Industrial Gearbox Market is Estimated to Witness High Growth Owing to Opportunities in Energy Indus

Author : naufan cmi | Published On : 29 Jan 2024

An industrial gearbox refers to a gear-driven device that is employed to transmit turning mechanical power and torque from a drive shaft into a driven shaft. Industrial gearboxes are used across various industries like power generation, construction, mining, material handling, and manufacturing for industrial automation processes. They help in controlling different operations like conveying, hoisting, lifting, transporting, mixing, and processing across industrial units.

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:
Increasing Automation Across Industries (The heading one driver from heading): Industries across regions are increasingly automating their manufacturing and production processes to improve operational efficiency. This growing trend of industrial automation is propelling the demand for industrial gearboxes as they help transmit power from electric motors to industrial machinery used for automation. In automated systems, gearboxes play a vital role in controlling different motions like rotation, translation, and oscillation required for automated manufacturing lines. This growing automation across industries is a key driver boosting the growth of the industrial gearbox market over the forecast period.

SWOT Analysis
Strength: Industrial gearboxes are designed to withstand heavy loads and harsh operating conditions. They offer high reliability and durability. Industrial gearboxes also provide efficient power transmission and torque conversion. Maintenance of industrial gearboxes is also relatively simple.

Weakness: Industrial gearboxes have high initial costs. Replacing or repairing damaged gear systems also involves significant expenses. Gear failures can lead to downtime and loss of productivity. Selection of the right gearbox for an application requires technical expertise.

Opportunity: Growing automation and modernization of various industries offer opportunities for industrial gearbox sales. There is potential for integrating new technologies like predictive maintenance solutions. Expansion of manufacturing sectors in emerging nations boosts demand.

Threats: Trade tensions and economic slowdowns pose challenges. Stringent environmental norms increase compliance costs. Local manufacturers offer low-cost substitutes. Technology changes may disrupt existing gearbox designs over time.

Key Takeaways
The Global Industrial Gearbox Market Size is expected to witness high growth. The market size is projected to reach US$ 33.72 Mn in 2024.

Asian countries like China and India dominate the regional market due to rapid industrialization. Strong manufacturing sector growth and rising automation drive the Asian market.
Europe is another major regional market for industrial gearboxes. Germany, United Kingdom, Italy have well-established industries that require efficient power transmission systems. Presence of leading gearbox manufacturers also supports the European market.

Key players operating in the industrial gearbox market are Siemens AG, Bonfiglioli Riduttori S.P.A, Rexnord Corporation, Dana Limited, Lenze, and David Brown Gear Systems. Siemens caters to various industries with a wide portfolio. Bonfiglioli focuses on customized solutions. Rexnord supplies gearbox systems for material handling and heavy-duty applications.

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