The global industrial gearbox market accounted for a value of USD 29.9 billion in 2019. Industrial gearbox market is projected to register growth at a CAGR of 3.9% during forecast period.
COVID-19 has impacted all the businesses over globe. The supply chain of raw materials and finished products is disrupted due to travel restrictions. The automotive manufacturing facilities have shut or halt their production activities and others industries also halted their plants which leads to decline in growth of industrial gearbox during the COVID-19.
For more details, visit: Global Industrial Gearbox Market By Type (Planetary, Helical, Others), By Design (Spur, Worm, Others), By Application (Parallel Axis, Angular Axis, Others), End User (Marine, Chemical, Others), By Region–Forecast & Opportunities to 2026
The growth of automation in manufacturing industries such as food processing, agriculture machinery and automobile is increasing rapidly around the world. All these industries are moving towards automation which uses gearbox for functioning. This drives growth in industrial gearbox during forecast period.
On the basis of type, the industrial gearbox market is segmented into planetary, helical, bevel, spur, worm and others. The worm gears segment is estimated to hold largest market share during forecast period. The growing automation in various industries is responsible for high demand of worm gears. This drives growth in worm gears segment during forecast period.
On the basis of design, the industrial gearbox market is segmented into parallel axis, angular axis and others. The parallel segment is estimated to account for largest market share during forecast period. The helical and planetary gears are manufactured using parallel axis design which account for major market share. The demand for parallel axis gear is higher due to high demand of planetary and helical gears. This drives growth in parallel axis design segment during forecast period.
On the basis of end-user, the industrial gearbox market is segmented into cement & aggregate, chemical, wind power, rubber & plastic, construction, food & beverage, marine, automotive, agriculture, transportindustry, recreational vehicle, power generation, metal & mining, material handling and others. The wind power segment is estimated to be fastest growing segment in the industrial gearbox market during forecast period. The investment is increasing in this in installation of such power plants due to large demand of renewable power generation. This is likely to drive growth in this segment during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. The installation of automated renewable power generation facilities is higher in this region. China and Japan are considered as largest manufacturing countries in the world. The installation of wind power and other automated projects are increasing in this region and this is likely to drive growth in Asia-Pacific region during forecast period.
The key market players in industrial gearbox market are Emerson Electric co., Johnson Electric Holdings Ltd., Siemens AG, Sumitomo Heavy industries Ltd., Watt Drive Weg Group, Sew-Eurodrive, GKN Off-Highway Powertrain, ABB, Bauer Gear Motor, Bondioli & Pavesi, Dana Brevini, Bonfiglioli, Comer Industries, Elecon Engineering and China High Speed Transmission Equipement Group.
- What are the expected industry trends over the next three to five years?
- Which of the industrial gearbox type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?