Segments - Industrial Gearbox Market by Types (Helical, Planetary, Bevel, Spur, Worm), Design (Parallel Axis, Angled Axis, and Others), End-users (Wind and Power Generation, Chemical, Material Handling, Construction, Agriculture, Wastewater Treatment, Steel Industry, Automotive, Metal & Mining, Cement & Aggregate, Food & Beverage, Robotics, Defense, Textiles, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global industrial gearbox market size was valued at around USD 29.36 billion in 2022 and is anticipated to reach USD 43.63 billion by 2031, expanding at a CAGR of around 4.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing demand for industrial gearboxes across diverse end-user industries.
Industrial gearbox is a mechanical unit that comprises an enclosed system, which is specially designed to transmit energy from one device to another output device. The gearbox system is used to regulate and control the speed of machines and gadgets. It is widely adopted in a variety of devices for several purposes, such as adjusting the rate of rotation and torque while transmitting to an output device.
The main available industrial gearbox product types include helical, planetary, bevel, spur, and worm industrial gearboxes. These devices offer several advantages such as minimizing workload, controlling vibration and noise, enhancing operational output, and maintaining torque, among others.
The industrial gearbox is extensively adopted in a variety of devices across diverse industrial sectors, including wind power, chemical, material handling, power generation, construction, agriculture, wastewater treatment, steel industry, automotive, metal & mining, cement & aggregate, and food & beverage industries.
The global industrial gearbox market is expected to expand at a rapid pace during the forecasted period, 2022-2030. The rapid growth of automobile industries, development of power generating sectors, and increasing government investment are driving the market.
The global industrial gearbox market is negatively affected by the emergence of COVID-19 across the world. Amid the pandemic scenario, the temporary shutdown of almost all economic activities led to economic uncertainty and disruptions in the supply chain of the market. This, in turn, led to huge financial losses in the industrial gearbox market.
During the COVID-19 pandemic, several manufacturing companies postponed the installation of automation systems, leading to declining sales and revenue of industrial gearbox tools. Restrictions imposed during the pandemic negatively affected the global industrial gearbox market. Demand across several end-user industries such as power, minerals, mines, chemicals, and others declined.
Stringent restrictions led to the shutdown of the showrooms of many automobile companies, resulting in a severe downfall of the economy. Companies such as Volkswagen (VW) Group registered a drop in market sales by 15% or 1,669,925 units in 2020 as compared to 2020, resulting in an overall decline in market revenue.
The industrial gearbox market report presents a complete overview of market dynamics by focusing on the current market trends, existing drivers, growth opportunities, and emerging challenges that can shape the outcome or overall performance of the market during the forecast period, 2022 to 2030.
Technological advancement is a key market trend
The ongoing technological advancement coupled with product launches is a key market trend. Many companies are focusing on product enhancement to meet the demand of customers. Cutting-edge products are utilized in numerous industrial settings, including steel, oil & gas, material handling, elevators, power, textiles, and food & beverages.
Technological advancement in these products offers several advantages, such as improved thermal rating, unrivalled efficiency, better mechanical rating, robust design, stability, dependability, ease of maintenance, and modular construction, among others.
Increasing global demand for industrial gearboxes is driving the market
Rapid industrialization across the globe is boosting manufacturing services, leading to high demand for gearboxes for a variety of purposes. Industrial gearboxes are primarily used in material handling equipment, cooling towers, crushers, conveyors, and cranes.
In several manufacturing industries, industrial gearboxes are widely used in the main machines in the production process, including tube bending machines, driving rollers, and bending presses.
In the food processing industries, they are widely used in the main machines to produce, process, cook, package food, and for bottling beverages. Extensive usage of gearbox devices increases the demand for gearboxes across the world. Hence, increasing global demand for industrial gearboxes is driving the market.
Increasing adoption of industrial automation systems is driving the market
Industrial automated machinery comprises a computerized regulatory system that monitors a machine, process, or device to perform repetitive tasks. It is increasingly adopted in several manufacturing and other industries. An automated system is gaining significant popularity across almost all industrial sectors across the world, owing to its benefits in reducing and improving human labor, which in turn, boosts the global industrial gearbox market.
Additionally, the increasing penetration of Industry 4.0 trends coupled with the growing adoption of these automation machinery systems is driving the global industrial gearbox market. The rising mechanization of manual jobs in several industries is anticipated to create high scope for market expansion.
The growing applications of high-precision gearboxes in robotics and the increasing need to manufacture advanced robots paved the way for research activities and the development of high-precision gearboxes, which is expected to drive the global industrial gearboxes market.
High manufacturing and maintenance cost of industrial gearbox poses challenges to the market growth
The manufacturing cost associated with industrial gearbox is high, which poses challenges to the key players. Manufacture of industrial gearbox involves several engineering operations, such as turning, grinding, and milling. The process also involves high heat treatment, including quenching and hardening, which generates a lot of vibrations that create an involute shape throughout the entire surface.
This negatively affected the gear cross-section unit. All gearboxes require periodic maintenance, such as oil changes, which are costly over time. High maintenance and manufacturing cost poses challenges to the market players, thus hampering the growth of the industrial gearbox market.
Surging applications of gearbox in robotics provides lucrative opportunities
High demand for industrial gearboxes for robotics applications is expected to create opportunities in the market. This is attributed to the benefits of using gearboxes in robotic devices, such as high throughput rates, improving consistency & precision, and minimization of waste & scrap.
Research & development activities in developed and emerging economies creates growth opportunities
Rising demand for gearboxes, along with research & development activities in emerging countries, such as the Middle East and Africa, is expected to create growth opportunities in the worldwide industrial gearbox market.
The report on the global industrial gearbox market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Industrial Gearbox Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Types (Helical, Planetary, Bevel, Spur, Worm), Design (Parallel Axis, Angled Axis, and Others), End-users (Wind and Power Generation, Chemical, Material Handling, Construction, Agriculture, Wastewater Treatment, Steel Industry, Automotive, Metal & Mining, Cement & Aggregate, Food & Beverage, Robotics, Defense, Textiles, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Lenze SE; Sumitomo Heavy Industries, Ltd; Flender Ltd; Sew-Eurodrive GmbH & Co KG; Getriebebau NORD GmbH & Co. KG; Regal Beloit Corporation; Bonfiglioli Drives Co. Ltd; Bosch Rexroth AG; INGECO GEARS Pvt Ltd; Zollern GmbH & Co. KG; Essential Power Transmission Pvt Ltd; Watt Drive Antriebstechnik GmbH; Emerson Electric Co.; Dana Brevini Power Transmission; Elecon Engineering Company Limited; Siemens AG; Johnson Electric Holdings Limited; Nidec Motor Corporation; Bondioli & Pavesi S.p.A.; Bauer Gear GmbH; ZF Technology; and others. |
Based on types, the global industrial gearbox market is segmented as helical, planetary, bevel, spur, and worm industrial gearboxes. The helical segment is growing rapidly and is estimated to dominate the global industrial gearbox market during the forecast period.
Helical gears use parallel shafts and winding teeth lines that are well-suited for high-speed applications. Helical gears feature teeth meshing and are quiet. They transmit high loads. High demand for helical industrial gearboxes is boosting the segment.
On the basis of design, the global industrial gearbox market is fragmented into parallel axis, angled axis, and others. The parallel axis industrial gearbox segment registered robust growth and is expected to account for high revenue in the global industrial gearbox market.
The parallel axis industrial gearbox has applications in many industries, owing to its simple mechanism. This industrial gearbox is extensively adopted at small and medium speeds, as it generates noise when the speed increases. High applications of the parallel axis industrial gearbox in the manufacturing industry is driving the segment.
Based on the end-users, the global industrial gearbox market is divided into wind and power generation, chemical, material handling, construction, agriculture, wastewater treatment, steel industry, automotive, metal & mining, cement & aggregate, food & beverage, robotics, defense, textiles, and others. The wind and power generation segment accounted for a high market share in 2021.
This segment is expected to expand at a high CAGR during the forecast period. The industrial gearbox is often installed between the steam turbine and the electric generator to control the speed. A gearbox is extensively used in a wind turbine for power generation. It increases the rotational speed from a low-speed rotor to a high-speed shaft connected to an electrical generator.
Increased demand for gearboxes across the wind and power industry coupled with growing awareness about renewable energy is driving the segment. Increasing number of wind turbines across the globe to meet the growing demand for power is fueling the segment. For instance, in 2021, the government of India signed a $304 million pact with Asian Infrastructure Investment Bank (AIIB) for a power transmission network in Assam.
In terms of regions, the global industrial gearbox market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is leading the global market in terms of growth, holding a high market share of over 64% in 2021.
Increased adoption of automation technologies and high demand for advanced material handling equipment in diverse industries, including metallurgy, cement, and machine tools, are driving the market in Asia Pacific. Additionally, rising demand and increasing investments, mainly in China, India, and Japan, are propelling the market in the region.
Furthermore, the growing utilization of gearboxes in the robotics industry in Asia Pacific is boosting the market in the region. The market in North America is growing rapidly, owing to the rapid development of the aerospace and military industry in the US and Canada.
The global industrial gearbox market has been segmented on the basis of
Key players competing in the global industrial gearbox market are Lenze SE; Sumitomo Heavy Industries, Ltd; Flender Ltd; Sew-Eurodrive GmbH & Co KG; Regal Beloit Corporation; Getriebebau NORD GmbH & Co. KG; Bonfiglioli Drives Co. Ltd; Bosch Rexroth AG; INGECO GEARS Pvt Ltd; Zollern GmbH & Co. KG; Essential Power Transmission Pvt Ltd; Watt Drive Antriebstechnik GmbH; Emerson Electric Co.; Dana Brevini Power Transmission; Elecon Engineering Company Limited; Siemens AG; Johnson Electric Holdings Limited; Nidec Motor Corporation; Bondioli & Pavesi S.p.A.; Bauer Gear GmbH; and ZF Technology.
Some of these players have adopted a series of business development strategies, including mergers and acquisitions, partnerships and collaborations, product launches, and expansion of production capacity to expand their consumer base and enhance their market share.
On October 2021, Regal Beloit Corporation entered into a partnership with Rexnord Process and Motion Control (PMC) and the resulting entity was named as Regal Rexnord Corporation. The new entity is expected to have four business verticals, namely, motion control solutions, commercial systems, climate solutions, and industrial systems.
ZF Technology introduced its Redulus4F gearbox design, which is flexible, compact, has extended load capacity, and offers advanced serviceability.
The market is estimated to register a CAGR of around 4.5% during the forecast period.
The global industrial gearbox market size was valued at around USD 29.36 billion in 2022 and is anticipated to reach USD 43.63 billion by 2031.
Asia Pacific dominates the global industrial gearbox market.
Lenze SE; Flender Ltd; Sew-Eurodrive GmbH & Co KG; and Getriebebau NORD GmbH & Co. KG are some of the key players in the market.