In 2010, the gearboxes and gearmotors market generated approximately $1,312 million in revenue, according to analysts at Frost & Sullivan, San Antonio. Sales were primarily sustained by food and beverage, mining, heavy industrial, and agricultural industries, all of which grew in 2010 and should continue strong gains. Slower growth industries, such as power generation, automobile, and aggregates are expected to contribute to market expansion as well.
While growth in these industries has fostered demand for gearboxes and gearmotors, there has been little technological innovation, according to analysts. Limited product differences among manufacturers — as well as pricing pressure from the global market — remain key market restraints.
As shown in the graph, revenue increased from approximately $1.1 billion in 2009 to just over $1.3 billion in 2010. Analysts say this results from pent-up demand stemming from the global recession and only offers short-term impact. Over the long term, anticipated market growth should remain fairly level. The compound annual growth rate for the gearboxes and gearmotors market is expected to stay near 4% through 2017. Analysts believe that gains will be limited by the continued move of customers offshore, as well as alternative technologies designed to meet the push for more energy-efficient equipment. For more information, visit frost.com.