Tag Archives: Industrial Gear Motors and Drives Market Share

Industrial Gear Motors and Drives Market Valuation and Analysis During Forecast Period 2022

Industrial gear motors & drives market include power transmission components that are primarily used to reduce cost and complexity in designing machines, tools, and appliances that need high torque at low shaft speed. The market is expected to witness high growth owing to the rising demand of machined products in the mechanical industry. Mechanical industry is projected to grow more than a quarter over the forecasted period mainly due to the increasing demand in industries such as automobile, aerospace, petroleum and food & beverage. The automobile and aerospace industries are forecasted to grow more than 15% CAGR and 11% CAGR respectively, majorly due to the growing consumer demand, economic development, and standard of living. Similarly other industries are expected to report high growth owing to the competition, awareness, and new product development.