Pune, May 24, 2021 (GLOBE NEWSWIRE) -- Industrial Gearbox Market Analysis
The global industrial gearbox market is anticipated to grow at a CAGR of over 5% CAGR in the forecast period (2020- 2027), states the current Market Research Future (MRFR) report. An industrial gearbox, simply put, is an enclosed system which transmits energy from a particular device to another output device. It transmits the torque, speed, and other attributes to convert energy into useable form. The gearbox’s output shaft revolves at a slower rate compared to the input shaft. To control torque and speed and convert the same functionally, this gearbox transmits mechanical power into a driving tool. Industrial gearboxes in contrast to mass gearboxes can handle several tasks at a high speed over a long period. Worm, spike, angle, helical, and planetary are the different types of industrial gearbox that have wide applications in power generation, marine, industrial, material handling, construction, wind power, and others. Gearbox manufacturers focus to create technologically advanced machines which help in minimizing energy costs and enabling companies in fulfilling their processes effectively. Industrial gearboxes not only offer essential benefits with regards to creating goods, it also aids in the maintenance of the systems. Using it to multiply torque, reduce speed, and match inertia helps in cutting systems operations by enabling drives and smaller motors to be used.
Alluring Features that Spur Market Growth
According to the MRFR report, there are numerous factors that are propelling the industrial gearbox market growth. Some of these entail the use of automation across every industrial sector, booming construction industry, growing manufacturing industries worldwide, the rising deployment of digitalization and robotics in manufacturing industries such as cement, chemical, plastic, rubber, and paper, growing need for the development of robots to be used in the production process of electric vehicles and automobiles, and surge in the growth of the automotive industry. The additional factors adding market growth include increasing automation in manufacturing industries like agriculture machinery, food processing, and automobile, rising investments in renewable power generation with a skew towards wind power, and growth in the steel sector, power sector, minerals and mines sector, food industry, and waste-water treatment development.
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On the contrary, slowdown of major economies and technical challenges may impede the global industrial gearbox market growth over the forecast period.
COVID-19 Analysis
The COVID-19 pandemic has adversely affected the key end users of industrial gearbox. Thus the industrial gearbox market is experiencing a decline in demand. Further, its manufacturing was hindered owing to lockdowns and physical distancing leading to fall in the market growth. Besides, overall supply chain disruptions, the difficulty to source raw material due to restrictions on transport, as well as unavailability of labors have caused obstacles in the market growth.
Market Segmentation
The MRFR report highlights on an inclusive analysis of the industrial gearbox market based on type, design, size, torque, and industry.
By type, the industrial gearbox market is classified into worm, spur, bevel, helical, planetary, and others. Of these, the planetary segment will lead the market in the forecast period.
Based on design, the global industrial gearbox market is segmented into angled axis, parallel axis, and others.
Based on size, the industrial gearbox market is segmented into large (above 55 KW), and small (up to 55 KW).
Based on torque, the industrial gearbox market is classified into above 50,000 Nm & up to 50,000 Nm.
Based on industry, the global industrial gearbox market is segmented into power generation, marine, industrial, material handling, construction, wind power, and others. Of these, the wind power segment will dominate the market over the forecast period.
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Regional Takeaway
APAC to Dominate Industrial Gearbox Market
Geographically, the global industrial gearbox market is bifurcated into Europe, North America, South America, the Asia Pacific, & the Middle East and Africa (MEA). Of these, the APAC region will dominate the market over the forecast period. Rising investments in the industrial and residential infrastructure development in South Korea, India, Japan, and China, growing number of manufacturing industries which includes chemical, packaging, food, plastic, paper, metal, and others, China and Japan being largest manufacturing nations, increasing ongoing investments by private organizations and government in different end user industries like metal and mining sectors, construction, wind power, and material handling among others, and developing economies focusing constantly on investment in the manufacturing sector with industrial automation are fuelling the industrial gearbox market growth in the region. China holds the utmost market share.
Europe to Hold Second-Largest Share in Industrial Gearbox Market
In Europe, the global industrial gearbox market is predicted to have second-largest share over the forecast period. Germany holds the utmost market share for the expanding interest in the country’s mechanical area.
North America to Have Promising Growth in Industrial Gearbox Market
In North America, the global industrial gearbox market is predicted to have promising growth over the forecast period and at a high CAGR. Expansion in power created from sustainable power assets, rapid economic development, implementation of automation and AI in manufacturing industries, and the robust infrastructure development are adding to the global industrial gearbox market growth in the region.
In the MEA, and South America, the global industrial gearbox market is predicted to have sound growth over the forecast period.
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Key Players
The leading players profiled in the global industrial gearbox market report include Eickhoff Antriebstechnik 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), among others.
The global industrial gearbox market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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