Gear Measuring Machines Market to Grow 1.2X through 2030 amid COVID-19, Finds Fact.MR
Gear measuring machines ensure efficient power transmission and have the ability to inspect small and large gears which, in turn, is expected to boost the market for gear measuring machines globally.
The increasing demand for smaller gears with complex geometry from the automotive sector will boost demand for gear measuring machines. Furthermore, manufacturers are integrating advance technologies such as laser scanning to increase the throughput and the level of accuracy for both smaller and bigger gears in order to support efficient production. Moreover, the global demand for gear measuring machines will surge by the end of 2020 as they are utilized in number of applications.
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Key Takeaways of Gear Measuring Machines Market
• Global gear measuring machines market is anticipated to grow at a value CAGR of 2.3% and is projected to surpass a valuation of ~US$ 457 Mn by the end of 2030
• By sales channel, direct sales are set to hold a share-wide market dominance with over 53% of the total market value by the end of forecast period 2020-2030
• <650mm max workpiece diameter is projected to grow 2.2X faster than >1500 max workpiece diameter in 2020, and is anticipated to create an absolute $ opportunity of more than ~US$ 28.7 Mn during the forecast period
• APEJ is projected to grow 1.1X faster than North America. However, Europe is estimated to account for major chunk of the demand pie by the end of the forecast period
• Automotive segment is projected to surpass market valuation of US$ 156.3 Mn by the end of 2030 and is anticipated to grow at a value CAGR of 1.4% during the forecast period
"The COVID-19 pandemic has hit the gear measuring machines market adversely on the supply and demand side causing a decline in sales. Post COVID-19, the expansion in the automotive industry and increasing demand for more complex gears from aviation and metal & mining industry from the is anticipated to bolster the growth of gear measuring machines market" says the Fact.MR analyst.
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