Market Highlights
Industrial Gearbox Service Market size is expected to surpass USD 9 billion by 2027, with a 5.26% CAGR during the forecast period, 2022-2027.
The global Industrial gearbox service market is segmented based on type, design, size (KW), torque, industry, and region. By type, the global market is segmented as helical, planetary, bevel, worm, spur, and others. By design, the global market is segmented as parallel axis, angles axis, and others. By part, the global market is segmented as gear, shaft, and bearings. By industry, the global market is segmented as industrial, wind power, material handling, construction, power generation (excluding wind power), marine, and others.
The growth in industrial automation in Europe and rapid growth of the construction industry in developing nations are expected to drive the industrial gearbox service market share during the forecast period. The global population has been growing since the past few decades and is expected to continue growing during the forecast period. The global trends of digitalization and automation in the manufacturing has further enabled the growth of the markets for industrial gearbox.
Globally, Europe leads in terms of automation and technological development for manufacturing and robotics. As per the Germany Trade & Invest, an economic development agency, the automotive industry has the highest use of industrial robots in Germany. According to the Mechanical Engineering Industry Association, in the year 2017, the total robotics and automation turnover in Germany accounted for approximately USD 16.35 billion. Additionally, the yearly shipments of multipurpose industrial robots have also increased in the leading European countries. According to the Germany Trade & Invest, in the year 2016, the machinery and equipment companies invested approximately USD 6.30 billion in research and development activities in Germany. Such investments are expected to raise industrial automation in the country and in the region. Industrial gearboxes form an important aspect of industrial automation as they offer flexibility, reliability, speed, and movement in various applications, such as lifting systems, conveyors, feeder screws, and machine tools. Furthermore, countries such as India and China are substantially investing in infrastructure development and are expected to remain the highest investing countries during the forecast period. According to the India Brand Equity Foundation, India will need to invest USD 777.30 billion, approximately, in infrastructure by 2022 for sustainable development. Moreover, many commercial entities in the country are investing in developing infrastructure, which would boost the growth of the construction industry. For instance, in June 2018, the Asian Infrastructure Investment Bank (China) invested USD 200 million in the National Investment & Infrastructure Fund (India). This investment was aimed at developing infrastructure in the country. Industrial gearboxes form an important aspect of the construction industry, as they are useful in driving conveyors, crushers, plastic extruders. Such factors are expected to add to the growth of the industrial gearbox service market in Asia-Pacific during the forecast period.
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Industrial gearboxes are used in various applications such as machine tools, conveyors, and screws to change speed and increase the torque of the equipment involved in various industrial operations such as power generation, construction industry, and marine. Proper inspection, repair, and maintenance services of gearboxes are essential for the efficient functioning of the industrial gearboxes. Gearbox inspection includes various processes such as oil and vibration analysis, measuring gear tooth clearances, and the inspection of gear parts.
Market Research Analysis
By region, the global market for industrial gearbox service is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America dominates the global industrial gearbox service market. The growth in industrial automation in Europe and rapid growth of the construction industry in developing nations are expected to drive the industrial gearbox service market in the region.
Asia-Pacific is one of the largest markets for industrial gearbox service market trends in the world. The industrial gearbox service market in Asia-Pacific is further segmented by country as China, Japan, South Korea, Australia, India, and the rest of Asia-Pacific. The growing construction industry and the rise in industrial automation in the region are the major factors contributing to the growth of the industrial gearbox service market. Industrial gearboxes are used in driving conveyors, crushers, and plastic extruders in industries, which leads to the growth of the construction industry. According to the Asian Development Bank, 2017, to retain its growth, Asia-Pacific is expected to invest USD 1.7 trillion per year in infrastructure until the year 2030.
Scope of the Report
This study provides an overview of the global industrial gearbox service market, tracking four market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for Europe, North America, Asia-Pacific, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global industrial gearbox market by product, line type, diameter, and region.
Key Players
The key players in the Global Industrial Gearbox Service Market are Fluor Corporation (US), Kumera Corporation (Finland), Sumitomo Heavy Industries, Ltd (Japan), Triveni Engineering & Industries Ltd. (India), Dana Limited (US), David Brown Santasalo (UK), PG Drive (India), Geartec (US), Horner Industrial Group (Indiana), Sew-Eurodrive (Germany), Elecon Group Company Limited (India), Artec Machine Systems (US), GBS Gearbox Services International (Switzerland), Parsons Peebles LTD (UK), and Unico Mechanical (US).
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