Industrial Gearbox Market 2020: Global Leading Players, Future Growth, Industry Updates, Business Prospects, Development Strategies and Reginal Forecast to 2024

Industrial Gearbox Market 2020: Global Leading Players, Future Growth, Industry Updates, Business Prospects, Development Strategies and Reginal Forecast to 2024

Industrial Gearbox Market
COVID-19 Pandemic Impact on Global Industrial Gearbox Market Research Report: Information by Type (Planetary, Helical, Bevel, Spur, Worm), Design (Parallel axis, Angled Axis as), Size (KW) (Small (up to 55 kW) and Large (above 1 MW)) and Torque (Up to 50,000 Nm and Above 50,000 Nm), Industry (Power Generation, Construction, Material Handling, Industrial, Wind Power, Marine and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2024

Global Industrial Gearbox Market Scenario:

The industrial gearbox is defined as an enclosed system that can help the user to transmit the mechanical energy to an output device. Industrial gearboxes can easily modify their features. Market Research Future (MRFR) has published a research report about the global Industrial Gearbox Market that estimates a raise for this market at 5% CAGR between 2018 and 2023.

An Industrial Gearbox is an enclosed system that transmits energy from one device to another output device. Industrial gearbox transmits the speed, torque, and other attributes to convert energy into useable form. The output shaft of a gearbox revolves at a slower rate than the input shaft. The reduction in speed provides a mechanical advantage as it increases the torque for mine hoisters, ship unloaders, cranes, and other machines within industrial operations. Some of the types of industrial gearboxes are helical, bevel, planetary, and spur.

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Primary Drivers and Top Challenges

Industrial automation forms the largest part of the gearbox market and is set to dominate the market in the near future. The automotive industry is considered to be the most significant consumer of industrial gearbox, and its continuous evolution in emerging countries like India, China and Japan can induce strong market growth. Also, the rising need for robots in-built with a peaked level of elegance can boost the demand for high precision gearboxes. Moreover, the manufacturing overcapacity coupled with the increasing labour costs across various regions can compel the manufacturers to go for automation.

Over the years, wind generation capacity has observed strong growth owing to the reduced cost of components that are used in wind turbines. This declining cost of wind turbine gearbox is the result of the advancements in raw material sourcing as well as supply chain, entry of new players and evolving designs. Therefore, declining cost of gearboxes that are used in wind power generation can lead the industrial gearbox market to greater heights in the ensuing years.

Leading Companies

The key companies influencing the worldwide Industrial Gearbox Industry are ABB (Switzerland), Johnson Electric Holdings Limited (Hong Kong), Sumitomo Heavy Industries, Ltd (Japan), Siemens (Germany), Bondioli & Pavesi S.p.A. (Italy), Comer Industries Spa (Italy), Nanjing High Speed & Accurate Gear Group Co., Ltd (China), Schneider Electric (France), Emerson Electric Co. (US), Deere & Company (US), Sew-Eurodrive (Germany), Watt Drive WEG Group (Brazil), Bonfiglioli (Italy), Nidec-Shimpo Corporation (US), to mention a few.

Market Segmentation

The primary segments as per which MRFR has analyzed the global industrialized gearbox market include type, design, and industry.

With regard to the type, the global market comprises helical, planetary, spur, bevel, worm, and others. The planetary segment has high chances of leading the market in the near future.

Design-wise, the global market segments include angled axis, parallel axis, and others.

Depending on the industry, the global market is considered for construction, wind power, marine, industrial, material handling, power generation (excluding wind power), and others.

Regional Outlook

The regional segmentation of the global industrial gearbox market has segmented the market into the regional markets, known as North America, Europe, South America, Asia Pacific, and the Middle East & Africa (MEA). Being the largest regional market, the Asia Pacific region is expected to grow during the forecast period due to the growing use of industrial gearbox in many manufacturing industries. Due to this growth, automation in industries like the automobile, agriculture machinery, and food processing, is expected to increase. The increase in investments for renewable power generation with a shift towards wind power is also driving the industrial gearbox market growth. The prestigious country-specific markets in this region are China, Japan, India, and South Korea, followed by the remaining countries of the Asia Pacific region.

In North America, the market is strong due to technological advancement, established automotive industry, and stable manufacturing industry. USA and Canada are the most important country-specific markets in this region. In South America, the market is sizable but not as big as North America because South America is yet to achieve the level of technological advancement that North America has already achieved. The serious country-specific markets in this region are Argentina, and Brazil, followed by the remaining countries of South America.

Europe is a great regional market due to the reasons that pretty much are the same as in North America. However, many important market players are also based in Europe. The vital country-specific markets in this region are France, Germany, Italy, Russia, and the UK, followed by the remaining countries of Europe.

In the MEA region, the market is paltry due to the limited availability of advanced technology. The big-league country-specific markets in this region are Saudi Arabia, UAE, and South Africa, followed by the remaining countries of the MEA region.

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