Increasing demand for automation to improve productivity, energy efficiency, and labor costs is expected to drive parallel shaft geared motors market growth over the forecast period. Precision gearboxes are widely used in machines and systems to automate a variety of processes. Automation reduces the amount of manual operation and ensures minimal human intervention, which is expected to benefit sparsely populated areas with a less skilled labor force. As a result, demand for such automated machines and systems is expected to have a positive impact on market development during the forecast period. Parallel shaft geared motors consume a significant amount of vitality in ventures, resulting in high-vitality costs. In light of rising energy costs, businesses all over the world are focusing on incorporating energy-efficient systems into their manufacturing processes. Expanding interests in various assembly areas, for example, bundling, plastics, car, and unit material handling, are relied on to open doors for parallel shaft geared motors. The aforementioned elements are expected to drive interest for parallel shaft geared motors, thereby filling the parallel shaft geared motors market’s development prospects over the forecast period.
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- Motors consume a significant amount of energy in industries, resulting in high-energy costs. In response to rising energy costs, industries all over the world are focusing on incorporating energy-efficient techniques into their manufacturing processes.
- The adoption of extensive energy efficient methods for various industrial applications has resulted from the implementation of stringent energy regulations that emphasize energy cost reduction. Increasing investments in various manufacturing sectors, such as packaging, plastics, automotive, and unit material handling, are expected to open up new markets for parallel shaft geared motors.
- Due to large-scale industrialization and infrastructure development in the region, Asia-Pacific has emerged as one of the largest parallel shaft geared motors markets. Governments in Asia-Pacific are concentrating their efforts on improving their existing infrastructure.
- Rising investments and technological advancements in wind power, food and beverage, materials, and other end-user applications have increased demand for parallel shaft geared motors.
- The food and beverage industry dominates the parallel shaft-geared motors market. This is primarily due to the need to comply with stringent regulations focusing on food safety, quality, and hygiene, which has prompted manufacturers to upgrade their equipment accordingly.
- With a growing population, rising income levels, and increased food demand, the parallel shaft-geared motors market is expected to expand rapidly in this end-user segment.
- Food processing machinery is a complex and multi-dimensional market that includes all of the machinery and equipment used in commercial food production and packaging.
- Rising food product demand has resulted in the adoption of automated technologies for processing and packaging machinery in countries such as India, China, Thailand, and Indonesia, which is expected to drive the parallel shaft geared motors market.
- Siemens AG, WEG S. A., NORD Drivesystems, Toledo Gearmotor, Bison Gear & Engineering Corp., ABB Motors and Mechanical Inc., Bodine Electric Company, Mitsubishi Electric Corporation, SPG Co., Ltd, Allied Motion Inc., and others are major players in this market.
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Key Benefits of the Report
- This study presents the analytical depiction of the parallel shaft geared motors market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the parallel shaft geared motors market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the parallel shaft geared motors market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed parallel shaft geared motors market analysis based on competitive intensity and how the competition will take shape in coming years
COVID-19 Impact analysis
Since the outbreak of the COVID-19 virus in December 2019, the disease has spread to almost every country on the planet, prompting the World Health Organization to declare it a public health emergency. The global effects of the coronavirus disease 2019 (COVID-19) are already being felt, and they will have a significant impact on the parallel shaft geared motors market. The pandemic outbreak has had a wide-ranging impact, including flight cancellations, travel bans and quarantines, restaurant closures, and restrictions on all indoor/outdoor events; a state of emergency declared in over forty countries; a massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about the future. It has majorly affected the supply chain management of market.
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