Market Research Report
Global Industrial gearbox Market - 2019-2026
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|Global Industrial gearbox Market - 2019-2026|
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Industrial gearbox is electromechanical drive systems which are used to transmit the energy into useable format. The industrial gearbox provides highest level of reliability with safe operation of the heavy machines for high efficiency. It is an enclosed system that transmits mechanical energy to required output device energy for varying the speeds, torque in the equipments. The industrial gearboxes have variety of applications including for heavy industrial settings like extruders, crushers, coolers, conveyors, as well as in automotive sector. Global industrial gearbox market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The market is driven by the rising demand for automation in the end user industries like food processing, automobile, agriculture, energy and utilities due to surge in the industrialization. The industrial gearbox plays vital role for transmitting the power and to protect the motor and other sensitive equipments in the end user industries. Industrial gearbox is used in the military & aerospace, robotics and material handling with exceeds its usage due to industry 4.0 revolution and adaptive technology adoption. According to the World Economic forum organization, the advanced Industrial 4.0 Revolution is projected to reach around USD 3.7 trillion by 2025. Thus it will generate huge demand of industrial gear box to fulfill the basic need of the growing population.
There is a rise in the launch of new innovative technology for renewable energy sources which requires gearbox for high efficacy and power transmission. For instance, in July 201p, General Electric has been developed renewable energy's turbine which is 'world's largest offshore wind turbine with capacity of 12 megawatts. This has been introduced to meet the current energy demand which utilizes turbine's gearbox, generator, controller, and brake.
The global Industrial gearbox market is segmented based on product type, voltage capacity, application, end user, and region.
In terms of product type the global Industrial gearbox market is bifurcated into worm gearbox, planetary gearbox, helical gearbox bevel gearbox and others. Among this helical gearbox has the highest share owing to increase in the demand for heavy equipments in the construction of buildings, plastics, rubber etc.
Similarly worm, planetary, bevel gearbox segment is also growing at faster pace due to increase in adoption in the automotive, aerospace and defense industries. As this gear box are used in heavy and commercial vehicles to transmit the power and torque which utilizes the mechanical energy. According to the International Organization of Motor Vehicle Manufacturers, the demand for the commercial vehicles has been increased from 2018 with sales volume of 26 971 331 units to 27 016 764 units in 2019.
Depending on application, the global industrial gearbox is segmented into, automotive, robotics, food processing, aerospace & defense, Construction, Agriculture, metals & mining and others. Among this, automotive segment has the highest market share in 2019. This is primarily due to increase in the vehicles sales and production capabilities in the developing region like China, India and Brazil.
Similarly, robotics, food processing, aerospace & defense, Construction, Agriculture, metals & mining segments has the highest market share owing to increase in the industrialization with surge in the demand of huge population in this sector.
By region, the global Industrial gearbox market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, The Asia-Pacific region is dominated for industrial gearbox market growth due to the growing demand for the automation in the industrial robots especially in countries such as China, India, and Japan. According to the International Federation of Robotics (IFR) China is the leading supplier for industrial robot with a share of around 36% in 2018. The organization also stated that in 2018, China has been installed around 154,000 units of robots which propel the growth of industrial gearbox market. Furthermore, the increasing advanced technology adoption for manufacturing facilities and rising automotive manufacturing in this region shall boost the demand for the industrial gearbox over the forecasted period. Several companies are shifting their manufacturing facilities of gearbox companies to Asia Pacific, Middle-East, and Africa region due to availability of low cost labor. The drastic market growth is expected to witness in countries such as China, India, and the UAE due to the rapid economic growth because of rise in adoption of industrialization in these countries.
North America is expected to grow at faster pace the global industrial gearbox market and expected to grow at the highest CAGR during the forecasted period due to presence of advanced technology adoption and surge in industrialization followed by Europe region. According to the International Federation of Robotics (IFR) in 2017, the robots Robot installations value around 5.4 billion in the United States and Europe together with 22% year on year growth. This industrial robot has significant use of different types of gear box in the automation.
The global Industrial gearbox market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. ABB Motors and Generators, Dorris Gear Drives, Schneider Electric, Siemens, Sew-Eurodrive, Sumitomo Heavy Industries, Ltd, Emerson Electric Co Ltd, Renk AG, General Electric, Eickhoff Antriebstechnik GmbH, are the leading market players with significant market share.
Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on Dec 3rd 2019, RENK AG global leader in transmission systems and gearbox has been acquired Horstman Holdings Limited and its group of companies for enhancing it's for heavy duty applications for military and commercial vehicles. This will boost the demand for industrial gearbox used in the commercial, heavy vehicles.
*The global Industrial gearbox market report will provide access to approximately 53 market data tables, 44 figures, and 178 pages.