Industrial Gearbox Market to Develop at 4.34% CAGR by 2024
Research Reports
Dec 28, 2020
Market Analysis
The industrial gearbox market is predicted to develop at a 4.34% CAGR between 2017- 2024, states the new Market Research Future (MRFR) analysis.
An industrial gearbox, simply put, is a mechanical process for transferring power or energy between process units, machinery, and automation systems. It is placed at the junction of the power shaft and the motor.
Various factors are propelling the global industrial gearbox market share. According to the recent MRFR report, such factors include the growing need for efficient energy gearbox & clean energy sources, increasing automation in manufacturing technology, increasing adoption of industrial automation, technological advances in industrial sectors and robotics, and increasing disposable income. Additional factors adding market growth include growing investments in renewable power generation, demand for wind power, and increasing use of automation in the manufacturing sector.
On the contrary, the slowdown of major economies, technical challenges, high device cost, and the on-going COVID-19 impact are factors which may limit the global industrial gearbox market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global industrial gearbox market based on industry, torque, size, design, and type.
- By type, the global industrial gearbox market is segmented into spur, worm, bevel, planetary, helical, and others. Of these, the helical type segment will lead the market over the forecast period.
- By design, the global industrial gearbox market is segmented into angle axis, parallel axis, and others. Of these, the parallel design segment will dominate the market over the forecast period.
- By size, the global industrial gearbox market is segmented into large (above 1 MW) and small (up to 55 KW).
- By torque, the global industrial gearbox market is segmented into above 50,000 Nm and up to 50,000 Nm.
- By industry, the global industrial gearbox market is segmented into marine, power generation, construction, material handling, wind power, and others. Of these, the wind power segment will have a major share in the market over the forecast period.
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Regional Analysis
Based on the region, the global industrial gearbox market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. Growth in industrial automation, the booming construction industry, especially in developing nations, and increasing technological advances are adding to the global industrial gearbox market growth in the region.
The global industrial gearbox market in the APAC region is predicted to grow at a fast pace over the forecast period. Huge investments made by private organizations and government in material handling, metal and mining, construction, and wind power, constant investments made in developing automation in India, China, and Japan, rising installation of wind power, and growing automation in manufacturing industries are adding to the global industrial gearbox market growth in the region.
The global industrial gearbox market in Europe is predicted to have notable growth over the forecast period. On-going advances in technology, growing adoption of artificial intelligence robots to reduce labor expenses, growing scope of applications, high sophistication level, and increasing focus to improve production efficiency are adding to the global industrial gearbox market growth in the region.
The global industrial gearbox market in the MEA is predicted to have steady growth over the forecast period.
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Key Players
Eminent contenders profiled in the global industrial gearbox market report include EickhoffAntriebstechnik GmbH (Germany), Sumitomo Heavy Industries, Ltd (Japan), Zollern GmbH & Co. KG (Germany), Renk AG (Germany), Wikov Industry A.S. (Czech Republic), Rexnord Corporation (US), Nidec-Shimpo Corporation (US), General Electric (US), Nanjing High Speed & Accurate Gear Group Co., Ltd (China), Sew-Eurodrive (Germany), Emerson Electric Co (US), Schneider Electric (France), ABB (Switzerland), and Siemens (Germany).
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