufacturers across the world in the adoption of industrial robots is likely to generate lucrative opportunities for worm gear drives market growth. In October 2023, Volvo signed a deal with Fanuc for the industrial robot deployment. Under the terms of the agreement, Fanuc will supply industrial robots to Volvo's global manufacturing facilities. In the first phase, Fanuc would supply more than 700 robots to Volvo's planned electric vehicle (EV) manufacturing facility in Kosice, Slovakia, as well as sites in Ghent, Belgium, and Daqing, China. The announcement is a part of Volvo's larger green plan, which includes producing solely electric vehicles by 2030 and becoming carbon neutral by 2040. This aim emphasizes the utilization of automation technology, such as Fanuc industrial robots, and the Slovakian factory would serve as Volvo's first carbon-neutral production site. In addition to manufacturers' investments in the deployment of industrial robotics, the flourishing trend of Industry 4.0 is another factor that propels the adoption of automation technologies and robotics, which is further expected to benefit the worm gear drive industry.Asia Pacific Worm Gear Drives Market Overview
India, China, and Australia are among the key contributors to the worm gear drive market in Asia Pacific (APAC). The region's commitment to technological advancements, coupled with growing investments in manufacturing and automotive sectors, is likely to drive the worm gear drive market to sustainable growth. As APAC continues to evolve as a key manufacturing landscape worldwide, the demand for efficient and reliable power transmission systems, e.g., worm gear drives, is set to surge in the coming years.
In India, the robust performance of the automotive sector and government emphasis on domestic manufacturing create a conducive environment for the growth of this market. The automotive industry accounts for a significant portion of the manufacturing GDP in the country. Additionally, the Production-Linked Incentive (PLI) Scheme and other government schemes further stimulate the manufacturing sector, potentially leading to increased adoption of advanced power transmission systems.
China, being a globally renowned manufacturing powerhouse, plays a pivotal role in shaping the industrial landscape of APAC. The ambitious "Made in China 2025" initiative, which focuses on technological advancement and self-reliance, contributes notably to the worm gear drives market. The substantial financial backing from the Chinese government and emphasis on indigenous innovation create opportunities for suppliers in the worm gear drive market to cater to the evolving needs of China's advanced manufacturing industries.
Australia, with its strong automotive and manufacturing industry, contributes significantly to the growth of the worm gear drive market in APAC. The country's automotive component industry has experienced substantial turnover, and the government's initiatives such as the Modern Manufacturing Strategy (MMS) Scheme boost domestic manufacturing. The localization efforts by global OEMs in Australia also enhance the demand for precision components, including worm gear drives, within the automotive supply chain.
Asia Pacific Worm Gear Drives Market Revenue and Forecast to 2030 (US$ Million)
Strategic insights for the Asia Pacific Worm Gear Drives provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the Asia Pacific Worm Gear Drives refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Report Attribute
Details
Market size in 2022
US$ 1,213.77 Million
Market Size by 2030
US$ 1,672.26 Million
Global CAGR (2022 - 2030)
4.1%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Operation Type
By Product Type
Regions and Countries Covered
Asia-Pacific
Market leaders and key company profiles
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Asia Pacific Worm Gear Drives Market Segmentation
The Asia Pacific worm gear drives market is categorized into operation type, product type, material type, and country.
Based on operation type, the Asia Pacific worm gear drives market is bifurcated into cylindrical worm gears and single and double enveloping worm gears. The cylindrical worm gears segment held a larger market share in 2022.
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 the largest market share in 2022.
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 the largest market share in 2022.
By country, the Asia Pacific worm gear drives market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific worm gear drives market share in 2022.
Kohara Gear Industry Co Ltd, Tulsa Winch Inc, Nozag AG, The Timken Co, and Tracey Gear Inc are some of the leading companies operating in the Asia Pacific worm gear drives market.
1. Kohara Gear Industry Co Ltd.
2. Tulsa Winch Inc.
3. Nozag AG.
4. The Timken Co.
5. Tracey Gear Inc.
The Asia Pacific Worm Gear Drives Market is valued at US$ 1,213.77 Million in 2022, it is projected to reach US$ 1,672.26 Million by 2030.
As per our report Asia Pacific Worm Gear Drives Market, the market size is valued at US$ 1,213.77 Million in 2022, projecting it to reach US$ 1,672.26 Million by 2030. This translates to a CAGR of approximately 4.1% during the forecast period.
The Asia Pacific Worm Gear Drives Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Worm Gear Drives Market report:
The Asia Pacific Worm Gear Drives Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Worm Gear Drives Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Worm Gear Drives Market value chain can benefit from the information contained in a comprehensive market report.
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