New York, May 10, 2022 (GLOBE NEWSWIRE) -- Industrial Gearbox Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Industrial Gearbox Market” information by Type, by Design, by Industry and Region – Forecast to 2027” market size to reach USD 9.27 billion, growing at a compound annual growth rate of 5.41% by 2027.
Industrial Gearbox Market Scope:
The increasing adoption of automated industrial gearboxes in different end use industries like machinery, automotive, agriculture, and food processing will offer robust opportunities for the market over the forecast period.
Dominant Key Players in Industrial Gearbox Market Covered are:
- David Brown (UK)
- Kumera Corporation (Finland)
- Parsons Peebles LTD (UK)
- Sumitomo Heavy Industries Ltd (Japan)
- Fluor Corporation (US)
- Triveni Engineering & Industries Ltd (India)
- PG Drive (India)
- GearTec (US)
- Sew-Eurodrive (Germany)
- Elecon Group Company Limited (India)
- Artec Machine Systems (US)
- Dana Limited (US)
- GBS Gearbox Services International (Switzerland)
- Unico Mechanical (US)
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Market USP Exclusively Encompassed:
Industrial Gearbox Market Drivers
The implementation of strict government regulations to control noise pollution coupled with reducing power overload across different industrial units will boost market growth over the forecast period.
Slowdown in Industrial Activities to act as Market Restraint
The slowdown in industrial and economic activities and technical challenges may act as market restraints over the forecast period.
High Maintenance and Manufacturing Cost to act as Market Challenge
The high maintenance and manufacturing cost may act as a market challenge over the forecast period. Besides the impact of the COVID-19 pandemic may also impede market growth.
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Segmentation of Market Covered in the Research:
The global industrial gearbox market is bifurcated based on type, design, size, torque, and industry.
By type, helical will lead the market over the forecast period.
By design, parallel axis will dominate the market over the forecast period.
By size (KW), the industrial gearbox market is segmented into large (above 1 MW) and small (up to 55 kW).
By torque, the industrial gearbox market is segmented into above 50,000 Nm and up to 50,000 Nm.
By industry, wind power will spearhead the market over the forecast period.
Regional Analysis
APAC to Lead Industrial Gearbox Market
During the stated time frame, Asia-Pacific dominated the global industrial gearbox market and was estimated to hold the largest piece of the pie. China had the largest share of the whole industry required to be kept during the specified time frame in the district. Asia-Pacific is one of the world's biggest markets for industrial gearboxes. In 2017, the region accounted for about two-thirds of global renewable producing capacity, as per the International Renewable Energy Agency. Renewable energy capacity in the region has nearly doubled in the last five years, touching nearly 9,168 GW in 2017. China and India contributed the most to the total renewable energy generation capacity in the area. As per the Bloomberg New Energy Finance, total new clean energy investments in Japan were roughly USD 23.40 billion in 2017. Renewable energy segments like solar and wind are included in the clean energy investment. Increased investments in wind power and renewable energy generation will enhance the installation of the industrial gearboxes to meet Japan's energy demands. Agriculture, forestry, and fisheries contributed around USD 284.62 billion in gross value added in 2018, as per the India Brand Equity Foundation.
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In addition, the Government of India is pursuing a number of measures aimed at boosting the agricultural sector's growth. For example, the GoI established the Transport and Marketing Aid (TMA) initiative to offer financial assistance for agricultural product transportation and marketing in order to boost agricultural exports. Industrial gearboxes are necessary in agricultural machinery and equipment to deliver the needed speed and torque. Sprayers, grain conveyors, and seeders are just a few of the agricultural applications for industrial gearboxes. Between 2019 and 2024, such factors are likely to boost demand for industrial gearboxes. During the projected period, the region is expected to lead the market.
During the anticipated period, the Asia Pacific market is expected to possess the greatest share and increase at the fastest rate. Because countries like Japan and China are among the world's top manufacturing nations, the region has the largest market share. In addition, the market in Asia Pacific is expected to increase because of the planned wind power installation and the increasing automation in the manufacturing industries in the region. Due to rapidly changing consumer behaviour, regulations to attain sustainable development, as well as investment in industrial infrastructure, the Asia Pacific area is an emerging economy that, according to the World Economic Forum, will have the greatest GDP. The market has been spurred by exponentially expanding energy needs to meet population growth, fast industrialization, and urbanization. The region's adoption of gears has been boosted by the ongoing construction of new household and commercial spaces, as well as the rising installation of new power producing facilities. The region's expansion will be aided by a strong agricultural foundation and a significant number of small, medium, and large-scale farmers.
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North America to Have Favorable Growth in Industrial Gearbox Market
North America will have favorable growth in the industrial gearbox market over the forecast period. North America has created manufacturing infrastructures for a variety of worldwide brands, and mining activities are producing more minerals. Furthermore, the region has vast prospective reserves for hydrocarbon exploration, and favourable government investments to boost the production of oil and gas from these reservoirs are expected to positively complement product demand. The US & Canada, for example, are operating in the region and are expanding the energy-efficient technology installation. Furthermore, focusing on lowering human interference in machining operations to increase quality and productivity, as well as shifting concerns for the energy optimization, would help the North American sector grow even more. Owing to the expansion in power created by sustainable power assets, the United States possessed the largest share of the pie in North America during the hypothesized time frame. Due to expanding mineral production from mining operations and rising potential for discovering hydrocarbons, North America will see significant market expansion throughout the projection period. Furthermore, favourable government investments to improve oil and gas production from reservoirs will expand the market's footprint.
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