April 18, 2024
Industrial Gearbox Market

Industrial Gearbox Market Propelled by Rapid Industrialization

Industrial gearboxes are extensively used in industrial equipment and machinery to control rotational motion and speed in conveyors, compressors, mixers, mills, fans, and other industrial machines. Gearboxes help transfer power from electric motors or engines to mechanical devices efficiently. Rising industrial activities have increased the demand for industrial machines and equipment, consequently boosting the need for industrial gearboxes.

The global Industrial Gearbox Market is estimated to be valued at US$ 33.72 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rapid industrialization is one of the major trends propelling the growth of the global industrial gearbox market. According to the World Bank, industrial production in emerging economies is expected to increase substantially over the next decade owing to ongoing industrialization. Countries such as China, India, Brazil, and other developing nations are witnessing significant capital investment in manufacturing infrastructure and factories. This rising industrial output is augmenting the demand for industrial machines and equipment across various end-use industries like energy, material handling, construction, mining, etc. Since gearboxes are integral components used in industrial machinery for power transmission, increasing industrial capacity expansion and automation has also boosted the requirement for industrial gearboxes globally.

SWOT Analysis
Strength: Industrial gearboxes offer various benefits such as high efficiency and torque conversion which makes them ideal for industrial applications. They help improve productivity in industries.
Weakness: Maintenance of industrial gearboxes requires downtime which can hamper productivity. Failure of gears can also lead to equipment damage.
Opportunity: Growing industrial automation trends and adoption of industry 4.0 across sectors offer scope for higher demand of industrial gearboxes. Advancements in gearbox designs also widen opportunities.
Threats: Price fluctuations of raw materials used in gearbox manufacturing pose threat. Substitute technologies for speed variations also impact market growth.

Key Takeaways
The Global Industrial Gearbox Market Size is expected to witness high growth over the forecast period of 2024 to 2031.

Asia Pacific region is expected to dominate the market owing to rapid industrialization and cost competitive manufacturing environment in the region. China accounts for the largest market share currently.

Key players operating in the industrial gearbox market are Siemens AG, Sumitomo Heavy Industries, Ltd., Rexnord Corporation, Bonfiglioli Riduttori S.P.A., David Brown Engineering Limited, Franz Morat Group, and Sew-Eurodrive GmbH & Co. KG.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it