Industrial Gearbox Market 2019: Emerging Technologies and Growth 2023

Posted by Anvi on November 18th, 2019

Global Industrial Gearbox Market Research 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, Industry (Power Generation, Construction, Material Handling, Industrial, Wind Power, Marine) and Region - Forecast till 2024

Industrial Gearbox Market Global Research Report - Forecast till 2024

The development of mechanical functions across various industry verticals is creating an impetus for industrial gearboxes. Reports that gauge the energy and power industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is anticipated to attain a 5% CAGR in the forecast period.

The growth in industrial automation in Europe and rapid growth of the construction industry in developing nations are expected to drive the market for industrial gearbox 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.

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The upsurge in demand for electric overhead traveling cranes and machine tools is identified as a key factor enhancing the progress of the industrial gearbox market. Also, intensified use of automobiles, cement machinery, and material handling equipment is prompting the increased growth of industrial gearboxes. Furthermore, amplified demand for automation is expected to enhance the industrial gearbox market globally.

Segmental Analysis

The analysis of segments in the industrial gearbox market globally has been conducted on the basis of design, type, end-user, and region.

By type, the industrial gearbox market has been segmented into planetary industrial gearbox, helical industrial gearbox, bevel industrial gearbox, worm industrial gearbox, spur industrial gearbox and others which comprises of combination gears such as planetary-worm and helical-bevel.

On the basis of industry, the market for industrial gearbox is segmented into mining, wind turbines, steel plants, food & beverage, and cement industry. 

Based on design, the industrial gearbox market is segmented into parallel and angled.  

The regions counted in the industrial gearbox market are Asia Pacific, Europe, North America, Middle East, Africa, and South America.

Regional Analysis     

The regional examination of the industrial gearbox market comprises of regions such as Asia Pacific, Europe, North America, Middle East, Africa, and South America.

The Asia Pacific region controls the major market portion of the industrial gearbox market in 2017 owing to the growing usage of industrial gearbox in several manufacturing industries. This development is expected to gain a positive outlook in the approaching years due to growing automation in industries such as food processing, automobile, and agriculture machinery. Furthermore, growing investments in the renewable power generation sector with a shift in the direction of wind power is expected to motivate the industrial gearbox market in the coming years.

Prominent Players:

The central contenders functioning in the industrial gearbox market are Johnson Electric Holdings Limited, Emerson Electric Co, Siemens AG, Watt Drive Weg Group, Sew-Eurodrive, Schneider Electric, Sumitomo Heavy Industries Ltd, ABB Ltd, Bondioli & Pavesi, Dana Brevini, Bauer Gear Motor, Bonfiglioli, Comer Industries, Elecon Engineering, and China High Speed Transmission Equipment Group Co., Ltd.

Industry Updates:

Nov 2018 SKF is devoting roughly SEK 200 million in advancing its competitiveness and customer service levels for the tapered roller bearings (TRB) in China. The financing is being made in a fresh manufacturing facility in Changshan, to which the Group’s current small-size TRB manufacturing in China will be moved. The tapered roller bearing market in China keeps on showing solid levels of development, motivated mainly by the industrial drives and gearbox segments.

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