Industrial Gearbox Market: Current Analysis and Forecast (2022-2030)

Industrial Gearbox Market: Current Analysis and Forecast (2022-2030)

An industrial gearbox is defined as a mechanical device used to transfer power from one rotating machine part to another. It is frequently utilized in heavy-duty industrial applications where a lot of power needs to be transferred across a larger distance. In industrial gearboxes, a number of gears are normally contained in a housing or casing, which serves to safeguard the gears from harm and prevent oil leakage. Many companies in the market are launching new products that are helping industries increase their product portfolio. For instance, in Oct 2020, New Hansen launched M5CT industrial gearbox for Wet Cooling Tower WCT and Air-Cooled Condenser ACC.

The Industrial Gearbox Market is expected to grow at a steady rate of around 4% owing to the expansion of renewable energy coupled with the growing demand for efficient machinery. Major companies in the market are launching new products with updated gearbox features for industrial purposes. For instance, In Mar 2023, Elecon Engineering announced the launch of its state-of-the-art industrial gearbox, the 'NEW EON'. The 'NEW EON' is easy to maintain, easy to install, and despite its compact size, is highly efficient with its high torque and gear ratio.

• Based on type, the market is segmented into planetary, helical, bevel, spur, worm, and other. The planetary category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to the high torque density, which transmits a lot of power within a relatively small package size. This makes them ideal for applications where space is limited, such as in the automotive, aerospace, and robotics industries. Additionally, planetary gearboxes are highly efficient, with low friction losses and high energy density, making them ideal for use in applications where energy efficiency is crucial, such as in wind turbines, electric vehicles, and industrial machinery.
• On the basis of design, the market is categorized into parallel axis, angled axis, and other. Among these, the parallel axis is expected to grow with a significant CAGR during the forecast period. This is mainly due to the ability to transmit power between parallel shafts, making them ideal for use in applications where the input and output shafts are on the same plane. Due to this, they are used for multiple applications such as conveyor systems, machine tools, and material handling equipment. Thus, such applications are increasing the demand for parallel axis industrial gearboxes across the globe.
• Based on end-user, the industrial gearbox market has been classified into construction & mining equipment, automotive, chemicals, manufacturing industry, power generation, material handling, food & beverages, and agriculture. The power generation segment is expected to grow with a significant CAGR during the forecast period. This is mainly due to the rising importance of gearboxes in enabling energy-efficient and reliable operation in the heavy machinery industry. The major demand from the wind industry as industry relies on industrial gearboxes to convert the low rotational speed of the turbine blades into that high-speed rotation to generate electricity. Additionally, with the global focus on renewable energy, the power generation industry is expected to rise in the growing time.
• For a better understanding of the market adoption of the industrial gearbox industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the rapid urbanization and industrialization in the emerging economies of the region are driving the growth of the market. Moreover, the region has major heavy industries such as power generation, oil & gas, mining, and construction are further expected to support the market growth. In addition, the industries rely on large machinery and equipment, including industrial gearboxes to carry out the operations with the industries. Furthermore, the government in several APAC countries is investing in renewable energy and energy-efficient technologies, which are driving the growth of the market.
• Some of the major players operating in the market include Siemens; Nanjing High Precision Transmission Equipment Manufacturing Group Co., Ltd.; ZF Friedrichshafen AG; Advance Europe; Chongqing Gearbox Co.Ltd; Bonfiglioli Transmissions Private Limited; NORD; Flender; ZOLLERN GmbH & Co. KG; Dalian Huarui Heavy Industry India Company Private Limited.