A recent report published by Infinium Global Research on industrial gearbox market provides an in-depth analysis of segments and sub-segments in the global as well as regional industrial gearbox market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional industrial gearbox market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global industrial gearbox market. According to the report, the global industrial gearbox market is projected to grow at a CAGR of 4.3% over the forecast period of 2018-2024.
The use of the gearboxes is used to increase the torque whereas reducing the speed of the prime mover of the shaft. Industrial gearboxes not only provide essential benefits when it comes to creating goods nevertheless they also benefit in the maintenance of the systems. There are different types of gearboxes such as spur gears, helical gears, bevel gears, worm gears, gear rack, etc. Gearboxes are used in a variety of devices, for a broad range of purposes. Industrial gear box has usage in major applications such as material handling equipment, conveyors, crushers, cranes, cooling towers etc. Numerous organizations, for instance, those in the paper, sugar, chemical, rubber, and concrete businesses, are majorly dependent on the power of industrial gearboxes to finish their procedures.
Industrial gears are manufactured according to the standard ISO 9001:2008 and American Gear Manufacturers Association. They are manufactured according to the industrial standards for the use of optimum quality materials. The increasing prevalence of industrial automation across various industries drives the growth of the industrial gearbox market. In addition, the increasing need for inbuilt robots with a high level of superiority and the possibility for developing high precision gearboxes are strengthening the market growth. However, the increasing cost of raw materials such as stainless steels, hardened steel, aluminum, cast iron, bronze, and brass are likely to curtail the growth of the industrial gearbox market. Furthermore, consumer inclination towards the wind farm sector is increasing the installation of Gearboxes in renewable generation. This, in turn, is creating several growth opportunities for the key players in the industrial gearbox market over the years to come.
Among the geographies, Asia Pacific dominated the industrial gearbox market. The growth in the Asia Pacific region is due to countries such as China and Japan are among the largest manufacturing countries in the world. Moreover, Europe and North America subsidize the maximize demand for industrial gear serving technological advancements and intense competition among the key players. The satisfactory government guidelines for effective and well-organized energy consumption and the growing construction of techno-buildings are anticipated to augment the development of industrial gearbox market in Europe.
The report on global industrial gearbox market covers segments such as type, design, and end-user. On the basis of type, the sub-markets include helical industrial gearbox, planetary industrial gearbox, worm industrial gearbox, spur industrial gearbox, and bevel industrial gearbox. On the basis of design, the sub-markets include an angled axis and parallel axis. On the basis of end-user, the sub-markets include food & beverage, wind power, construction, marine, agriculture, automotive, and others.
The report provides profiles of the companies in the market such as Sumitomo Heavy Industries Ltd., Siemens AG, Johnson Electric Holdings Limited, Emerson Electric Co., Sew-Eurodrive, ABB, Elecon Engineering, Bauer Gear Motor, GKN Off-Highway Powertrain, Comer Industries, and Bonfiglioli.
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