The oil and gas sector in the Asia-Pacific region is attracting substantial investments and giving a huge boost to the gearboxes and geared motors market. In addition to an energized oil and gas end-user segment, vendors will also benefit from new technologies that enable superior energy consumption.
New analysis from Frost & Sullivan, Asia-Pacific Gearboxes and Geared Motors Factbook, finds that the market earned revenues of US$450.1 million in 2015 and is estimated to reach US$539.4 million in 2020.
“While product features and quality are important criteria for purchase, the emergence of vendors from China and Taiwan has intensified the competition in the market,” noted Frost & Sullivan Industrial Automation & Process Control Research Analyst Terrence Loh.
“In addition to products of similar quality, their competitive pricing is drawing attention from the extremely cost conscious market,” he added.
To offset the impact of low-cost products, companies today have to offer value-additions with their products. This will enable them to differentiate and offer their products at a premium.
“Meanwhile, end users are actively trying to lower their energy consumption and maintenance costs, prompting gearbox and geared motor vendors to supply products that facilitate better operations. In addition, manufacturers are likely to focus on developing more energy-efficient products in the near future,” Loh explained.
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Asia-Pacific Gearboxes and Geared Motors Factbook / P8DA-10.