Industrial Gearbox Market Size to Worth Around US$ 39.6 Bn by 2030

Tokyo, May 05, 2022 (GLOBE NEWSWIRE) -- The global industrial gearbox market size was valued at US$ 27.59 billion in 2021. Energy is transferred from one device to another using an industrial gearbox. The industrial gearbox is used to regulate the speed of machines and appliances. Expanding government investments for the development of the power generating sector, as well as growing uses of industrial gearbox in industries such as farm machinery, automobiles, and food processing, are driving the worldwide industrial gearbox market.

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In addition, the growing need for automotive parts is propelling the worldwide industrial gearbox market forward. The growing industrialization of both developed and emerging countries is propelling the worldwide industrial gearbox market forward. The rise of the vehicle industry is paving the way for new opportunities in the industrial gearbox market.

Regional Snapshot

Asia-Pacific is the largest segment for industrial gearbox market in terms of region.China is dominating the industrial gearbox market in the Asia-Pacific region. In a variety of industries, industrial gearboxes are commonly used. Steel output in China is predicted to rise 6.5% in 2020 compared to the previous year. The industrial gearbox market is growing because of this rationale. Factors such as increased energy demand, rapid industrialization and urbanization, and expanding infrastructure development initiatives are driving the growth of the Asia-Pacific industrial gearbox market.

Scope of the Report

North America region is the fastest growing region in the industrial gearbox market.The U.S. and Canada hold the highest market share in the North Americaindustrial gearbox market. The rise of the industrial gearbox market in the region is fueled by the region's developing manufacturing sector and the presence of significant market players functioning in the industry. Furthermore, the adoption of novel technologies for eliminating human interference in various sectors is propelling the growth of the North American industrial gearbox market.

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Report Highlights

• On the basis of type, helical industrial gearbox segment holds the largest market share in the global industrial gearbox market. In helical industrial gearboxes, winding teeth lines and parallel shafts are used on a large scale. They are suited for higher applications because they feature stronger teeth that are completely integrated are quieter and can transmit bigger weights.
  
  
• On the basis of design, parallel axis industrial gearbox segment holds the largest market share in the global industrial gearbox market. The parallel axis industrial gearbox features a straightforward mechanism that can be used in a variety of industries. This industrial gearbox is extremely efficient and can be operate at low and medium speeds. It's commonly utilized in the manufacturing industry.
  
  
• On the basis of end user, power generation segment holds the largest market share in the global industrial gearbox market. The global industrial gearbox market is growing due to an increase in demand for power and energy as well as increased awareness about renewable energy.
  
  

Market Dynamics

Drivers

Growing adoption of automation in various sectors

Each and every industry is modernizing its processes due to infrastructural development. In addition, growing investments in infrastructural projects are paving way for the growth of global industrial gearbox market. The U.S. Department of Energy stated in February 2020 that it would invest $74 million in 63 projects all over the country to test, study, and create flexible and energy efficient technology. As a result, growing adoption of automation in various sectors is driving the growth of global industrial gearbox market over the projected period.

Restraints

High cost of manufacturing and maintenance

The growth of global industrial gearbox market is being restricted by the high cost of maintenance and operations of industrial gearbox. The process of manufacturing of industrial gearbox is quite long which includes grinding, heat treatment and many more. Thus, the high cost of manufacturing and maintenance is restricting the growth of global industrial gearbox market.

Opportunities

Rising industrialization in developing countries

The different types of industries are rapidly growing in emerging nations. In addition, government are highly investing for the expansion of industries in countries such as South Korea and India. The Asian Infrastructure Investment Bank announced in June 2018 that it would invest $200 million in the National Investment and Infrastructure Fund. As a result, rising industrialization in developing countries are providing lucrative opportunities for the expansion of global industrial gearbox market.

Challenges

Technical challenges

The global industrial gearbox market faces major challenge of technical requirements. The manufacturing process of industrial gearbox requires resources and technologies. Thus, the government is also taking initiatives for the expansion of manufacturing industrial gearbox. As a result, technical challenges are hindering the industrial gearbox market growth.

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Recent Developments

• At the China Wind Power 2020 exhibition in October 2020, Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd unveiled its WinGearTM brand 3.x MW main gearbox platform. The gearbox employs a modular design idea and superior bearing technology to achieve great power density while lowering electricity costs. In addition, the gearbox is less in weight than other industrial gearboxes on the market.
• Radicon Engineering Team collaborated with the port of the UK in April of 2020. Within 7 days, the work process includes gear coupling cause, oil seal leakages, and reinstallation of the industrial gearbox unit.

Market Segmentation

By Type

• Helical Industrial Gearbox
• Planetary Industrial Gearbox
• Bevel Industrial Gearbox
• Worm Industrial Gearbox
• Screw Industrial Gearbox
• Others

By Design

• Parallel Axis
• Angled Axis
• Others
  
  

By End User

• Material Handling
• Automotive
• Construction
• Power Generation
• Mining
• Food & Beverages
• Manufacturing Industry
• Agriculture

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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