The global industrial gearbox market can record a CAGR of 4.34% CAGR during the forecast period (2018-2024), as revealed in the latest insightful report by Market Research Future (MRFR). A detailed analysis report of COVID-19 impact on Industrial Gearbox Market Report is provided with the report.
Industrial Gearbox Market Segmentation
The primary segments as per which MRFR has analyzed the global industrialized gearbox market include type, design, and industry.
With regard to the type, the global market comprises helical, planetary, spur, bevel, worm, and others. The planetary segment has high chances of leading the market in the near future. The segmental development is in response to its high usage in a vast range of manufacturing as well as other precision applications, due to its accuracy, endurance, and distinct functionality.
Design-wise, the global market segments include angled axis, parallel axis, and others.
Depending on the industry, the global market is considered for construction, wind power, marine, industrial, material handling, power generation (excluding wind power), and others.
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Top Drivers and Primary Barriers
Rapid advancements in industrial automation have helped the industrial gearbox market expand at a fast pace in recent years. This is followed by the rising adoption of robots and artificial intelligence (AI) in organizations as well as industrial sectors all over the world. However, the manufacturing sector has noted a high rate of advancement in automation.
A number of manufacturing firms are striving to amplify their productivity level with the help of industrial automation. The reason for this is the need for robots and other industrial equipment in the manufacturing sector, as they perform certain repetitive tasks or operations. Thus, the rising need to manufacture robots for bringing precision in productivity, in addition cutting down labor costs across organizations can ensure business growth in the near future. Moreover, the reduced cost of gearboxes will also help industrial gearbox market to progress during the conjectured timeframe.
The industrial gearbox market is cost-sensitive, so the rising prices of raw materials like aluminum can work against the market growth rate in the coming years. However, to deal with this particular challenge, vendors are developing products that vary in shape, size, design of the gears, as well as speed ratios, in order to gain a competitive edge in the market.
The global industrial gearbox market is spread across the key regions of Europe, North America, Middle East & Africa (MEA), South America and Asia Pacific (APAC).
The APAC market for industrial gearbox is believed to be the largest during the forecast period, thanks to the soaring demand from the power generation industry. Considerable investments being made in the construction industry also benefits the regional market. China is the most significant market in the region, given the growing investments in the construction industry. The International Trade Administration (ITA) and the US Department of Commerce revealed in 2016 that the construction industry in China was roughly USD 717.71 billion. Therefore, high focus on renewable power generation coupled with growing investments in this field accelerates market demand in the region.
North America can observe noteworthy growth in the coming years, on account of the increasing labor costs as well as manufacturing overcapacity in several countries, which is prompting manufacturers to go for automation instead of manual labor. Surging need for robots inbuilt that have a robust level of sophistication along with a high range of applications can also stimulate market growth in the region.
In Europe, the wind generation capacity is noting exponential growth, owing to the declining cost of components that are part of wind turbines. The reduced cost of wind turbine gearboxes is the result of evolving designs, entry of new players, larger economies of scale and optimization in raw material sourcing and supply chain. Thus, decreasing cost of gearboxes for wind power generation can provide immense traction to the industrial gearbox market in the region. Also, considerable investment in chemical industries in the region is presumed to have a lucrative effect on the market in the years to come.
The key companies influencing the worldwide industrial gearbox market are ABB (Switzerland), Johnson Electric Holdings Limited (Hong Kong), Sumitomo Heavy Industries, Ltd (Japan), Siemens (Germany), Bondioli & Pavesi S.p.A. (Italy), Comer Industries Spa (Italy), Nanjing High Speed & Accurate Gear Group Co., Ltd (China), Schneider Electric (France), Emerson Electric Co. (US), Deere & Company (US), Sew-Eurodrive (Germany), Watt Drive WEG Group (Brazil), Bonfiglioli (Italy), Nidec-Shimpo Corporation (US), to mention a few.
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