At 3.5% CAGR, Europe Worm Gear Drives Market is Projected to be Worth US$ 986.82 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe worm gear drives market was valued at US$ 750.87 million in 2022 and is expected to reach US$ 986.82 million by 2030, registering a CAGR of 3.5% from 2022 to 2030. Rise in adoption of robotics and advancements in worm gear manufacturing are among the critical factors attributed to drive the Europe worm gear drives market growth.

Robotics is one of the areas that hold significant potential for the growth of worm gear drive vendors. As robots are becoming more prominent in industrial settings, the demand for high-performance gear systems is also expected to continue an upward trajectory in the coming years. Worm gear drives enable precise motion control, facilitating the accurate positioning and controlled movement of robotic devices. The combination of worm thread and worm wheel teeth enables fine adjustments and smooth operation, resulting in precise and repeatable movements. Worm gear drives provide large gear reduction ratios in a single stage, making them ideal for applications requiring low speed and high torque output. This allows robots in industrial material handling and assembly processes to execute jobs with precise control and large weight-handling capacities. Increasing investments by manufacturers across the world in the adoption of industrial robots is likely to generate lucrative opportunities for worm gear drives market growth. In October 2023, Volvo signed a deal with Fanuc for the industrial robot deployment. Under the terms of the agreement, Fanuc will supply industrial robots to Volvo's global manufacturing facilities. In the first phase, Fanuc would supply more than 700 robots to Volvo's planned electric vehicle (EV) manufacturing facility in Kosice, Slovakia, as well as sites in Ghent, Belgium, and Daqing, China. The announcement is a part of Volvo's larger green plan, which includes producing solely electric vehicles by 2030 and becoming carbon neutral by 2040. This aim emphasizes the utilization of automation technology, such as Fanuc industrial robots, and the Slovakian factory would serve as Volvo's first carbon-neutral production site. In addition to manufacturers' investments in the deployment of industrial robotics, the flourishing trend of Industry 4.0 is another factor that propels the adoption of automation technologies and robotics, which is further expected to benefit the worm gear drive industry.

On the contrastingly, presence of alternative products hampers the growth of Europe worm gear drives market.

Based on operation type, the Europe worm gear drives market is bifurcated cylindrical worm gears and single and double enveloping worm gears. The cylindrical worm gears segment held 72.3% market share in 2022, amassing US$ 543.12 million. It is projected to garner US$ 722.84 million by 2030 to register 3.6% CAGR during 2022-2030.

In terms of product type, the Europe worm gear drives market is categorized into housed units, gearsets, and high speed worms. The gearsets segment held 46.4% share of Europe worm gear drives market in 2022, amassing US$ 345.61 million. It is projected to garner US$ 482.60 million by 2030 to expand at 4.3% CAGR from 2022 to 2030.

By material type, the Europe worm gear drives market is segmented into stainless steel, cast iron, aluminum, and others. The stainless steel segment held 31.2% share of Europe worm gear drives market in 2022, amassing US$ 234.17 million. It is estimated to garner US$ 277.50 million by 2030 to expand at 2.1% CAGR during 2022-2030.

Based on country, the Europe worm gear drives market is categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 27.8% share of Europe worm gear drives market in 2022. It was assessed at US$ 208.89 million in 2022 and is likely to hit US$ 257.56 million by 2030, registering a CAGR of 2.7% during 2022-2030.

Key players operating in the Europe worm gear drives market are Kohara Gear Industry Co Ltd, Nozag AG, RA Rodriguez (UK) Ltd, BJ-Gear AS, and The Timken Co, among others.

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