Speed Reducers Market Size, Share, Growth, and Industry Analysis, By Type (Gear Reducer, Worm Wheel Reducer, Planetary Gears, Cycloid Reducer & Harmonic Drive), By Application (Industrial, Food Industry, Mining Industry, Construction Industry & Others), Regional Insights, and Forecast To 2031

Updated On: 11 September 2023

Speed Reducers Market Report Overview

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The global speed reducers market size was USD 9699.3 million in 2021 and is expected to reach USD 22360.8 million in 2031, exhibiting a CAGR of 8.7% during the forecast period. 

Devices called speed reducers use gears and other similar mechanisms to decelerate and output the rotational speed. They have an inverse relationship between torque output and deceleration. Transmissions are tools that alter the rotational speed ratio. Reducer have a constant speed, whereas transmissions can modify the speed. All industrial and domestic machinery that needs to safely and effectively reduce the speed of an electric motor uses this product. The equipment alters the speed of a motor to produce the necessary torque for a machine to function effectively.

There is a difference between speed and gear reducers, however speed, as their name suggests, lower the speed (or output rpm) of the input to ensure that the output is the proper speed. Simply put, "gearbox" refers to any gear train that connects a motor to a piece of machinery. As a result, gearboxes are all reducers. Not every gearbox, nevertheless, slows down the input's speed. Although it is uncommon, gearboxes can be tooled to enhance the input's speed. Although speed one are by far the most popular kind of gearbox, it would be inaccurate to assert that all gearboxes are speed products.

COVID-19 Impact: Fall in Demand Leads to Market Distortion

The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with speed reducers market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The COVID-19 epidemic undoubtedly posed a challenge for machinery and equipment in some way, resulting in unstable markets, dwindling customer confidence, and disruptions in import and export operations. Owing to the COVID-19, shutdown of shops and break in supply chain stopped the overall growth of the market. Number of these modifications are having an extended impact. Businesses across all industries are adjusting to these new realities including the equipment industry—adopt new technology and methods of operation. In addition, production instability and supply chain disruptions have an impact on the expansion of the market. With continuously growing sector across the globe the demand for the product is also growing rapidly and related equipment to support the operations. Demand rate of speed reduced market is expected to grow in traction during the forecast period.

LATEST TRENDS

"Increase in Industrialization to Boost the Market Growth"

The demand for speed reducers has expanded in industries that need machinery for production. The growth was greatly aided by the development and transformation of the areas, and the current trend is ideal for pushing the market. Cranes, rolling machines, and other equipment are now used much more frequently. With the use of these machines, new industries in many different sectors have been developing where the product plays a significant role. Positive swings in demand will be indicative of product demand.

Speed Reducers Market Segmentation

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• By Types 

Based on type, the market is classified into Gear Reducer, Worm Wheel Reducer, Planetary Gears, Cycloid Reducer & Harmonic Drive.

• By Application

Based on application, the market is categorized into Industrial, Food Industry, Mining Industry, Construction Industry & Others.

DRIVING FACTORS

"Use of Product in Construction Field that Gives the Market Extra Boost"

The rise in the arc of urbanization, there is a lot of use of construction fields. Due to increase in the construction of architecture, the use of cranes and construction is increasing. Making of new architecture and development of new complex will increase and will never fall apart. Due to this the demand of the product will reach new heights and therefore, attributing the application of the market in the cranes and construction equipment and improves the overall speed reducers market growth.

"Food Industry is Encouraging Market Growth"

RESTRAINING FACTORS

"Low Production of Product Obstructing the Market Growth"

The low production of these speed reducers is predicted to bring production decrease in the near future. Though the speed reducers market is witnessing significant growth, it contains its challenges to overcome. Apart from its wide range of application, speed reducers are way more complex to maintain. The life cycle of the reducers is not so long. But as things progress there will be some solution to this problem.

Speed Reducers Market Regional Insights

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"Asia Pacific Dominating the Market Across the Globe"

Asia Pacific is a key consumer and manufacturer of the speed reducers market share, it is one region to witness the fastest growth with the help of the increase in number of speed reducers manufacturers. Asia Pacific region is home of many manufacturing companies which are the prime demanding sectors. The product demand is thought to be primarily driven by the steadily rising production indices. This factor takes the Asia Pacific to the top place in terms of development. Adopting technological developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

The research provides details on the list of market participants and their activity in the sector. Acquisitions, mergers, technical advancements, collaborations, and increasing production facilities are used to gather and report the information. The companies that produce and introduce new products, the areas where they operate, automation, technology adoption, creating the greatest income, and making a difference with their products are some of the other factors that are looked at for this market.

INDUSTRIAL DEVELOPMENT

November 2019: Bonfiglioli, one of the most significant speed reducers manufacturers, drives tranmin feeder hopper at iron ore operation where it is by wheel loader depositing 45t bucket loads onto reclaimer hopper, after which it is transported onto a stockyard conveyer.

List of Market Players Profiled

• Sew Ever drive (Germany)
• Nabtesco (U.S.)
• Gurbhub (U.S.)
• Winsmith (U.S.)
• ABB Baldor (U.S.)

REPORT COVERAGE

The analysis examines every aspect of the market, including market segmentation by type and application. The study examines a wide spectrum of players, including current and potential market leaders. Several significant variables are expected to fuel a sizable market expansion. The research also includes factors that are probably to increase speed reducers market share in order to provide market insights. Additionally, the research includes projections for market expansion throughout the predicted period. The objective of the regional analysis is to clarify why one region dominates the worldwide market. The market can't grow because of a number of issues, all of which have been properly considered. Moreover, a market strategic analysis is included in the report. It contains comprehensive market data.