Market Overview
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).
Industrial Gearbox Market Segmentation
The primary segments as per which MRFR has analyzed
the global industrialized gearbox market 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.
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.
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.
Browse Full Industrial Gearbox Market Research Report
at: https://www.marketresearchfuture.com/reports/industrial-gearbox-market-7272
About Market Research Future:
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