Industrial Gearbox Market: Introduction
- An industrial gearbox is defined as a mechanical process to transfer energy or power between automation systems, machinery, and process units. Industrial gearbox is located at the junction of the motor and power shaft. Industrial gears are vital components for the functioning of industrial equipment and products. Gearbox is classified into precision and standard. Construction and arrangement of gears are the differentiating factors of gearboxes. Industrial gears are upgraded with properties such as heavy duty construction and durable metal composition. Designing of a gearbox is a complex procedure; without experience in this field, an engineer cannot be expected to cover all aspects of gearbox design. The industrial gearbox market is expected to witness surge in its demand during the forecast period.
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Key Drivers and Opportunities of the Global Industrial Gearbox Market
- Industrial gearbox finds wide range of applications in several sectors including steel processing, steel manufacturing, material handling, machine tool industry, engineering industry, and in sugar, plastic, paper, and rubber industries. Industrial automation accounts for largest share of the industrial gearbox market and is estimated to lead the overall market in the coming years since the automotive industry is the major consumer of industrial gearbox. These factors are expected to drive the market during the forecast period.
- Manufacturing overcapacity and rising labor cost in many regions is pushing manufacturers to replace labor with automation. Wind generation capacity is witnessing huge growth due to the declining cost of components used in wind turbines. Cost of wind turbine gearbox is reducing frequently due to factors such as developments in raw material sourcing and supply chain, evolving designs, larger economies of scale due to the increased demand for gearboxes, and entry of new players. The decreasing cost of gearboxes used in wind power generation is likely to drive the growth of the industrial gearbox market.
- The industrial gearbox market is cost sensitive, and hence the increasing cost of raw materials such as aluminum, hardened steel, stainless steel, bronze, brass, and cast iron is seen as a factor that may hinder the growth rate of the market during the forecast period. To deal with this restraint, manufacturers are working on product innovation by varying the size, shape, and design of the gears, and speed ratios as per requirement in order to meet the demand and encourage further demand for the product.
Asia Pacific to Hold Major Share of the Global Industrial Gearbox Market
- In terms of region, the industrial gearbox market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is expected to hold major share of the industrial gearbox market during the forecast period. The evolution of the automotive industry in developing countries such as China, Japan, and India is the primary growth factor for the industrial gearbox market. Furthermore, increasing need for robots would drive the need to develop high precision gearboxes during the forecast period in this region.
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Key Players Operating in the Global Industrial Gearbox Market
- ABB Ltd.
- C-B Gear & Machine Inc.
- Circle Gear & Machine Company Inc.
- Curtis Machine Company, Inc.
- David Brown Gear Systems
- Delta Research Corporation
- Eurogear Inc.
- Nanjing High Speed & Accurate Gear Group Co., Ltd.
- Rexnord Corporation
- Shanthi Gears Limited
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