Global Industrial Girth Gear Market 2019-2023 | Growing Investments in Solid Waste Management to Boost Demand | Technavio
The global industrial girth gear market is expected to post a CAGR of more than 1% during the period 2019-2023, according to the latest market research report by Technavio.
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The global industrial girth gear market will post a CAGR of more than 1% during the period 2019-2023 (Graphic: Business Wire)
Industrial operators are increasingly shifting to industrial girth gears and drives owing to the continuous improvements in gear manufacturing technologies. With advanced manufacturing technology and the development of automated inspection software like MAGMA, and Finite Element Analysis (FEA), girth gear manufacturers are now able to produce large girth gear that are nearly 45-49 feet in diameter. Further, manufacturers are using metals such as austempered ductile iron (ADI) which has provided large industrial girth gear with high tensile strength and a high strength-to-weight ratio. The improvement in manufacturing technologies is driving the demand for industrial girth gear for applications in industrial environments with harsh conditions, such as metals and mining, chemical and petrochemicals, and cement manufacturing.
As per Technavio, growing investments in solid waste management will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global industrial girth gear market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global industrial girth gear market: Growing investments in solid waste management
The rising generation of solid waste has had a radical effect on the environment and is also increasing disease and pollution. According to The World Bank Group, 2.01 billion tons of solid waste was generated worldwide in 2016. Thus, several countries are focusing on setting up waste-to-energy plants, to reduce the ill effects of solid waste generation. Rotary kilns are used to treat and dispose contaminated solid waste thermally. Although the market for industrial girth gears in the environmental industry is low, the increasing focus on waste management and waste-to-energy plants will provide high growth opportunities for the market during the forecast period.
“The industrial girth gear market is witnessing immense growth from emerging countries in APAC. A majority of the demand is arising from the cement, mining, and metal fabrication industries. This is mainly because industrial operators are investing in cost-effective solutions in the manufacturing processes. Moreover, the availability of raw materials and labor at low costs is one of the major drivers for the growth of the market in APAC,” says a senior research analyst at Technavio.
Global industrial girth gear market: Segmentation analysis
This market research report segments the global industrial girth gear market by end-user (cement, mining, chemicals and petrochemicals, metal fabrication, power generation, and others) and geographic regions (North America, Europe, APAC, South America, and MEA).
The cement segment held the largest industrial girth gear market share in 2018. Industrial girth gears find various applications across the cement production process. They are used in rotary kilns, mills, dryers, and grinding machines. The demand for girth gears in the cement industry is mainly driven by the addition of new cement plants across the world.
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America respectively. The market growth in APAC can be attributed to the increase in the production capacity of cement and the presence of the largest cement, chemical, and industrial manufacturing companies in the region.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190422005178/en/
