The Europe industrial gears market features a high concentration of domestic as well as international players, operating amidst intense competition to win a greater portion of the pie, observes Transparency Market Research (TMR) in a recent report. The high capital requirement for setting up industrial gears designing and manufacturing facilities has kept the threat of new entrants low in the market. As a result, companies can expect to witness a medium-level impact of the possibility of new entrants making competition more intense in the near future.

Innovations in gear design could help develop a vast set of new opportunities in the Europe industrial gear market and companies are suggested to focus on designing gears that are likely to produce less noise, heat, and have improved workable lifecycle. Some of the market’s notable vendors are Siemens AG, Klingelnberg GmbH, Precipart Corporation, RenoldPlc, Bonfiglioli Riduttori S.P.A., and BMT International S.A.

TMR estimates that the Europe industrial gears market was valued at US$24.21 billion in 2015 and will reach US$35.23 bn by 2024, expanding at a CAGR of 4.5% from 2016 to 2024.

europe industrial gear market
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Low Efficiency and High Production of Heat to Reflect Negatively on Demand for Helical Gears

In terms of gear types, the segment of helical gears accounted for the most significant share in market’s overall revenues, an estimated 12.4% in 2015, but is expected to decline over the forecast period owing to issues such as the production of excessive heat and low efficiency as compared to other gears. Geographically, the market for industrial gears in Germany contributes the most significant share in the Europe industrial gears market’s revenues, thanks to a large number of industries and a steadily expanding manufacturing sector.