This report provides exclusive insights into the COVID-19 impact on the Industrial Gearbox Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Industrial Gearbox Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Industrial Gearbox Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
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.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of industrial gearbox market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.