New York, US, July 26, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Industrial Gearbox Service Market Analysis by Type (Planetary, Helical, Bevel, Spur, Worm and others), Design (Parallel axis, Angled Axis and others), Part (Gear, Shaft and Bearings), Industry and Region - Forecast till 2027” valuation is poised to reach USD 9 Billion by 2027, registering an 5.26% CAGR throughout the forecast period (2022–2027).
Industrial Gearbox Service Market Overview
Over the projection period, the market would benefit from the growing usage of automated industrial gearboxes in various end-use sectors such as machinery, automotive, agricultural, and food processing.
Dominant Key Players on Industrial Gearbox Service Market Covered are:
- Parsons Peebles LTD (UK)
- GBS Gearbox Services International (Switzerland)
- David Brown Santasalo (UK)
- Greater (US)
- Triveni Engineering & Industries Ltd. (India)
- Kumera Corporation (Finland)
- Sumitomo Heavy Industries Ltd (Japan)
- Horner Industrial Group (Indiana)
- Sew-Eurodrive (Germany)
- Elecon Group Company Limited (India)
- Fluor Corporation (US)
- Artec Machine Systems (US)
- Dana Limited (US)
- PG Drive (India)
- Unico Mechanical (US)
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Industrial Gearbox Service Market Report Scope:
| Report Metric | Details |
| Market Size in 2027 | USD 9 Billion |
| Growth Rate | 5.26% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Historical Data | 2020 |
Drivers
Implementation of Stringent Government Regulations to Boost Market Growth
Over the projection period, market expansion will be boosted by the adoption of rigorous government rules to minimize noise pollution, as well as the reduction of power overload across various industrial units.
Technical Challenges to act as Market Restraint
Technical challenges and slowdown in economic and industrial activities may act as market restraints over the forecast period.
High Manufacturing and Maintenance Cost to act as Market Challenge
The high manufacturing and maintenance cost may act as market challenges over the projected period. Besides, the effect of the COVID-19 pandemic may also impede market growth.
Industrial Gearbox Service Market Segments
The global industrial gearbox service market is bifurcated based on type, design, part, and industry.
Based on type, the helical segment will lead the market over the forecast period.
By design, parallel axis will dominate the market over the forecast period.
By part, the industrial gearbox service market is segmented into bearings, shaft, and gear.
By industry, power generation will spearhead the market over the forecast period.
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Industrial Gearbox Service Market Regional Analysis
APAC to Spearhead Industrial Gearbox Service Market
Due to rising demand for clean energy and the expansion of various industries like construction, industrial, and food & beverages within the region, Asia-Pacific is expected to hold the largest market share throughout the forecast period. Japan, China, India, Australia, South Korea, & the rest of Asia-Pacific are the countries that make up the Asia-Pacific industrial gearbox service market. The rising construction industry in the region, as well as, the considerable expansion in industrial automation, is driving the development of the market. Conveyors, plastic extruders, and crushers are all driven by industrial gearboxes in industries that contribute to the construction industry's rapid growth. Due to rapidly transforming consumer behaviour, various regulations to attain sustainable development, & investment in industrial infrastructure, the Asia Pacific area is an emerging economy that, according to the World Economic Forum, will have the biggest GDP. Population growth, fast industrialization, and urbanization, all of which have fueled the Asia Pacific market, have resulted in exponentially expanding energy needs. The region's gear adoption has been boosted by the ongoing construction of new residential and commercial spaces, as well as the expanding establishment of new power producing facilities. The region's growth will be complemented by a strong agricultural heritage and a high number of small, medium, and large-scale farmers.
Due to rising need for gearboxes in different applications such as the power industry, manufacturing sector, and others, the Asia-Pacific region accounted for a major proportion of the industrial gearbox market in 2020. China, India, Japan, Australia, and Korea, are among the region's most important contributors. China has played a critical role in the global industrial sector's expansion. In the chemical, steel, power, & cement industries, this country leads the market, and it is also a key player in the petrochemical & refining industries. The Asia Pacific region's dominant position in the worldwide industrial gearbox market may be ascribed to the region's large manufacturing economies, such as Japan and India, as well as the region's growing automation in the manufacturing sector. Furthermore, the planned wind power infrastructure installation in the region is expected to create a slew of profitable prospects in the Asia Pacific industrial gearbox market.
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North America to Have Significant Growth in Industrial Gearbox Service Market
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 oil and gas production from these reservoirs are expected to positively complement product demand. The United States and Canada, for example, are operating in the region and are expanding the installation of the energy-efficient technologies. Furthermore, focusing on lowering human interference in machining operations to increase quality and productivity, as well as shifting concerns regarding energy optimization, would help the North American sector grow even more.
North America has built manufacturing infrastructure for a wide range of international brands, and mining operations are producing higher minerals. Furthermore, the region has substantial hydrocarbon exploration potential, & favourable government investments for expanding oil and gas production from these reservoirs are likely to positively complement product demand. For example, the US & Canada operate in the region and are growing their energy-efficient technology installations. Furthermore, focusing on reducing human intervention in machining operations to improve quality and productivity, along with shifting considerations for energy optimization, will aid the North American sector in expanding even further.
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The United States had the largest portion of the pie in North America over the anticipated time frame due to the expanding power created by sustainable power assets. North America will experience significant market expansion throughout the forecast period as a result of increased mineral production from the mining operations & increased potential for discovering hydrocarbons. Additionally, favourable government investments for boosting oil and gas output from reservoirs would broaden the market's reach.
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