The global Industrial Gearbox market was worth around USD 26.90 billion in 2021 and is estimated to grow to about USD 33.84 billion by 2028, with a compound annual growth rate (CAGR) of approximately 3.90 percent over the forecast period.
Industry Prospective:
The global Industrial Gearbox market was worth around USD 26.90 billion in 2021 and is estimated to grow to about USD 33.84 billion by 2028, with a compound annual growth rate (CAGR) of approximately 3.90 percent over the forecast period. The report analyzes the Industrial Gearbox market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Industrial Gearbox market.
Industrial Gearbox Market: Overview
An enclosed system that conveys mechanical energy to an output device is known as an industrial gearbox. Gearboxes can change the speed, torque, and other characteristics of the energy to make it usable. Gearboxes are found in a wide range of devices and serve a variety of functions. To improve torque and speed, these machines can reduce the rate of rotation. The growing use of automation across all industrial sectors is a primary driver for the expansion of the industrial gearbox industry, however direct drive systems are a stumbling block. Misalignment, lubrication concerns, bearing issues, and thermal instability are just a few of the market's challenges.
The global market for industrial gearboxes is primarily driven by the increasing acceptance of Industry 4.0 trends, as well as the rising usage of automated machinery. Furthermore, the introduction of severe government requirements for decreasing noise pollution and power overload across industrial units is boosting the use of industrial gearboxes. A large increase in the renewable energy sector is also driving demand for products that absorb kinetic energy in wind or hydro turbines to generate power. The market for industrial gearboxes is being catalysed by the adoption of favourable government regulations and financial incentives for the development of clean and safe power sources.
COVID-19 Impact:
The industrial gearbox market's primary end-user sectors, such as power, metals, mining and minerals, were all hit by the economic downturn. Furthermore, regulations forced some vehicle makers to close their showrooms, resulting in a significant drop in sales. Automobile companies such as Volkswagen (VW) Group, for example, saw a 15% drop in car sales in 2020, or 1,669,925 units, as compared to the previous year. As a result, it expects an 11.8 percent decline in global sales income in 2020.
Industrial Gearbox Market: Growth Drivers
Rising Adoption of Industrial Adoption & Improving Industrialization to drive global market growth
During the forecast period, factors such as rapidly increasing industrialization and rising measures to modernise industrial infrastructure will propel the industrial gearbox market forward. The market's footprint will grow as more applications and government support are made available for developing advanced energy flexible and effective buildings. Increased automated activities, as well as an increase in the number of growing economies, will expand the market's current boundaries..
Industrial Gearbox Market: Restraints
Higher maintenances costs in Industrial Gearboxes to hamper the market growth
Periodic maintenance, including an oil change, is required for all gearboxes. Contamination from dirt, debris, and other fluids such as water should be examined on a regular basis. Oil should also be replaced on a regular basis, depending on the number of hours of operation and the temperature of the oil.
Global Industrial Gearbox Market: Segmentation
The global Industrial Gearbox market is segregated based on type, desgin, industry, and region.
By type, the market is classified into planetary, helical, bevel, spur, worm, other (helical-bevel, planetary worm). The teeth of a helical gear cut at an angle to the gear's face in a helical gearbox. When two teeth make contact during the process, it happens gradually, starting at one end of the tooth and continuing until the gear spins in complete engagement. As a result, it is capable of running a smooth operation while providing high thrust outputs. It is the most commonly utilised gear in vehicle transmissions since it creates a lot of thrust. Helical gearboxes are distinguished by their extraordinarily high output torques, quiet operation, and long service life. After Planetary Gearboxes, Helical Gearboxes are the most efficient gearboxes in the business, working at 98 percent efficiency. Helical gearboxes are used in key industries such as power, fertilizer, rolling mills, automobile, steel, and port industries, as well as manufacturing sectors such as plastics, textile, and food, due to their high efficiency and thrust generating capabilities.
Wind power, cement & aggregate, chemical, rubber & plastic, construction, food & beverage, maritime, material handling, metals & mining, power generation, recreational vehicle, transport industry, agricultural, automotive, and others are the end-user segments of the market. The market for wind power is predicted to increase at the fastest rate. With 38.6 GW of wind capacity as of 2020, India is the world's fourth-largest onshore wind market by installations. The country's wind power sector has been developing due to two major factors: increased energy demand and government mandates.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Recent Developments
Regional Landscape
Due to rising demand for gearboxes in various applications such as the manufacturing sector, power industry, and others, the Asia-Pacific region accounted for a major proportion of the industrial gearbox market in 2020. China has played a critical role in the global industrial sector's expansion. In the chemical, steel, power, and cement industries, the country is the market leader, and it is also a major player in the petrochemical and refining industries. In addition, steel production in 2020 is expected to expand by 6.5 percent over the previous year. China is the world's largest producer and exporter of crude steel, accounting for more than half of worldwide output.Steel consumption is likely to rise as a result of China's One Belt One Road project, which aims to close the region's infrastructural gap. Furthermore, one refinery is undergoing expansion as of August 2021, and three new refineries are slated to start operations in 2021. By 2022, one refinery is planned to be operational. As a result, the country is likely to see a growth in industrial gearbox installations in the energy sector throughout the projection period, thanks to the expansion of refineries and petrochemical businesses, as well as the planned coal-fired plants.
Competitive Landscape
Some of the main competitors dominating the global Industrial Gearbox market include Siemens AG (Germany), Bonfiglioli Italia S.P.A (Italy), Bondioli & Pavesi (Italy), Sew-Eurodrive (Germany), and Dana Brevini (Italy).
Global Industrial Gearbox market is segmented as follows:
By Type
By Design
By Industry
By Region
An industrial gearbox is a machine thatis required by various machine parts and components to function reliably and safely. As amatter of fact, the industrial gearbox acts as a mainstream component for every automobile or vehicle. Industrial gearboxes are also manufactured to control gear and torque of automobiles. Industrial gearbox is enclosed machinery equipment that mainly transmits mechanical energy to output devices. These gearboxes consist of a series of integrated gears enclosed in a system. Industrial gearboxes are used in a wide range of applications or purposes in a diverse range of devices. In simple words, industrial gearboxes simply transfer mechanical energy from one device to another by reducing the speed, thus increasing the torque.
Industrial gearbox market is experiencing the highest growth rate in developed as well as developing countries. Rapid growth in industrial automation is driving the growth of thismarket. Industrial automation can be defined as takingcontrol of machinery or any equipment with the help of technology,thereby increasing the output of any production followed by reducing the labor expenses and manpower. This has further encouraged the organizations to adopt robots and AI so that they can take control of the production process. This upsurge in industrial automation is happening globally. Robots and the automation equipment are generally used in manufacturing andautomotive,amongother industries. The growing demand to manufacture and produce robots in order to have precision in the production process is also propelling the growth of thismarket. The thought of cutting down labor costs and other expenses among organizations can only be achieved through the implementation of AI and robots. These factors are anticipated to substantially contribute towards the industrial gearbox market growth over the forecast period.
Based on type, the industrial gearbox market is segmented into helical,planetary, spur, bevel, worm, and others. On the basis of design, the industrial gearbox market is categorized into angular axis, parallel axis, and others. On the basis of end-user, thismarket is fragmented into food and beverages, wind power, construction, marine, agriculture, automotive, and others.
The Asia Pacificregion is growing with the highest growth rate in the globalindustrial gearboxmarket. Theregion is expectedto continue its domination over the forecast period. The growth of this regional market is attributed to thehugeinvestmentsmade by the government and private organizations in material handling, wind power, construction,and metalandmining sectors. Countries such as Japan, China,and India are constantly making investments in developing automation. These factors are anticipated to further drive the industry growth in the region over the forecast period. Europe is predicted to have a substantial revenue share in the global industrial gearbox market. Withongoing technological advancements, the organizations in thisregion are adopting AI robots in order to cut down labor expenses and focus on improvingproduction efficiency. These factors are expected to boost the growth and development of the global industrial gearbox market in Europe.
Some of the industry players involved in the industrial gearbox market include GearTech, Inc., (United Stars, Inc.), Klingelnberg GmbH, Inc., Essential Power Transmission Pvt. Ltd., Griffin Gear Inc.,Precipart Corporation, Cleveland Gear Company, NORD DrivesystemsPvt. Ltd., Allied Precision Gears Inc., SEW-Eurodrive, RenoldPlc, and Ashoka Machine Tools Corporation.
Request the coronavirus impact analysis across industries and markets
The construction industry's increased demand for industrial gearboxes to improve the operational efficiency of conveyors, crushers, plastic extruders, and other machines is boosting market expansion. The global market for industrial gearboxes will continue to be driven by the advent of several new technologies, such as artificial intelligence and robotics, for automated and highly efficient industrial applications in the future years.
According to the Market Research report, the global Industrial Gearbox market was worth about 26.90 (USD billion) in 2021 and is predicted to grow to around 33.84 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 3.90 percent.
The Asia-Pacific region accounted for a significant portion of the industrial gearbox market in 2020, owing to increased demand for gearboxes in various applications such as the manufacturing sector, power industry, and others. China has been instrumental in the rise of the global industrial sector. The country is the market leader in the chemical, steel, electricity, and cement industries, as well as a prominent player in the petrochemical and refining industries. Furthermore, steel production is predicted to increase by 6.5 percent in 2020 compared to the previous year. China is the largest producer and exporter of crude steel in the world, accounting for more than half of global output.
Some of the main competitors dominating the global Industrial Gearbox market include - Siemens AG (Germany), Bonfiglioli Italia S.P.A (Italy), Bondioli & Pavesi (Italy), Sew-Eurodrive (Germany), and Dana Brevini (Italy)
Zion Market Research
Tel: +1 (844) 845-5245
USA/Canada Toll Free No.+1 (855) 465-4651
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No 020-46277770
US OFFICE NO +1 (844) 845-5245
US/CAN TOLL FREE +1 (855) 465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.
Monday - Friday: 9AM - 6PM
Saturday - Sunday: Closed