Global Industrial Gearbox Market – Overview
The industrial gearbox is defined as an enclosed system that can help the user to transmit the mechanical energy to an output device. Industrial gearboxes can easily modify their features. Market Research Future (MRFR) has published a research report about the global Industrial Gearbox Market that estimates a raise for this market at 5% CAGR between 2018 and 2023. Global Industrial Gearbox Market Report by Type (Planetary, Helical, Bevel, Spur, Worm), Design (Parallel axis, Angled Axis), Size (KW) (Small (up to 55 kW) and Large (above 1 MW)) and Torque (Up to 50,000 Nm and Above 50,000 Nm), Industry (Power Generation, Construction, Material Handling, Industrial, Wind Power, Marine) and Region.
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Significant Players:
Significant competitors in the worldwide market for industrial gearbox are Eickhoff Antriebstechnik GmbH (Germany), Zollern GmbH & Co. KG (Germany), Sew-Eurodrive (Germany), ABB (Switzerland), Emerson Electric Co (US), Siemens (Germany), Renk AG (Germany), Sumitomo Heavy Industries, Ltd (Japan), General Electric (US), Nanjing High Speed & Accurate Gear Group Co., Ltd (China), Nidec-Shimpo Corporation (US), Wikov Industry A.S. (Czech Republic), Schneider Electric (France), Rexnord Corporation (US), to name a few.
Industry Highlights
The notable market driver for the global industrial gearbox market growth is the growing adoption of industrial automation across various industries. The use of industrial gearboxes is increasing in various industries as well as applications within those industries. Some of the major applications that require heavy use of industrial gearboxes include automobiles, cement machinery, electric overhead traveling cranes, machine tools, material handling equipment, and sugar machinery. Some examples of machine tools include drilling machines, grinding machines, and milling machines. Another important market driver for industrial gearbox is the increasing investment in renewable power generation with a shift towards wind power.
Industrial Gearbox Market Segmentation
The worldwide market for industrial gearbox has been thoroughly analyzed with respect to type, design, size (KW), torque, and industry.
Given the type segment, the global market segments are planetary, helical, worm, bevel, spur, and others.
Design-wise, the market has been considered for angles axis, parallel axis, and others.
Depending on the size (KW), the market caters to small (up to 55 KW) and large (above 1 MW).
The torque-based market segments are up to 50,000 Nm and above 50,000 Nm.
The industries that make extensive use of gearboxes are wind power, industrial, construction, material handling, marine, power generation (excluding wind power), and others.
Primary Drivers and Top Challenges
Industrial automation forms the largest part of the gearbox market and is set to dominate the market in the near future. The automotive industry is considered to be the most significant consumer of industrial gearbox, and its continuous evolution in emerging countries like India, China and Japan can induce strong market growth. Also, the rising need for robots in-built with a peaked level of elegance can boost the demand for high precision gearboxes. Moreover, the manufacturing overcapacity coupled with the increasing labour costs across various regions can compel the manufacturers to go for automation.
Over the years, wind generation capacity has observed strong growth owing to the reduced cost of components that are used in wind turbines. This declining cost of wind turbine gearbox is the result of the advancements in raw material sourcing as well as supply chain, entry of new players and evolving designs. Therefore, declining cost of gearboxes that are used in wind power generation can lead the industrial gearbox market to greater heights in the ensuing years.
Regional Insight
The regional segmentation of the global Industrial Gearbox Market has segmented the market into the regional markets, known as North America, Europe, South America, Asia Pacific, and the Middle East & Africa (MEA). Being the largest regional market, the Asia Pacific region is expected to grow during the forecast period due to the growing use of industrial gearbox in many manufacturing industries. Due to this growth, automation in industries like the automobile, agriculture machinery, and food processing, is expected to increase. The increase in investments for renewable power generation with a shift towards wind power is also driving the industrial gearbox market growth. The prestigious country-specific markets in this region are China, Japan, India, and South Korea, followed by the remaining countries of the Asia Pacific region.
In North America, the market is strong due to technological advancement, established automotive industry, and stable manufacturing industry. USA and Canada are the most important country-specific markets in this region. In South America, the market is sizable but not as big as North America because South America is yet to achieve the level of technological advancement that North America has already achieved. The serious country-specific markets in this region are Argentina, and Brazil, followed by the remaining countries of South America.
Europe is a great regional market due to the reasons that pretty much are the same as in North America. However, many important market players are also based in Europe. The vital country-specific markets in this region are France, Germany, Italy, Russia, and the UK, followed by the remaining countries of Europe.
In the MEA region, the market is paltry due to the limited availability of advanced technology. The big-league country-specific markets in this region are Saudi Arabia, UAE, and South Africa, followed by the remaining countries of the MEA region.
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