Worm Reducer Market Size, Share, Growth, and Industry Analysis, By Type (Vertical Worm Reducer, Horizontal Worm Reducer), By Application (Automobile Industry, Shipping Industry, Machinery and Equipment), Regional Forecast to 2027

Updated On: 22 April 2024

Report Overview

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The global worm reducer market size was USD 896.45 million in 2021. As per our research, the market is expected to reach USD 1313.86 million in 2027, exhibiting a CAGR of 6.58% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the worm reducer market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A right-angle speed reducer called, worm reducer allows for the greatest speed decrease in the smallest possible frame. They are employed in applications requiring low to moderate horsepower. They provide high ratios, high output torque, and minimal beginning cost in a compact design. Worm gear reducers are used in all industries and come in sizes ranging from a few pounds to several tons for large industrial applications. They are available in a broad variety of forms, combinations, and ratios.

With little effort, a worm gear reducer can have a significant reduction ratio, all one needs to do is increase the wheel's circumference. Consequently, it can be utilized to either considerably boost torque or greatly decrease speed. The market is expected to experience significant rise in the following years due to the growing logistics, construction, and mining industries, particularly in emerging countries, are what are driving the demand for worm gear in the commercial sector.

COVID-19 Impact: Market Demand Was Negatively Affected by the Pandemic

The restrictions imposed by the global pandemic have shocked the world, but market for worm reducer has also been hard hit. In recent months, the pandemic had a negative impact on the majority of industries worldwide. This is primarily because both public and private businesses have decreased their investments in the manufacturing sector. Manufacturers were forced to temporarily reduce production as a result of a number of preventative lockdowns, significant disruptions to manufacturing and supply chain operations, and other restrictions imposed by the government. Additionally, the shift in demand slowed the expansion of the worm reducer market. However, once government agencies begin to lift these mandatory lockdowns, the market is anticipated to recover.

Latest Trends

"Expansion of Logistic and Automotive Sector to Drive Market Expansion"

The expansion of the logistic industry in modern economies is expected to result in an increase in market demand over the forecast period. Due to its widespread use in applications that regulate vehicle torque and speed, worm gear reducer sales are also anticipated to rise consistently over the forecast period. As a result of the development of novel concepts with the intention of attracting new customers, major players are anticipated to drive worm reducer market growth over time. Market may see an increase in demand as a result of these global market developments.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into below vertical worm reducer, and horizontal worm reducer.

• By Application Analysis

Based on application, the market can be divided into automobile industry, shipping industry, machinery and equipment.

Driving Factors

"Increasing Demand in Automotive Industry will drive the Market Demand"

The expansion of the automobile industry has had a positive impact on the market's development. As a result of rising income levels, expanding research and development hubs, and government programs that have increased consumer demand for privately owned cars and fuelled the market's expansion, the automotive industry has grown significantly over the past few years. Due to its widespread use in applications that regulate vehicle torque and speed, worm gear reducer sales are also anticipated to rise consistently over the forecast period.

"Advancements in Technology to Boost Market Growth"

There are a number of significant factors contributing to the rise in demand for elevators and escalators, including growing urbanization, expanding real estate markets, and the construction of multi-story residential and commercial structures. The construction of advanced infrastructures like apartment buildings, hospitals, and office buildings is driving up the need for efficient elevators to make customers' lives easier and provide a stronger foundation. As the global demand for elevators and escalators rises, market is anticipated to boom in the forecast period.

Restraining Factors

"High Investment will Hamper Market Demand"

Growth of market may be restricted by excessive cost of repairing. It is anticipated that the expansion of the industry will be limited in part by the high cost of research and development (R&D) associated with the creation and implementation of alternative methods. Another factor holding back market expansion is the rising cost of raw materials like stainless steel, aluminium, cast iron, bronze, and brass.

Regional Insights

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"Increased Demand in Asia-Pacific is anticipated to Boost Market Expansion"

Several leading manufacturers in the industry are based in the Asia-Pacific region. The conversion of a relatively slow turbine blade speed to a high speed for electricity generation by gear reducers is increasing market demand. Additionally, the installation of wind turbines to meet the region's electric power needs has increased due to rapid industrialization. As a result of expansion of product line in response to rising demand from a variety of end-use companies, Asia-Pacific holds the leading position in worm reducer market share.

Key Industry Players

"Major Players are Affecting Market Development by Adopting of New Approaches"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.

The top key players in the market are Tsubak, Siemens, NORD, Bonfiglioli, Hebei CangZhou YaJin Jiansuji, YUK, FIXEDSTAR, SUMER, TWG and others. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the market growth.

List of Market Players Profiled

• Tsubak
• Siemens
• NORD
• Bonfiglioli
• Hebei CangZhou YaJin Jiansuji
• YUK
• FIXEDSTAR
• SUMER
• TWG
• HENGDIAN
• Nidec-SHIMPO
• I.CH MOTION CO.,LTD
• TGB
• STM
• JINYUCHEN
• JVL
• HANGZHOU XINGDA MACHINERY
• SITI
• Khlig Antriebstechnik GmbH
• SANKYO
• IPTS, Inc.

Report Coverage

This report examines an understanding of the worm reducer market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.