New York, July 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Gearbox Market: Segmented: By Type, By Design, By Size, By Torque, By Industry And Region – Global Analysis of Market Size, Share & Trends For 2019–2020 And Forecasts To 2031" - https://www.reportlinker.com/p06288799/?utm_source=GNW
An 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.
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, and 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 gearbox 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.
A 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 the wind or hydro turbines to create electricity is increasing as the renewable energy sector grows. The 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 are quite a 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 marketplace for the Industrial Gearbox, with the biggest market share in terms of value. The planned construction of wind power infrastructure, in 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, the industrial gearbox market’s primary end-user industries, such as electricity, metals, mining, and minerals, were all hit by the economic downturn. The slowdown in economic and industrial activities is expected to hurt 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 – the 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
the Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
The global Industrial Gearbox Market report also contains an analysis on:
Industrial Gearbox Market Segments:
By Type
Worm Gearbox
Helical Gearbox
Bevel Helical Gearbox
Planetary Gearbox
Other Types
By Design
Parallel
Angled
By Industry
Wind Power
Material Handling
Construction
Metal & Mining
Cement & Aggregate
Food & Beverage
General Manufacturing
Robotics
Size
Up to 1 MW
Above 1 MW
Torque
Up TO 50,000 NM
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
Industrial Gearbox Market Report Scope and Segmentation
Report Attribute Details
The market size value in 2021 USD 24,790.3 million
The revenue forecast in 2031 USD 39,131.4 million
Growth Rate CAGR of 4.7% from 2021 to 2031
The base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, Design, Industry, Size, Torque, and Region
Regional scope
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled ABB Group, 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 and Other Prominent Players.
Read the full report: https://www.reportlinker.com/p06288799/?utm_source=GNW
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