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.
Global Gear Reducer Market: Key Trends
One of the key trends of the market is the launch of magnetic gear reducer, which is expected to
drive growth of the market over the forecast period. A magnetic gear reducer uses a permanent
magnet to transmit torque from an input shaft to an output shaft without mechanical contact.
Since there is no contact between the rotors, the gear will work smoothly even if the torque
exceeds the speed limit. Magnetic gear reducer offers various advantages such as higher
efficiency, low maintenance cost, high reliability, low noise and vibration, durability, high bearing
overloading capacity, and a low energy consumption.
High repairing cost of gear reducer is one of the major factors restraining growth of
the market
High repairing cost of gear reducers is one of the major factors restraining growth of the market.
For instance, according to Spareinmotion, a leading online shop for wind turbine parts and
repairs, repairing cost for Gearbox PEAB 4935 was US$ 54.47 million and Gearbox PEAB 4390
was US$ 48.94 million. Moreover, the increasing cost of raw materials such as stainless steels,
hardened steel, aluminium, cast iron, bronze, and brass is another factor restraining growth of
the market.
Global Gear Reducer Market: Regional Insights
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