Industrial Gearbox Market: Segmented: By Type (Worm Gearbox, Helical Gearbox, Bevel Helical Gearbox, Planetary Gearbox, Other Types), By Design (Parallel, Angled), By Size (Up to 1 MW, above 1 MW), By Torque (Up To 50,000 NM, above 50,000 NM), By Industry (Wind Power, Material Handling, Construction, Metal & Mining, Cement & Aggregate, General Manufacturing, Robotics) And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
Industrial Gearbox Market to surpass USD 39,131.4 million by 2031 from USD 24,790.3 million in 2021 at a CAGR of 4.7% in the coming years, i.e., 2021-31.
An industrial gearbox is an enclosed system that delivers mechanical energy to a transmission unit. The technology reduces rotational speed and torque. Industrial gearboxes differ from normal gearboxes in that the former is required for most drives to have a long, steady life and a safety factor. An industrial gearbox converts mechanical power into a driving tool to manage speed and torque and transform it functionally. Industrial gearboxes, unlike mass gearboxes, can manage many jobs at extremely high speeds for extended periods.
The rising automation in manufacturing industries such as automobiles, food processing, and farm machinery is driving the growth of the industrial gearbox market. Furthermore, the industry is being driven by rising investments in renewable energy generation, with a preference for wind power.
Based on type global Industrial Gearbox are segmented into Worm Gearbox, Helical Gearbox, Bevel Helical Gearbox, Planetary Gearbox, and Other Types. Planetary Gearbox is expected to dominate the global digital scent technology market through the forecast period. The growth in the market is majorly due to the rising adoption of parallel axis industrial gearbox in diverse industrial applications. Gears involving two axes, which are parallel to each other, are called Parallel Axis Gears. For the transmission of rotation/power by parallel axis, Spur, Helical, and Internal Gears are generally used. These are the most commonly used gears, with a wide range of applications, in various industries.
Based on design global Industrial Gearbox are segmented into Parallel, Angled. During the projection period, the Parallel is anticipated to develop at the fastest CAGR. Parallel shaft gearboxes are typically used in situations that need a lot of torque and horsepower. Parallel shaft gear motors are a form of gear motor that reduces the speed by using gears.
Increasing adoption of industrial automation across various industrial sectors
The worldwide demand for industrial gearboxes is largely driven by the increasing acceptance along with the rising usage of automated machinery. The worldwide market for industrial gearboxes will continue to be driven by the advent of several new technologies, such as artificial intelligence and robotics, for automated and highly efficient industrial applications in the coming years.
Rising requirement for clean energy sources
The growing number of investments targeted at advancing different industries, such as wind power and other forms of renewable energy generation, is expected to boost growth in the worldwide industrial gearbox market in the coming years. Product demand for absorbing kinetic energy in the wind or hydro turbines to create electricity is increasing as the renewable energy sector grows. The industrial gearbox market is likely to dominate in the coming years owing to growing awareness about renewable energy.
High maintenance and manufacturing cost
Milling, heat treatment, and other processes are all part of the production process for industrial gearboxes and are quite a time taking. As a result, the worldwide industrial gearbox market's expansion is hampered by high production and maintenance costs.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Industrial Gearbox market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. During the forecast period, Asia-Pacific is likely to lead the marketplace for the Industrial Gearbox, with the biggest market share in terms of value. The planned construction of wind power infrastructure, in Asia-Pacific, has offered significant potential. The existence of large manufacturing economies in the area, such as Japan and India, as well as the region's industrial sector's increasing automation.
COVID-19 epidemic wreaked havoc on practically every major industry's supply chain throughout the world. Furthermore, the industrial gearbox market's primary end-user industries, such as electricity, metals, mining, and minerals, were all hit by the economic downturn. The slowdown in economic and industrial activities is expected to hurt the industrial gearbox market.
|The market size value in 2021||USD 24,790.3 million|
|The revenue forecast in 2031||USD 39,131.4 million|
|Growth Rate||CAGR of 4.7% from 2021 to 2031|
|The base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Design, Industry, Size, Torque, and Region|
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||ABB Group, Bondioli & Pavesi S.p.A., Bonfiglioli Italia S.p.A., China High-Speed Transmission, Equipment Group Co., Ltd, Elecon Engineering Company Limited, Emerson Electric Company, Johnson Electric Holdings Limited, Siemens AG, Sumitomo Heavy Industries, Gearbox Co., Ltd, The Timken Company and Other Prominent Players.|
The Industrial Gearbox Market size was estimated at USD 24,790.3 million in 2021 and is expected to reach USD 39,131.4 million by 2031
ABB Group, Bondioli & Pavesi S.p.A., Bonfiglioli Italia S.p.A., China High-Speed Transmission, Equipment Group Co., Ltd, Elecon Engineering Company Limited, Emerson Electric Company, Johnson Electric Holdings Limited, Siemens AG, Sumitomo Heavy Industries, Gearbox Co., Ltd, The Timken Company and Other Prominent Players
Planetary Gearbox segment and A parallel segment are anticipated to hold the Industrial Gearbox Market
Drivers Increasing adoption of industrial automation across various industrial sectors
An industrial gearbox is an enclosed system that delivers mechanical energy to a transmission unit. The technology reduces rotational speed and torque. Industrial gearboxes differ from normal gearboxes in that the former is required for most drives to have a long, steady life and a safety factor. An industrial gearbox converts mechanical power into a driving tool to manage speed and torque and transform it functionally.
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