An industrial gearbox is a mechanical device used to transmit motion from one rotating shaft to another while also increasing or reducing torque and speed. They are typically utilized in various machinery and production equipment to effectively perform functions in diverse industries including energy, construction, mining, metal processing, agriculture, and others.
The global Industrial Gearbox Market is estimated to be valued at US$ 29.27 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid industrialization across developing nations coupled with growing focus on make-in-country initiatives is leading to substantial investment in manufacturing sector. This is fueling demand for various production equipment and machinery integrated with gearboxes to handle motions effectively. According to World Bank, the global manufacturing value added output increased from around US$ 7.5 trillion in 2015 to nearly US$ 10 trillion in 2019. Moreover, with growing automation and digitalization of industries, requirements for advanced gearboxes is rising significantly. New technologies including internet of things, artificial intelligence, machine learning etc. are supporting optimization of manufacturing processes and quality improvements. Thus, increasing manufacturing production worldwide is creating lucrative opportunities for industrial gearbox manufacturers.
SWOT Analysis
Strength: The industrial gearbox market benefits from factors such as increasing industrialization and growing manufacturing sector across developed as well as emerging economies. Additionally, rising adoption of automated machines in various industries is positively influencing the growth of industrial gearboxes owing to their importance in multiple machines and equipment. Growing focus on renewable energy worldwide is also augmenting the demand for wind turbine gearboxes which has a positive impact on the overall market growth.
Weakness: High initial cost associated with industrial gearboxes along with their maintenance can be considered as weaknesses for this market. Additionally, availability of alternate transmission technologies and fluctuating raw material prices pose challenges for smooth market operations.
Opportunity: Infrastructure development activities across various nations present remunerative opportunities for industrial gearbox market players. Also, growing prominence of industrial robots coupled with rising digitalization of manufacturing processes will drive new opportunities of demand for gearboxes. Replacement of aging gearboxes installed over years offers another prospective growth avenue.
Threats: Downturns in industrial activities and challenging economic conditions negatively impact the replacement and maintenance demands for gearboxes in various industries. Additionally, intense competition among existing players and risk of new entrants pose threats.
Key Takeaways
The Global Industrial Gearbox Market Size is expected to witness high growth during the forecast period of 2023 to 2030 supported by factors such as rising industrialization, increasing automation, and growth in manufacturing output across developed and emerging regions. The market size is estimated to reach a value of US$ 29.27 Billion by 2023.
Regional analysis: Asia Pacific region currently dominates the global industrial gearbox market and is expected to maintain its leading position during the forecast period as well. Rapid industrialization and growing manufacturing hub status especially in China, India, Japan, and Southeast Asian countries will support consistent demand rise from the region.
Key players: Key players operating in the industrial gearbox market are Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd., Lenze SE, Flender Ltd, Nord Drivesystems Pvt Ltd., Bosch Rexroth AG, Zollern GmbH & Co. KG, INGECO GEARS Pvt. Ltd, Kngear, Essential Power Transmission Pvt. Ltd., Bonfiglioli Drives Co. Ltd., and Elecon Engineering Company Limited. Among these, companies such as Bosch Rexroth AG and Bonfiglioli Drives Co. Ltd. have significant global presence while others have strong market position in respective regional territories.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.