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.
Industrial Gearbox Market
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.
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.
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.
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..
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.
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.
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.
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).
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)