Industrial
Gearbox Market Report
The
global industrial gearbox market can record a CAGR of 4.34% CAGR during the
forecast period (2018-2024), as revealed in the latest insightful report by
Market Research Future (MRFR).
Top
Drivers and Primary Barriers
Rapid
advancements in industrial automation have helped the industrial gearbox market
expand at a fast pace in recent years. This is followed by the rising adoption
of robots and artificial intelligence (AI) in organizations as well as industrial
sectors all over the world. However, the manufacturing sector has noted a high
rate of advancement in automation.
A
number of manufacturing firms are striving to amplify their productivity level with
the help of industrial automation. The reason for this is the need for robots
and other industrial equipment in the manufacturing sector, as they perform certain
repetitive tasks or operations. Thus, the rising need to manufacture robots for
bringing precision in productivity, in addition cutting down labor costs across
organizations can ensure business growth in the near future. Moreover, the reduced
cost of gearboxes will also help industrial gearbox market to progress during
the conjectured timeframe.
The
industrial gearbox market is cost-sensitive, so the rising prices of raw
materials like aluminum can work against the market growth rate in the coming
years. However, to deal with this particular challenge, vendors are developing
products that vary in shape, size, design of the gears, as well as speed ratios,
in order to gain a competitive edge in the market.
Market
Segmentation
The
primary segments as per which MRFR has analyzed the Industrial
Gearbox Market Report 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. The segmental development is in response to its high usage
in a vast range of manufacturing as well as other precision applications, due
to its accuracy, endurance, and distinct functionality.
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
global industrial gearbox market is spread across the key regions of Europe, North
America, Middle East & Africa (MEA), South America and Asia Pacific (APAC).
The
APAC market for industrial gearbox is believed to be the largest during the
forecast period, thanks to the soaring demand from the power generation
industry. Considerable investments being made in the construction industry also
benefits the regional market. China is the most significant market in the
region, given the growing investments in the construction industry. The International
Trade Administration (ITA) and the US Department of Commerce revealed in 2016
that the construction industry in China was roughly USD 717.71 billion. Therefore,
high focus on renewable power generation coupled with growing investments in
this field accelerates market demand in the region.
North
America can observe noteworthy growth in the coming years, on account of the
increasing labor costs as well as manufacturing overcapacity in several countries,
which is prompting manufacturers to go for automation instead of manual labor. Surging
need for robots inbuilt that have a robust level of sophistication along with a
high range of applications can also stimulate market growth in the region.
In
Europe, the wind generation capacity is noting exponential growth, owing to the
declining cost of components that are part of wind turbines. The reduced cost
of wind turbine gearboxes is the result of evolving designs, entry of new
players, larger economies of scale and optimization in raw material sourcing
and supply chain. Thus, decreasing cost of gearboxes for wind power generation can
provide immense traction to the industrial gearbox market in the region. Also, considerable
investment in chemical industries in the region is presumed to have a lucrative
effect on the market in the years to come.
Leading
Companies
The
key companies influencing the worldwide industrial gearbox market 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.
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