Gear reducer is a mechanism by which output energy of high-speed motor or engine is transmitted to another mechanical component by lowering the rotational speed at higher torque. It also delivers mechanical safety by reducing speed of the rotating equipment. The number of gears used in the reduction gear assembly depends on the output speed and requirement of applications.
Increasing installation of wind turbines worldwide is one of the major factors driving growth of the gear reducer market. Gear reducer is used in wind turbines for controlling the speed of motor with which power is transmitted. The primary purpose of gear reducer is to multiply the amount of torque generated by an input resource, in order to achieve the desired output from the wind turbine. For instance, according to the Global Wind Energy Council (GWEC), in 2016, the total installed capacities of wind turbine was 485 GW and is expected to surpass 800 GW by 2021. According to Coherent Market Insights’ analysis, the total installed capacities would increase to over double the installed capacities in 2016, by 2025.
Moreover, factors such as low initial cost, high ratios, and high output torque, less energy cost, light weighted, and ease of installation are some of the advantages of gear reducers, which inadvertently increases its applications in agricultural, industrial, construction, mining, and automotive equipment among others. These factors will help in fueling growth of the gear reducer market.
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The gear reducer market in Asia Pacific is expected to grow at highest CAGR during the forecast period (2018-2026). Rising number of wind power producing projects in emerging economies such as India, China, and Japan is one of the major factors driving growth of the market. For instance, according to the Global Wind Energy Council (GWEC) analysis, the total installed capacity of wind power in 2016 was 168,732 KW, which increased to 19,660 KW in 2017. Similarly, in India, the installed capacity of wind power was 26,777 KW in 2016, which increased to 32,280 in 2017. Therefore, increasing installation of wind turbines will positively increase the demand for gear reducers, as it helps in converting a relatively slow turbine blade speed to a high speed for generating electricity.
Furthermore, rapid industrialization especially in the developing regions such as India and China, are further increase the installation of wind turbine for fulfilling the need of the electric power in these particular region. Moreover, stringent government rules and regulations in regarding reducing the emission of carbon will further increase the installation of wind turbine as wind being cheapest power source for generating the power. This resource is vital for developing a sustainable and low carbon economy which reduces the overall detrimental effects on the environment.
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Key players operating in the global gear reducer market include IPTS, Inc., NORD Drivesystems, Altra Industrial Motion Corp., Apex Dynamics, Inc., Ondrives.US Corporation, Siemens, Li Xiang Mach & Elec Co., Ltd, JVL Industri Elektronik, Boneng Transmission Co., LTD, Zhejiang Ever-Power Transmission Co. Ltd., FIXEDSTAR, and HBReducer.
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