Automation of Manufacturing Processes to Generate Promising Opportunities for Europe Industrial Gear Players
The industrial gears market in Europe is growing at a significant rate and is expected to generate promising opportunities for the key players operating in it. Industrial gears find application in a large number of industrial operations and processes, which is estimated to encourage the growth of the overall market in the next few years. The rising demand from the manufacturing industries is one of the key factors estimated to contribute extensively towards the growth of the Europe Industrial gear market in the near future. In addition, the rising focus of key players on innovations and technological developments are anticipated to accelerate the growth of the market.
As per a research study by Transparency Market Research (TMR), in 2015, the industrial gear market in Europe was worth US$24.21 bn and is predicted to reach a value of US$35.23 bn by the end of 2024. The market is likely to register a healthy 4.50% CAGR between 2016 and 2024.
Which European country is likely to observe the most exponential growth in the industrial gear market?
Among the key geographical segments in Europe, in 2015, Germany led the industrial gear market and is expected to continue its dominance in the next few years. The presence of a large number of manufacturing units in this country is one of the vital factors anticipated to encourage the growth of the industrial gear market in Germany in the near future. On the other hand, in the coming years, Italy and France are predicted to witness robust growth, thanks to the developing construction and steel industries. In addition, the growing popularity for automation of the complete manufacturing processes is another factor estimated to augment industrial gear market in coming years.
Which primary factors are estimated to encourage the growth of Europe Industrial Gear market?
The development of manufacturing sector, including plastic, cement, automotive, steel, and paper is one of the primary factors estimated to encourage the growth of the Europe industrial gear market in the next few years. In addition, the upgradation of old industrial gears with new ones is likely to drive the demand substantially across Europe. The growing emphasis of key players on technological developments and innovations is likely to generate potential opportunities for growth in the coming years. Several benefits provided by industrial gears, such as enhanced efficiency, higher loading capacity, and reliability are further projected to fuel the market’s growth in the coming years.
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Which key strategies are projected to help players in enhancing their market penetration?
The prominent players in the Europe industrial gear market include Precipart Corporation, Siemens AG, RenoldPlc, Klingelnberg GmbH, BMT International S.A., and Bonfiglioli Riduttori S.P.A. These players are focusing on expanding their product portfolio and applications base, which is expected to help them develop in the next few years. In addition, the increasing number of mergers and acquisitions and collaborations is likely to enhance their penetration across Europe in the coming years.