Global Industrial Gearbox Market

Industrial Gearbox Market to surpass USD 39,131.4 million by 2031 from USD 24,790.3 million in 2021 at a CAGR of 4.7% in the coming years, i.e., 2021-31. Product Overview Industrial gearbox is an enclosed system that delivers mechanical energy to a transmission unit. The technology reduces rotational speed and torque. Industrial gearboxes differ from normal gearboxes in that the former is required for most drives to have a long, steady life and a safety factor. An industrial gearbox converts mechanical power into a driving tool to manage speed and torque and transform it functionally. Industrial gearboxes, unlike mass gearboxes, can manage many jobs at extremely high speeds for extended periods of time. Market Highlights Global Industrial Gearbox market is expected to project a notable CAGR of 4.7% in 2031. The rising automation in manufacturing industries such as automobiles, food processing, and farm machinery is driving the growth of the industrial gearbox market. Furthermore, the industry is being driven by rising investments in renewable energy generation, with a preference for wind power. Global Industrial Gearbox: Segments Planetary Gearbox segment to grow with the highest CAGR during 2021-31 Based on type global Industrial Gearbox are segmented into Worm Gearbox, Helical Gearbox, Bevel Helical Gearbox, Planetary Gearbox, Other Types. Planetary Gearbox is expected to dominate the global Digital scent technology market through the forecast period. The growth in the market is majorly due to the rising adoption of parallel axis industrial gear box in diverse industrial applications. Gears involving two axes, which are parallel to each other, are called Parallel Axis Gears. For the transmission of rotation/power by parallel axis, Spur, Helical and Internal Gears are generally used. These are the most commonly used gears, with a wide range of applications, in various industries. Parallel segment to grow with the highest CAGR during 2021-31 Based on design global Industrial Gearbox are segmented into Parallel, Angled. During the projection period, the Parallel is anticipated to develop at the fastest CAGR. Parallel shaft gearboxes are typically used in situations that need a lot of torque and horsepower. Parallel shaft gear motors are a form of gear motor that reduces the speed by using gears. Market Dynamics Drivers Increasing adoption of industrial automation across various industrial sectors The worldwide demand for industrial gearboxes is largely driven by the increasing acceptance along with the rising usage of automated machinery. The worldwide market for industrial gearboxes will continue to be driven by the advent of several new technologies, such as artificial intelligence and robotics, for automated and highly efficient industrial applications in the coming years. Rising requirement for clean energy sources The growing number of investments targeted at advancing different industries, such as wind power and other forms of renewable energy generation, is expected to boost growth in the worldwide industrial gearbox market in the coming years. Product demand for absorbing kinetic energy in wind or hydro turbines to create electricity is increasing as the renewable energy sector grows. Industrial gearbox market is likely to dominate in the coming years owing to growing awareness about renewable energy. Restraint High maintenance and manufacturing cost Milling, heat treatment, and other processes are all part of the production process for industrial gearboxes and is quite time taking. As a result, the worldwide industrial gearbox market's expansion is hampered by high production and maintenance costs. Global Industrial Gearbox: Key Players • ABB Group Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis • Bondioli & Pavesi S.p.A. • Bonfiglioli Italia S.p.A. • China High Speed Transmission Equipment Group Co., Ltd • Elecon Engineering Company Limited • Emerson Electric Company • Johnson Electric Holdings Limited • Siemens AG • Sumitomo Heavy Industries Gearbox Co., Ltd • The Timken Company • Other Prominent Players Global Industrial Gearbox Market: Regions Global Industrial Gearbox market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. During the forecast period, Asia-Pacific is likely to lead the market place for the Industrial Gearbox, with the biggest market share in terms of value. The planned construction of wind power infrastructure, Asia-Pacific has offered significant potential. The existence of large manufacturing economies in the area, such as Japan and India, as well as the region's industrial sector's increasing automation. Impact of Covid-19 on Industrial Gearbox Market COVID-19 epidemic wreaked havoc on practically every major industry's supply chain throughout the world. Furthermore, industrial gearbox market's primary end-user industries, such as electricity, metals, mining and minerals, were all hit by the economic downturn. Slowdown in economic and industrial activities are expected to have a negative impact on the industrial gearbox market. Global Industrial Gearbox Market is further segmented by region into: • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA Global Industrial Gearbox Market report also contains analysis on: Industrial Gearbox Market Segments: • By Type o Worm Gearbox o Helical Gearbox o Bevel Helical Gearbox o Planetary Gearbox o Other Types • By Design o Parallel o Angled • By Industry o Wind Power o Material Handling o Construction o Metal & Mining o Cement & Aggregate o Food & Beverage o General Manufacturing o Robotics • Size o Up to 1 MW o Above 1 MW • Torque o Up TO 50,000 NM o Above 50,000 NM • Industrial Gearbox Market Dynamics • Industrial Gearbox Market Size • Supply & Demand • Current Trends/Issues/Challenges • Competition & Companies Involved in the Market • Value Chain of the Market • Market Drivers and Restraints