DUBLIN–(BUSINESS WIRE)–The “Global Industrial Gearbox Market – Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The industrial gearbox market is expected to reach a value of $38.44 billion by 2028 from $30 billion in 2022, growing at a CAGR of 4.22% from 2022-2028.
A diverse range of large and small players characterizes the global industrial gearbox market. These companies actively develop innovative products and invest in research and development initiatives to expand their product offerings. As international players grow their presence in various regions, local manufacturers may face competing challenges.
The competition in the industry will primarily revolve around factors such as product durability, lifespan, performance, pricing, and customization options. Moreover, product innovation is gaining popularity in the market as many companies operating in the industrial gearbox market are developing innovative products to strengthen their position in the market.
Asia-Pacific dominated the global industrial gearbox market in 2022. The region is home to several industries, including manufacturing, services, automobiles, and electrical drives, which consequently increase the need for power tools, explicitly cutting tools, which have applications in multiple industries.
The APAC region has a strong manufacturing sector due to its easy availability and cheap labor cost. While Japan and South Korea are major manufacturers and exporters of electrical appliances and automobiles, Indonesia and China are leading in textile and oil exports. Factors such as growing demand for energy, rapid industrialization and urbanization, and rising initiatives for infrastructural development are boosting the growth of the industrial gearbox market in the Asia-Pacific region.
Emerging Wind Power Industry
The global industrial gearbox market is experiencing gradual growth due to the increasing emphasis on replacing conventional energy sources with renewable alternatives, particularly in the wind power sector. Over the past two decades, solar and wind power generation, which were once considered costly options, have become highly competitive in terms of cost compared to the construction of new coal or gas plants. Building new wind and solar projects is expected to become more cost-efficient than continuing the operation of existing coal or gas plants.
Moreover, an important factor contributing to the market’s growth is the ambitious commitment made by the Global Wind Energy Council. They aim to achieve substantial offshore wind capacity, targeting 380 GW by 2030 and an impressive 2,000 GW by 2050 worldwide. This commitment will likely open significant opportunities for gearbox vendors to deploy wind turbines soon.
Increasing Sugar Industry
According to ITC Trade Map, Trade statistics for international business development, in 2021, The import value of Raw Cane Sugar in Indonesia was around USD 2,229,890 thousand, followed by China with an Import value of $ 1,942,598 thousand. India is the second major exporter of raw cane sugar, with an export value of $1,340,793 thousand, followed by Thailand with an export value of $630,065 thousand. Moreover, in November 2021, The Sugar Research Institute of Fiji released a new cane variety for commercial planting in 2022. The variety had a high sugar content, leading to better yield, more income for the growers, and increased total sugar production.
Hence, the industrial gearbox market is witnessing increased demand, primarily driven by the growing sugar industry. The sugar sector is one of the largest industries that extensively utilize diverse machinery. In this industrial domain, gearboxes play a crucial role and are widely employed in their basic form. By integrating gearboxes into the operations of the sugar industry, the machines function efficiently and cohesively, leading to a positive and successful outcome. The use of gearboxes contributes to the well-organized and smooth functioning of the machines in the sugar industry.
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCT
The helical industrial gearbox segment dominated the global industrial gearbox market share in 2022. The parallel shafts and winding tooth lines are used in helical industrial gearboxes. They have stronger teeth that seamlessly blend, are quieter, and can transmit larger loads, making them ideal for elevated applications. The modular design and production of helical gearboxes offer various engineering and performance advantages, including a high degree of interchangeability of components and sub-assemblies, resulting in cost-effective construction while maintaining the highest standards of component integrity.
Furthermore, the planetary industrial gearbox segment is the fastest-growing segment of the global industry during the forecast period. The planetary industrial gearbox is typically utilized as rotation multipliers. Automatic door openers, motorized wheels, and winches are among the most common applications of planetary industrial gearboxes.
INSIGHTS BY CONFIGURATION
The global industrial gearbox market is configured by segments such as parallel axis, angular axis, and others. In 2022, the similar axis segment dominated the industry and accounted for a revenue share of over 41%. The parallel axis industrial gearbox has a simple mechanism for application in various industries.
This type of industrial gearbox is highly efficient and runs at low and medium speeds. The angled axis segment is the fastest-growing segment of the industrial gearbox market. The angled axis industrial gearbox is produced at an angle of 90 degrees. The angled-axis industrial gearbox is widely used in the automotive and mechanical sectors.
INSIGHTS BY END-USER
The power generation end-user segment is dominating the global industrial gearbox market owing to the surge in demand for energy and power and the growing awareness regarding renewable energy, driving the market’s growth. The industrial gearbox has many benefits, such as enhanced radial and axial load and reduced positioning time, causing the demand for industrial gearboxes. Moreover, the cement and aggregates market also significantly contributes to the market owing to cement consumption in the construction industry.
KEY QUESTIONS ANSWERED:
- How big is the industrial gearbox market?
- What is the growth rate of the global industrial gearbox market?
- Which region dominates the global industrial gearbox market share?
- Who are the key players in the global industrial gearbox market?
- What are the significant trends in the industrial gearbox market?
Market Opportunities & Trends
- Emerging Wind Power Industry
- Increasing Fertilizer Production
- Advances in Technology
Market Growth Enablers
- Growing Sugar Industry
- Rising Paper and Packaging Industry
- Presence of Large Cement Industry
Market Restraints
- Violation in Raw Material Prices
- Technical Challenges
Key Company Profiles
- Nangaochi Group
- Bonfiglioli
- ZF
Other Prominent Vendors
- Hangzhou ADVANCE Gearbox Group Co., Ltd.
- Chongqing Gearbox Co., Ltd.
- Ningbo Donly Co., Ltd.
- NORD Group
- Chongqing Wangjiang Industry Co., Ltd.
- Dalian Huarui Heavy Industry Group Co., Ltd
- Sumitomo Heavy Industries
- Bauer Gear GMBH
- Emerson Electric
- Elecon Engineering Co.Ltd
- Dana Bervini Power Transmission
- Jhonson Electric Holding Ltd
- J.S. Gears
- Flender GMBH
- Comer Industries S.p.A
- China High-Speed Transmission Equipment Group Co, Ltd
Market at a Glance
- Growth Analysis
- Market Scenario
- Recent Developments
- Rise in Need for Efficient Industrial Gearbox
- Expansion of Industry 4.0
- Rising Automation in Material-Handling Equipment
- Challenges in Maintaining Gearboxes
- Requirement of a Dry Place
- Temperature
- Particulate Issues
- Hydraulic Systems vs Gearboxes
- Increasing Manufacturing Sector in APAC
- Growing Robotic Industry
Premium Insights
- Future Opportunities
- Emerging Wind Power Industry
- Growing Sugar Industry
- Segmentation Analysis
- Product
- Configuration
- Geographical Analysis
- Key Snippets
For more information about this report visit https://www.researchandmarkets.com/r/6dmwy2
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