Global Industrial Gearbox Service Market Highlights
Global Industrial Gearbox Service Market is Projected to Witness 5.26% CAGR by 2024. Industrial gearboxes are used in various applications such as machine tools, conveyors, and screws to change speed and increase the torque of the equipment involved in various industrial operations such as power generation, construction industry, and marine. Proper inspection, repair, and maintenance services of gearboxes are essential for the efficient functioning of the industrial gearboxes. Gearbox inspection includes various processes such as oil and vibration analysis, measuring gear tooth clearances, and the inspection of gear parts.
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The growth in industrial automation in Europe and rapid growth of the construction industry in developing nations are expected to drive the market for industrial gearbox service during the forecast period. The global population has been growing since the past few decades and is expected to continue growing during the forecast period. The global trends of digitalization and automation in the manufacturing has further enabled the growth of the markets for industrial gearbox.
The key players in the Global Industrial Gearbox Service Market are Fluor Corporation (US), Kumera Corporation (Finland), Sumitomo Heavy Industries, Ltd (Japan), Triveni Engineering & Industries Ltd. (India), Dana Limited (US), David Brown Santasalo (UK), PG Drive (India), Geartec (US), Horner Industrial Group (Indiana), Sew-Eurodrive (Germany), Elecon Group Company Limited (India), Artec Machine Systems (US), GBS Gearbox Services International (Switzerland), Parsons Peebles LTD (UK), and Unico Mechanical (US).
Industrial Gearbox Service Industry Segmentation
The global Industrial gearbox service market is segmented based on type, design, size (KW), torque, industry, and region.
By type, the global market is segmented as helical, planetary, bevel, worm, spur, and others.
By design, the global market is segmented as parallel axis, angles axis, and others.
By part, the global market is segmented as gear, shaft, and bearings.
By industry, the global market is segmented as industrial, wind power, material handling, construction, power generation (excluding wind power), marine, and others.
Research Analysis of Industrial Gearbox Service Market
By region, the global Industrial Gearbox Service Industry is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America dominates the global industrial gearbox service market. The growth in industrial automation in Europe and rapid growth of the construction industry in developing nations are expected to drive the industrial gearbox service market in the region.
Asia-Pacific is one of the largest markets for industrial gearbox service market in the world. The industrial gearbox service market in Asia-Pacific is further segmented by country as China, Japan, South Korea, Australia, India, and the rest of Asia-Pacific. The growing construction industry and the rise in industrial automation in the region are the major factors contributing to the growth of the industrial gearbox service market. Industrial gearboxes are used in driving conveyors, crushers, and plastic extruders in industries, which leads to the growth of the construction industry. According to the Asian Development Bank, 2017, to retain its growth, Asia-Pacific is expected to invest USD 1.7 trillion per year in infrastructure until the year 2030.
Furthermore, the regulatory and institutional reforms are required to make infrastructure more attractive for private investors. As per Regional Economic Outlook, 2018, China accounted for a GDP growth rate of 6.9% in 2017 under the services sector, which boosts the country’s economy. Thus, increasing investment in the services sector and the growth in the country’s economy propels the demand for services. Gearbox services are essential for various industries, which drives the growth of the industrial gearbox service market in Asia-Pacific during the forecast period. Such factors are expected to add to the demand for industrial gearbox services between 2019 and 2024.
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Scope of the Report
This study provides an overview of the global industrial gearbox service market, tracking four market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for Europe, North America, Asia-Pacific, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global industrial gearbox market by product, line type, diameter, and region.
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