Parallel Shaft Geared Motors Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The parallel shaft geared motors market is expected to register a CAGR of around 15% during the forecast period. The COVID-19 pandemic had negatively affected the demand for geared motors. For instance, Control Engineering Company recorded over a 7% reduction in the market value for their geared motor products and gearboxes in 2020, which created short-term difficulties for the manufacturers. The global parallel shaft geared motor market is expected to witness a great demand in the coming years, due to the growing concerns regarding the efficiency of mechanical power transmission machinery and the growing inclination toward the modernization and up-gradation of industrial machinery and infrastructure. However, the market is hindered by the growing trend toward environmentally friendly factories that want more installations of electrical machinery like battery-run material handling equipment.
Key HighlightsThe parallel shaft geared motors market is moderately fragmented. The key players in the market include Siemens AG, Oriental Motor USA Corp., Getriebebau NORD, Toledo Gearmotor, and Mitsubishi Electric Corporation.
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