Global Industrial Gearbox Market Scenario
An industrial gearbox is a closed system that transfers the mechanical energy to an output device. It is used to increase the torque while reducing the speed of a prime mover output shaft. It transmits the speed, torque, and other attributes to convert the energy into useable form. Industrial gearbox is extensively used in generating power from renewable energy sources. The global Industrial Gearbox market is estimated to expand at 5.00% CAGR during the forecast period.
Industrial gearbox is defined as the enclosed system which helps in transmitting mechanical energy to an output device. Industrial gearbox slowdown the rate of rotation in order to increase speed and torque. High reliability of industrial gearbox is demanded in some applications as its breakdown can cause serious implications. So, manufacturers of industrial gearbox are focusing on designing of industrial gearbox in order to match customer’s requirements. Industrial gearbox is used in high speed applications such as aerospace, automobile, and marine.
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The global Industrial Gearbox market is set to witness significant growth due to rising use of industrial gearbox in manufacturing sector and in machine tools and material handling equipment. The demand for energy efficient gearbox is likely to boos the demand of industrial gearbox market. The renewable power generation is also expected to offer promising business opportunities to the industrial gearbox during the forecast period. According to IRENA (International Renewable Energy Association), renewable power generation is expected to hold 36% share in the total power generation capacity by 2030 from 18% in 2015. However, the features such as overheating, excessive noise, and oil leaks of industrial gearbox is likely to restraint the industrial gearbox market.
The key players of the global Industrial gearbox market are Emerson Electric Co, Johnson Electric Holdings Limited, Siemens AG, Sumitomo Heavy Industries Ltd, Watt Drive Weg Group, Sew-Eurodrive, Schneider Electric, GKN Off-Highway Powertrain, ABB Ltd, Bauer Gear Motor, Bondioli & Pavesi, Dana Brevini, Bonfiglioli, Comer Industries, Elecon Engineering, and China High Speed Transmission Equipment Group Co., Ltd., among others.
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The global industrial gearbox market is segmented based on type, design, industry, and region.
On the basis of type, the global market has been segmented into planetary, helical, bevel, spur, worm, and others.
On the basis of design, the global market has been segmented into parallel axis, angled axis, and others.
On the basis of industry, the global market has been segmented into wind power, construction, material handling, industrial, marine, power generation (excluding wind power), and others.
Region wise, Asia-Pacific held the largest market share of the global industrial gearbox market in 2017 due to increasing use of industrial gearbox in many manufacturing industries. This growth will witness a positive outlook in the coming years owing to increasing automation in industries such as automobile, food processing, and agriculture machinery. Moreover, increasing investments in renewable power generation with a shift towards wind power is driving the industrial gearbox market.
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