Increasing Number of Elevator and Escalator Installations with Surge in Construction Projects Bolsters Worm Gear Drives Market Growth
According to our latest study on "Worm Gear Drives Market Forecast to 2030 – Global Analysis – by Operation Type and Material Type," the market is expected to grow from US$ 2,963.17 million in 2022 to US$ 3810.13 million by 2030; it is anticipated to record at a CAGR of 3.2% from 2022 to 2030. The worm gear drives market report includes growth prospects owing to the current worm gear drives market trends and their foreseeable impact during the forecast period.
Worm gears are commonly used in elevators and escalators owing to their fast braking or stopping abilities. Moreover, their compact size and ratio render them suitable for these applications, they can stop and hold a weight and prevent a reverse motion. These technical advantages help regulate the elevator's speed and prevent its elevator from a free fall. Growing elevator and escalator installations due to increased construction activities in developed and developing nations is one of the factors that is driving the demand for worm gear drives. As per data released by the Federal Reserve Bank of St. Louis in 2023, the US recorded construction spending of US$ 1,322 billion in March 2019; however, the spending increased to US$ 2,050 billion in November 2023, which signifies increased construction activities. As per data published by the National Elevator Industry in 2020, the number of elevators in the US rose from 900,000 in 2007 to ~1.03 million in 2020.
Worm Gear Drives Market Share — by Region, 2022
Worm Gear Drives Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Operation Type (Cylindrical Worm Gears, Single- and Double-enveloping Worm Gears); Material Type (Stainless Steel, Cast iron, Aluminum, Others); Product Type (Housed Units, Gearsets, High Speed Worms) and Geography
Worm Gear Drives Market Size, & Share Outlook 2030
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Source: The Insight Partners Analysis
In India, increased disposable income and rapid urbanization have led to a surge in the need for housing. The subsequent growth in residential construction in the country has resulted in the construction of luxurious and high-rise buildings in the last couple of decades. Data published in the International Journal of Research Publication and Reviews, 2022, highlights that Mumbai (India's commercial hub) is home to the majority of the country's tallest structures. More than 2,500 tall buildings and thousands of mid-rise buildings have already been completed in the city. Delhi and its adjacent areas are witnessing huge construction efforts with ~1,500 previously built high rises. Thus, the increased trend of high-rise buildings in India has driven the elevator business, ultimately benefiting the worm gear drives market.
A shortage of land for developments in urban areas is one major factor responsible for the construction of high rises. As land costs rise, building upward becomes a more cost-effective option. Furthermore, the desire for luxury living experiences has fueled the demand for high-end residential skyscrapers with unparalleled amenities and services. As rapid urbanization continues to transform cities around the world, the demand for space-efficient housing and commercial constructions has grown. High-rise buildings maximize land usage while allowing for the accommodation of larger populations. According to data published by the United Nations in 2022, approximately 75% of the total population will reside in cities, emphasizing the critical need for efficient vertical buildings, in 2021. As per the data published by the US Council of Urban Habitat in 2023, with the completion of 175 tall structures, the US has experienced a 7.4% increase in high rises from 2018. Thus, the rising high-rise construction buildings, driving the demand for elevators, is a crucial market driving the worm gear drives market growth.
The scope of the worm gear drives market report includes North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In terms of revenue, Asia Pacific accounted for the largest worm gear drives market share in 2022. Europe is the second-largest contributor to the global worm gear drives market, followed by North America. The worm gear drives market in Asia Pacific is segmented into India, China, Japan, and South Korea. The World Bank ranked Japan's economy as the world's third largest and second most developed. The country has the presence of over 50 Fortune 500 companies. Japan is renowned as the manufacturing superpower of the world, owing to its well-established infrastructure and higher adoption rate of advanced manufacturing technologies. In September 2022, according to the statistical handbook published by the Statistics Bureau and the Director-General for Policy Planning (Statistical Standards) of Japan, the manufacturing sector of the country contributed around 20% to its nominal GDP, in 2020. In 2020, fabricated metal product plants accounted for the most. i.e., 25,094 establishments out of a total of 181,877 establishments, followed by production machinery manufacturing facilities with a total of 18,273 (10.0%). Such a well-established manufacturing sector generates a constant demand for production machinery in Japan. As the worm gear drive is one of the essential components of manufacturing machinery, the well-established manufacturing industry of Japan spurring the worm gear drives market size.
The worm gear drives market analysis is based on operation type, material type, product type, and geography. In terms of operation type, the market is categorized into cylindrical worm gears and double-enveloping worm gears. Based on material type, the worm gear drives market is segmented into stainless steel, cast iron, aluminum, and others. Based on product type, the market is categorized into housing units, gearsets, and high-speed worms. A single-enveloping worm gear set consists of a cylindrical worm and a throated gear that is partially wrapped around it. Double-enveloping worm gear sets have both throated gears, wrapped around one another. To get optimum face contact with double enveloping gearsets, the worm and worm wheel must be precisely aligned. This variant has a higher load capacity, near-zero backlash capability, maximum precision, and long-life capability compared to the other type. Worm drive speed reducers are frequently utilized in a variety of industrial applications as they provide high gear ratios in tiny spaces. On the other hand, the movement is transmitted at 90°, allowing the transmission to occur at a right angle.
Boston Gear, Kohara Gear Industry Co. Ltd., Delroyd Worm Gear, Tracey Gear and Precision Shaft, Cleveland Gear Company Inc., and TWG Inc are among the key players profiled in the worm gear drives market report. Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the worm gear drives market. The market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. Companies in the worm gear drives market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.
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