Industrial Gearbox Service Market Overview:
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. Industrial Gearbox Service Market is Projected to
Witness 5.26% CAGR by 2024.
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. Globally, Europe leads in terms
of automation and technological development for manufacturing and robotics. As
per the Germany Trade & Invest, an economic development agency, the
automotive industry has the highest use of industrial robots in Germany.
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Segmental Analysis:
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.
Key Players:
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).
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Regional Outlook
By region, the global market for industrial gearbox
service 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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