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According to the Gearboxes & Geared Motors Report - 2017 by IHS Markit, the Asia-Pacific region continued to lead the global market for geared products, earning 47 percent of all global revenue ($4.9 billion) in 2016. The region will lead geared-product market growth, with 4.1 percent revenue CAGR, reaching $6 billion in 2021.
Europe, Middle East and Africa (EMEA), the second largest regional market, comprised more than one-third (34 percent) of global revenue, estimated at $3.5 billion in 2016. The European economy is expected to sustain moderate growth through 2021, which will spur the expansion of industrial spending and production. Revenue for geared products in EMEA is predicted to grow at a 3 percent CAGR from 2016 to 2021 — which is lower than the global market average — reaching $4.1 billion in 2021.
As the smallest regional market, geared-product revenue in the Americas was valued at $2 billion in 2016. Led by solid growth in the United States, the American geared products market is predicted to grow at 3.2 percent CAGR, reaching $2.3 billion in 2021.
Geared product market performance largely depends on global machinery production and industrial capital expenditure. With 4.4 percent revenue CAGR through 2021, the total discrete industry sector for geared products is expected to outperform the market average.
Materials (unit) handling was the largest end-user industry for geared products in 2016. It is expected to experience a boost from the emerging demand for conveyors by logistics and automated-distribution centers and from other consumer-tied industries. This industry segment will attain the highest revenue CAGR of 7.2 percent from 2016, reaching $2.5 billion in 2021.