by The industrial gearbox market plays a vital role in power transmission and motion control applications across various industries such as manufacturing, mining, cement, steel, and energy among others. Industrial gearboxes help in stepping up or down rotational speed and transferring power from one shaft to another. They allow industries to use electric motors to drive heavier and larger machines economically and efficiently. These gearboxes improve productivity by enabling high torque at slow speeds and are therefore commonly used in conveyor belts, material handling equipment, robots, machine tools, pumps, mixers, compressors and other industrial machinery.
The global industrial gearbox market is estimated to be valued at US$ 33.72 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growth of the manufacturing industry has been a major driver propelling demand for industrial gearboxes. Expanding manufacturing capacities across industries such as food & beverage, automotive, semiconductor, metal processing and others has increased installation of new machinery and equipment requiring industrial gearboxes for torque conversions and speed variations. For instance, investments in “Make in India” initiative by the Government of India in automotive, electronics and other core industries is augmenting domestic manufacturing activities and fueling sales of industrial gearboxes. Furthermore, increasing complexity of industrial processes is fostering adoption of technologically advanced gearboxes with greater efficiency and precision. Rising requirement of predictive maintenance of industrial machinery using gearbox monitoring systems is another factor providing opportunities for market players.
Segment Analysis
The industrial gearbox market can be segmented into gear types, design type, end use industry, and region. By gear type, worm gear type segment dominates the market with a share of over 30% as they provide high gear reduction in a small space and are self-locking. By design type, parallel axis gearbox segment holds the largest share due to advantages such as compact design and ease of installation. By end use industry, material handling segment dominates with a share of more than 25% as gearboxes are extensively used in conveyors, stackers, and reclaimers. By region, Asia Pacific accounts for around 40% of the market due to rapid industrialization and growth of manufacturing sector in countries such as China and India.
PEST Analysis
Political: Stable political environment and supportive government policies towards the manufacturing sector in regions such as Asia Pacific are expected to drive the market’s growth.
Economic: Rising industrial outputs, increasing private investments in industries, and growing construction sector globally are anticipated to propel the demand for industrial gearboxes.
Social: Growing population, urbanization, changing lifestyles and increase in disposable income are augmenting infrastructure development and manufacturing activities which is fueling the industrial gearbox market.
Technological: Manufacturers are developing advanced gearboxes with alternatives to lubricants and focuses on reducing noise, vibrations to comply with stringent efficiency and environmental norms. Additive manufacturing and 3D printing are also improving design and production processes.
Key Takeaways
The Global Industrial Gearbox Market Size is expected to witness high growth over the forecast period.
Regional analysis – Asia Pacific accounts for the largest as well as the fastest growing regional market led by countries such as China and India.
Key players operating in the industrial gearbox market are Siemens AG, Sew eurodrive, Bonfiglioli Riduttori, ABB Ltd., Brevini Power Transmission, Lenze, Flender, Cone Drive Operations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
