Global Industrial Gearbox Market Overview
The global market for industrial gearbox can potentially garner a decent growth rate of 4.34% during the forecast period (2017-2024). 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. Some of the major applications that require heavy use of industrial gearboxes include automobiles, cement machinery, electric overhead traveling cranes, machine tools, material handling equipment, and sugar machinery.
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.
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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.
Having said that, the market for industrial gearbox can hit a roadblock since it is quite cost sensitive, and the rising prices of raw materials like hardened steel, aluminum, bronze, stainless steels, cast iron and brass can slow down the market growth in the years ahead. But, in an attempt to deal with this issue, a number of vendors are offering gears with varying shape, design, size and speed ratios with respect to the demands in a bid to gain a better position in the market.
Significant competitors in the worldwide market for industrial gearbox are Eickhoff Antriebstechnik GmbH (Germany), Zollern GmbH & Co. KG (Germany), Sew-Eurodrive (Germany), ABB (Switzerland), Emerson Electric Co (US), Siemens (Germany), Renk AG (Germany), Sumitomo Heavy Industries, Ltd (Japan), General Electric (US), Nanjing High Speed & Accurate Gear Group Co., Ltd (China), Nidec-Shimpo Corporation (US), Wikov Industry A.S. (Czech Republic), Schneider Electric (France), Rexnord Corporation (US), to name a few.
The worldwide market for industrial gearbox has been thoroughly analyzed with respect to type, design, size (KW), torque, and industry.
Given the type segment, the global market segments are planetary, helical, worm, bevel, spur, and others.
Design-wise, the market has been considered for angles axis, parallel axis, and others.
Depending on the size (KW), the market caters to small (up to 55 KW) and large (above 1 MW).
The torque-based market segments are up to 50,000 Nm and above 50,000 Nm.
The industries that make extensive use of gearboxes are wind power, industrial, construction, material handling, marine, power generation (excluding wind power), and others.
The global market for industrial gearbox is regionally split into Europe, North America, the Middle East & Africa, Asia Pacific (APAC) and South America.
APAC is anticipated to be the largest market for industrial gearbox in the near future, on account of the soaring demand for clean energy as well as the boom in industries like construction, food & beverages and industrial, among others. The market in APAC is a lucrative market for renewable energy in the world, with the region accounting for close to two-thirds of the worldwide renewable generating capacity. This is indicative of the high demand made for industrial gearbox in the region and can note further market growth in the foreseeable future. Also, the construction sector in China is thriving, with the surge in sustainable construction activities including smart cities and green buildings. Increasing investments in green buildings that meet with the demand of energy-efficient buildings can stimulate the market growth in the following years.
North America is a highly profitable market for industrial gearbox, given the region’s exploration of technological innovations and amplified competition between the players. In addition, rising shift towards renewable resources of energy stands as a significant factor that induces market growth in the region.
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