Industrial Gearbox Market to Surpass Revenue of $38.44 Billion by 2028, the Market Heats Up with Increased Competition & Innovation Initiatives Worldwide - Arizton

CHICAGO, Jan. 31, 2024 /PRNewswire/ -- According to Arizton's latest research report, the industrial gearbox market will grow at a CAGR of 4.22% from 2023 to 2028.

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Browse In-depth TOC on the Industrial Gearbox Market 

288 – Pages       
60 - Tables       
89 - Figures    

The Industrial Gearbox Market Report Scope

Product innovation is the key to gaining popularity in the market, as many companies operating in the industrial gearbox market are developing innovative products to strengthen their position. For instance, in October 2020, Sumitomo Drive Technologies, a US-based manufacturer, launched the new Hansen M5CT industrial gearbox. This gearbox is a future-oriented development based on the experience of 3 existing product lines. In addition, in March 2022, RNWBL acquired Gearbox Express for an undisclosed amount. Through this acquisition, the company is focused on providing field service and technology to wind, solar, and broader renewable industries.

Moreover, in March 2021, Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd (NGC) received an order of around 656 gearboxes, which included explicitly PDM460 dual-stage gearboxes. The PDM460 subway gearbox used for this order was announced to have features such as solid bearing capacity and high reliability. Thus, it is suitable for variable loads and high vibrations (improves transmission performance of the gearbox), operating in an ambient temperature range of -13 °F to 122 °F. In addition, in October 2020, the company also introduced its WinGearTM brand 3 x MW main gearbox platform at the China Wind Power (CWP) 2020 exhibition. The gearbox has a modular concept with advanced bearing technology that generates high torque density and reduces electricity costs. Moreover, the gearbox is lighter than the other industrial gearboxes available. As a result, these factors are driving the growth of the industrial gearbox market.

Helical Gearbox Market Set to Dominate , Planetary Products Poised for Rapid Growth

The global helical gearbox market is poised for growth during the forecast period. This growth is primarily attributed to the rapid industrialization and urbanization witnessed in emerging economies such as India, China, and Brazil. In addition, the increasing demand for energy-efficient and low-maintenance drive systems is a significant factor expected to drive market expansion. In Latin America, the transportation sector in Brazil is anticipated to experience growth in the future. Brazil boasts an extensive railway network used for freight transport. Investments by the Brazilian government in the development and expansion of railway infrastructure are expected to create new opportunities for the country's helical gearbox market.

The industrial planetary gearbox market is expected to witness high demand due to the multitude of advantages, such as compact size, lower weight, high power density, modular configurations, minimal backlash, exceptional efficiency, and extended gear lifespan. Notably, the automotive industry's growing need for planetary gearboxes on a global scale is exerting a positive influence on market dynamics. As an illustration, according to data from the International Organization of Motor Vehicle Manufacturers (OICA), sales of passenger cars grew by approximately 1.9% in 2022, reaching a total of 5.74 million units. Similarly, the commercial vehicles segment demonstrated a consistent upward trajectory, with sales reaching 24.14 million units in 2022. Consequently, the rising demand for automobiles is expected to drive the demand for planetary gearboxes in the future. However, it is worth noting that the industrial planetary gearbox industry may face challenges in the form of high design complexity and noise-related issues in the long term. In addition, the demand for enteral nutrition products can potentially have a negative impact on market growth. Nevertheless, ongoing industry trends, such as the emergence of magnetic planetary gearboxes, are anticipated to create fresh market opportunities for key players in the foreseeable future.

Global Industrial Gearbox Market Faces Intensified Competition as Companies Ramp Up Expansion and Innovation Strategies

The market competition is anticipated to escalate as companies expand their product offerings, embrace technological advancements, and engage in more mergers and acquisitions, leading to a diverse array of industrial gearboxes available in the market. According to Arizton, global players will likely pursue inorganic growth strategies by acquiring regional or local players in the foreseeable future. Moreover, companies with robust technical and financial capabilities will have the potential to develop innovative products with essential accessories, posing a threat to competitors' offerings and rendering them non-competitive or even obsolete before they can recoup their research development and commercialization expenses. This trend creates a dynamic and competitive landscape in the industrial gearbox market. Companies have developed new strategies to capture high market shares, such as introducing new features, marketing and promotional activities, and building partnerships and joint ventures.

Recent Development

• In 2022, Premium Transmission, one of the leading Indian producers of gears and gearboxes, launched new items in the market, which include a smart modular bevel helical gearbox.
• In October 2020, Sumitomo Drive Technologies, a U.S.-based manufacturer, launched the new Hansen M5CT industrial gearbox. This gearbox is a future-oriented product with development based on the experience of 3 existing product lines.
• In March 2022, RNWBL, LLC. Acquired Gearbox Express; through this acquisition, the company is focused on providing field service and technology to wind, solar, and broader renewable industries.

The Industrial Gearbox Market Report Encompasses Crucial Data, Including:    

CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the industrial gearbox market over the specified time frame.    

Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the industrial gearbox market growth from 2023 to 2028. This includes an analysis of various market influences.    

Precise estimation of market size: Accurate assessments of the industrial gearbox market size and its contribution and focusing on key market segments.    

Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the industrial gearbox market, helping businesses prepare for future market dynamics.    

Geographical market growth: The report covers the development of the industrial gearbox market across different regions, including North America, Europe, APAC, Latin America, the Middle East, and Africa. This provides a comprehensive understanding of the market's global landscape.    

Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the industrial gearbox market. This includes an overview of key players, their market share, strategies, and key developments.    

Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the industrial gearbox market, providing a well-rounded view of the market dynamics.  

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Key Company Profiles

• Nangaochi Group
• Bonfiglioli
• ZF
• Hangzhou ADVANCE Gearbox Group Co., Ltd.
• Chongqing Gearbox Co., Ltd.
• Ningbo Donly Co., Ltd.
• NORD Group
• Chongqing Wangjiang Industry Co., Ltd.
• Dalian Huarui Heavy Industry Group Co., Ltd
• Sumitomo Heavy Industries
• Bauer Gear GMBH
• Emerson Electric
• Elecon Engineering Co.Ltd
• Dana Bervini Power Transmission
• Jhonson Electric Holding Ltd
• J.S. Gears
• Flender GMBH
• Comer Industries S.p.A
• China High Speed Transmission Equipment Group Co, Ltd

Market Segmentation

Product

• Helical
• Planetary
• Bevel
• Worm Reduction
• Others

Configuration

• Parallel Axis
• Angular Axis
• Others

End-Users

• Power Generation
• Cement & Aggregates
• Food & Beverage
• Metals & Mining
• Chemical
• Construction
• Material Handling
• Others

Geography

• APAC
• China
• Japan
• India
• Australia
• South Korea
• Europe
• France
• Germany
• Italy
• The UK
• Spain
• North America
• The US
• Canada
• Latin America
• Brazil
• Argentina
• Mexico
• Middle East & Africa
• Saudi Arabia
• South Africa
• The UAE

Check Out Detailed TOC @ https://www.arizton.com/market-reports/industrial-gearbox-market?details=tableOfContents

Key Questions Answered in the Report:   

How big is the industrial gearbox market?

What is the growth rate of the global industrial gearbox market?

Which region dominates the global industrial gearbox market share?

Who are the key players in the global industrial gearbox market?

What are the significant trends in the industrial gearbox market?

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