The Industrial Gearbox Market is expected to disclose a substantial upturn with a CAGR of 4.25% during the forecasted period of 2020 to 2030
Product Description
Industrial gearbox is alluded as a method in which mechanical energy is transferred from one device to another to increase the torque while reducing the speed. Gearboxes can change speed torque to convert energy into compatible format. They make the mechanical functioning easy. For increasing and reducing the torque a gearbox is essential. The main function of industrial gearbox is to increase and decrease speed thereby smooth functioning of machinery in industrial sector. These gearboxes are commonly fixed in material handling equipment, conveyors, crushers cranes, cooling towers etc. In addition to this, gearboxes are employed in cement, steel, power plants, plastic plants, and rubber industries.
Market Overview
As per experts, the Industrial Gearbox Market is expected to witness a significant growth by 2030. The Industrial Gearbox market is valued at USD 33.26 Billion in 2022, however it is anticipated to show a noteworthy progress of USD 46.40 Billion by the year 2030.
Industrial gearbox is a mechanical operation that converts mechanical energy and is transformed from one device to the other to increase the torque while reducing the speed. The industrial gearbox is prominently used in industrial and automotive sector. With rise in industrialisation in emerging countries such as India, South Korea, and South East Asia the market is expected to show a remarkable growth. Countries such as India and South Korea are into their developing stage in various sectors such as infrastructure, power demand, health care industry, manufacturing and other sectors. Growing demand for comprehensive infrastructure and power in these countries is expected to augment the growth. In addition to this, financial funding by government of developing countries towards the development of infrastructure and mechanical sector is propelling the market. For instance, investor such as Asian Infrastructure Investment Bank (AIIB), has come forward to invest around USD 200 million in National Investment & Infrastructure Fund (NIIF). Thus this factor is fuelling the market.
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Market Description
Market growth, is associated with factors such as growing demand, earnings from the trade, economic state of that particular region, supply chain and other. Growing adoption of automated mechanism in various industrial sectors is propelling the market. Rapid modernisation in the industrial sector coupled with higher demand for energy across growing economies is anticipated to boost the market. The gear boxes are mostly used across several automated equipment such as cranes, crushers, cooling towers, material handling machine, and conveyors. These gears are integrated into many operations such as rolling, bending press, tube bending machines, band saws etc. For instance, the Department of Energy (DoE) of U.S, in 2020 announced of investing $74 million for research and development of flexible energy-efficient technologies for over 63 projects across the region. Furthermore, the government also stated an optimistic view towards advanced energy production and efficient approach for technically advanced infrastructure, which is another aspect influencing the market.
Additionally, growing industrialisation across globe is fuelling the market.
Market Segmentation
The Industrial Gearbox Market is segmented into Type, Product Type, Size, Torque, Design, Industry
- Type
Based on Type the market is further segmented into
- Planetary
- Helical
- Bevel
- Spur
- Worm
- Other (Helical-Bevel, Planetary Worm)
Among all segments, the Helical segment expected to display a highest growth, due to high paced usage in several manufacturing units.
- Product Type
Based on Product Type the market is further segmented into
- Single-stage Gearbox
- Multi-stage Gearbox
- Size
Based on Size the market is further segmented into
- Small (up to 55 kW)
- Large (above 1 MW)
- Torque
Based on Torque the market is further segmented into
- Up to 50,000 Nm
- Above 50,000 Nm
- Design
Based on Design the market is further segmented into
- Parallel axis
- Angular axis
The Parallel axis segment expected to account for highest growth, due to its simple mechanism.
- Industry
Based on Industry the market is further segmented into
- Wind Power
- Cement & Aggregates
- Chemical, Rubber & Plastics
- Construction
- Food & Beverage
- Marine
- Material Handling
- Metals & Mining
- Power Generation
- Recreational Vehicle
- Transportation Industry
- Agriculture
- Automotive
- Others (Aerospace, Defence, Semiconductor, Robotics, Textile, Healthcare)
Among all, the Power generation section expected account for highest growth, due to high demand for electricity.
Regional Analysis
Based on the regional analysis the market covers following regions as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Asia Pacific was marked as dominant region and is expected to remain the same during the forecasted period.
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Covid-19 impact on the market:
The recent contagion that invaded the world led to devastating effects on economy and human life. It was an unprecedented challenge to economy as a whole. The virus had spread across the globe at an alarming speed, tainting millions. The unprecedented lockdowns across the globe had resulted into monetary fall, besides, people were subjected to confinement which affected the global labour enforcement. This had majorly affected the industrial gearbox market.
Market Key players
The key players of any market comprise of investors and intermediaries. The Industrial Gearbox Market is being majorly driven propelling industrialisation and growing demand for convenient energy options. Businesses are analysing the process that identifies direct competitors to accomplish their mission and vision. Many leading corporations are undertaking acquisitions and development activities to sustain the competition. The market is highly competitive and has witnessed growing competition between vendors. Some of the key players are recorded as
- Lenze SE
- Flender Ltd
- Getriebebau NORD GmbH & Co. KG
- Bosch Rexroth AG
- Zollern GmbH & Co. KG
- INGECO GEARS Pvt Ltd
- Sew-Eurodrive GmbH & Co KG
- Essential Power Transmission Pvt Ltd
- Bonfiglioli Drives Co. Ltd
- Kngear
- Elecon Engineering Company Limited
- Siemens AG
- Watt Drive Antriebstechnik GmbH
- Emerson Electric Co.
- Nidec Motor Corporation
- Dana Brevini Power Transmission
- Johnson Electric Holdings Limited
- Bauer Gear GmbH
- Bondioli & Pavesi S.p.A.
- Comer Industries
- China High-Speed Transmission Equipment Group Co., Ltd.
- Others
The increasing penetration of Industry 4.0 trends coupled with the rising adoption of automated machinery is primarily driving the global market for industrial gearboxes.
Additionally, the implementation of stringent government regulations for controlling noise pollution and reducing power overload across industrial units is further augmenting the installation of industrial gearboxes. Apart from this, significant growth in the renewable energy sector is also propelling the product demand for absorbing kinetic energy in the wind or hydro turbines to produce electricity.
The Introduction Of Favourable Government Policies And Financial Incentives:
The introduction of favourable government policies and financial incentives for the development of clean and safe power sources is catalysing the market for industrial gearboxes.
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