- The wind power segment is expected to grow at a high rate in the industrial gearbox industry.
- Asia Pacific is expected to lead the market for industrial gearbox.
- The planetary gearbox segment is the fastest growing segment of industrial gearbox.
The industrial gearbox market is expected to grow from an estimated $25.91 billion in 2018 to $31.90 billion by 2023, at a CAGR of 4.25% from 2018 to 2023. Increasing requirement for efficient energy gearbox and clean energy sources are driving the growth of the industrial gearbox market. The increasing automation in manufacturing technology is facilitating the growth of the industrial gearbox market. In addition, increasing investments in renewable power generation, with a skew towards wind power, is driving the industrial gearbox market.
The wind power segment is expected to grow at a high rate in the industrial gearbox industry
The Global Wind Energy Council has projected installation of more than 300 GW of wind power during the forecast period. A large number of installations are projected to be in Asia Pacific, North America and European regions. The growing installation of wind turbines will drive the growth of industrial gearboxes.
Asia Pacific is expected to lead the market for industrial gearbox
Asia Pacific region is estimated to lead the Industrial Gearbox market in the forecast period. The market in Asia Pacific is expected to hold the largest share and is forecast to grow at the fastest rate during the forecasted period. The region holds the largest market share globally as the countries such as China and Japan are among the largest manufacturing countries in the world. In addition to this, the projected installation of wind power and the growing automation in the manufacturing industries in the region is driving the growth of the industrial gearbox market in Asia Pacific.
The planetary gearbox segment is the fastest growing segment of industrial gearbox
Industrial Gearbox is segmented into planetary, helical, bevel, spur, worm, and others. The planetary gearbox segment is the fastest growing segment by type in the industrial gearbox market because of the vast application of this type of gearbox in wind turbines, steel plants, and various industries such as food and beverage, mining, and cement. These gearboxes are used in a wide range of applications such as port lifting equipment, mixers, pressure feeder, defuser, and crystallizer. The growing investment in food and beverage industry and mining and cement industry in Europe and Asia, respectively, is driving the growth for the planetary gearboxes.
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The helical segment is expected to hold the largest share of the industrial gearbox market.
Helical gearboxes are used in wide range of applications such as rolling mills, monorail system, overhead conveyors, blowers, and turbines. These gearboxes find their application in industries such as material handling, food & beverage, chemical, and power industry. The investments in material handling and food & beverage industry are increasing in Europe, North America, and Asia-Pacific region driving the growth of the helical gearbox segment.
Industrial Gearbox market has been segmented on the basis of end-user into wind power, cement & aggregate, chemical, rubber & plastic, construction, food & beverage, marine, material handling, metals & mining, power generation, recreational vehicle, transport industry, agriculture, automotive, and others. The wind power segment is expected to grow at the fastest rate in the industrial gearbox market. The growth in the wind power segment is driven by the increasing investment in wind power installations in Asia Pacific, North America, and Europe.
Some of the leading global manufacturers of industrial gearboxes are Siemens AG (Germany), Bonfiglioli Italia S.P.A (Italy), Bondioli & Pavesi (Italy), Sew-Eurodrive (Germany), and Dana Brevini (Italy).