Global Industrial Gearbox Market might get a raise at 5% CAGR between 2018 and 2023 due to growing adoption of industrial automation across various industries.
The industrial gearbox is defined as an enclosed system that can help the user to transmit the mechanical energy to an output device. Industrial gearboxes can easily modify their features. Market Research Future (MRFR) has published a research report about the global industrial gearbox market that estimates a raise for this market at 5% CAGR between 2018 and 2023.
ABB Ltd (Switzerland), Bauer Gear Motor (Germany), Bondioli & Pavesi (Italy), Bonfiglioli (Italy), China High Speed Transmission Equipment Group Co. Ltd. (China), Comer Industries (Italy), Dana Brevini (Italy), Elecon Engineering (India), Emerson Electric Co (USA), GKN Off-Highway Powertrain (Germany), Johnson Electric Holdings Limited (Hong Kong), Schneider Electric (France), Sew-Eurodrive (Germany), Siemens AG (Germany), Sumitomo Heavy Industries Ltd. (Japan), and Watt Drive Weg Group (Austria).
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The notable market driver for the global industrial gearbox market growth is the growing adoption of industrial automation across various industries. The use of industrial gearboxes is increasing in various industries as well as applications within those industries. Some of the major applications that require heavy use of industrial gearboxes include automobiles, cement machinery, electric overhead traveling cranes, machine tools, material handling equipment, and sugar machinery. Some examples of machine tools include drilling machines, grinding machines, and milling machines. Another important market driver for industrial gearbox is the increasing investment in renewable power generation with a shift towards wind power.
Industrial Gearbox Market Segmental Analysis
The global industrial gearbox market segmentation has segmented the market into design, industry, type, and region. The design-based segmentation of this market covers the angled axis and parallel axis.
Based on industry, the market is being been segmented into agriculture, automotive, cement & aggregates, chemicals, construction, food & beverage, marine, material handling, metals & mining, power generation (excluding wind power), recreational vehicle, rubber & plastic, transportation industry (excluding automotive), wind power, and others. The material handling segment includes lawn & turf. The “other” segment covers conveyer equipment for a larger group of manufacturing industries.
By type, the market has been segmented into the bevel industrial gearbox, helical industrial gearbox, planetary industrial gearbox, worm industrial gearbox, spur industrial gearbox, and others. The “others” segment features combination gears such as helical-bevel or planetary-worm.
Global Industrial Gearbox Market Regional Outlook
The regional segmentation of the global industrial gearbox market has segmented the market into the regional markets, known as North America, Europe, South America, Asia Pacific, and the Middle East & Africa (MEA).
Being the largest regional market, the Asia Pacific region is expected to grow during the forecast period due to the growing use of industrial gearbox in many manufacturing industries. Due to this growth, automation in industries like the automobile, agriculture machinery, and food processing, is expected to increase. The increase in investments for renewable power generation with a shift towards wind power is also driving the industrial gearbox market growth. The prestigious country-specific markets in this region are China, Japan, India, and South Korea, followed by the remaining countries of the Asia Pacific region.
In North America, the market is strong due to technological advancement, established automotive industry, and stable manufacturing industry. USA and Canada are the most important country-specific markets in this region. In South America, the market is sizable but not as big as North America because South America is yet to achieve the level of technological advancement that North America has already achieved. The serious country-specific markets in this region are Argentina, and Brazil, followed by the remaining countries of South America.
Europe is a great regional market due to the reasons that pretty much are the same as in North America. However, many important market players are also based in Europe. The vital country-specific markets in this region are France, Germany, Italy, Russia, and the UK, followed by the remaining countries of Europe.
In the MEA region, the market is paltry due to the limited availability of advanced technology. The big-league country-specific markets in this region are Saudi Arabia, UAE, and South Africa, followed by the remaining countries of the MEA region.
Latest Industry News
MAY 2019 - The Cape Town and Port Elizabeth-based Peninsula Power Products (PPP), who are suppliers of marine and industrial diesel engines, gearboxes and generators have secured the exclusive Southern Africa dealership of the ubiquitous Baudouin range of marine engines.
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