Global Industrial Gearbox Industry Outlook & Forecast Report 2024: Market to Reach $38.44 Billion by 2028 from $30 Billion in 2022 with Nangaochi Group, Bonfiglioli, and ZF Dominating

News provided by

Mar 29, 2024, 11:15 ET

DUBLIN, March 29, 2024 /PRNewswire/ -- The "Global Industrial Gearbox Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The industrial gearbox market is expected to reach a value of $38.44 billion by 2028 from $30 billion in 2022, growing at a CAGR of 4.22% from 2022-2028

A diverse range of large and small players characterizes the global industrial gearbox market. These companies actively develop innovative products and invest in research and development initiatives to expand their product offerings. As international players grow their presence in various regions, local manufacturers may face competing challenges.

The competition in the industry will primarily revolve around factors such as product durability, lifespan, performance, pricing, and customization options. Moreover, product innovation is gaining popularity in the market as many companies operating in the industrial gearbox market are developing innovative products to strengthen their position in the market.

Asia-Pacific dominated the global industrial gearbox market in 2022. The region is home to several industries, including manufacturing, services, automobiles, and electrical drives, which consequently increase the need for power tools, explicitly cutting tools, which have applications in multiple industries.

The APAC region has a strong manufacturing sector due to its easy availability and cheap labor cost. While Japan and South Korea are major manufacturers and exporters of electrical appliances and automobiles, Indonesia and China are leading in textile and oil exports. Factors such as growing demand for energy, rapid industrialization and urbanization, and rising initiatives for infrastructural development are boosting the growth of the industrial gearbox market in the Asia-Pacific region.

Emerging Wind Power Industry

The global industrial gearbox market is experiencing gradual growth due to the increasing emphasis on replacing conventional energy sources with renewable alternatives, particularly in the wind power sector. Over the past two decades, solar and wind power generation, which were once considered costly options, have become highly competitive in terms of cost compared to the construction of new coal or gas plants. Building new wind and solar projects is expected to become more cost-efficient than continuing the operation of existing coal or gas plants.

Moreover, an important factor contributing to the market's growth is the ambitious commitment made by the Global Wind Energy Council. They aim to achieve substantial offshore wind capacity, targeting 380 GW by 2030 and an impressive 2,000 GW by 2050 worldwide. This commitment will likely open significant opportunities for gearbox vendors to deploy wind turbines soon.

Increasing Sugar Industry

According to ITC Trade Map, Trade statistics for international business development, in 2021, The import value of Raw Cane Sugar in Indonesia was around USD 2,229,890 thousand, followed by China with an Import value of $ 1,942,598 thousand. India is the second major exporter of raw cane sugar, with an export value of $1,340,793 thousand, followed by Thailand with an export value of $630,065 thousand. Moreover, in November 2021, The Sugar Research Institute of Fiji released a new cane variety for commercial planting in 2022. The variety had a high sugar content, leading to better yield, more income for the growers, and increased total sugar production.

Hence, the industrial gearbox market is witnessing increased demand, primarily driven by the growing sugar industry. The sugar sector is one of the largest industries that extensively utilize diverse machinery. In this industrial domain, gearboxes play a crucial role and are widely employed in their basic form. By integrating gearboxes into the operations of the sugar industry, the machines function efficiently and cohesively, leading to a positive and successful outcome. The use of gearboxes contributes to the well-organized and smooth functioning of the machines in the sugar industry.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT

The helical industrial gearbox segment dominated the global industrial gearbox market share in 2022. The parallel shafts and winding tooth lines are used in helical industrial gearboxes. They have stronger teeth that seamlessly blend, are quieter, and can transmit larger loads, making them ideal for elevated applications. The modular design and production of helical gearboxes offer various engineering and performance advantages, including a high degree of interchangeability of components and sub-assemblies, resulting in cost-effective construction while maintaining the highest standards of component integrity.

Furthermore, the planetary industrial gearbox segment is the fastest-growing segment of the global industry during the forecast period. The planetary industrial gearbox is typically utilized as rotation multipliers. Automatic door openers, motorized wheels, and winches are among the most common applications of planetary industrial gearboxes.

INSIGHTS BY CONFIGURATION

The global industrial gearbox market is configured by segments such as parallel axis, angular axis, and others. In 2022, the similar axis segment dominated the industry and accounted for a revenue share of over 41%. The parallel axis industrial gearbox has a simple mechanism for application in various industries.

This type of industrial gearbox is highly efficient and runs at low and medium speeds. The angled axis segment is the fastest-growing segment of the industrial gearbox market. The angled axis industrial gearbox is produced at an angle of 90 degrees. The angled-axis industrial gearbox is widely used in the automotive and mechanical sectors.

INSIGHTS BY END-USER

The power generation end-user segment is dominating the global industrial gearbox market owing to the surge in demand for energy and power and the growing awareness regarding renewable energy, driving the market's growth. The industrial gearbox has many benefits, such as enhanced radial and axial load and reduced positioning time, causing the demand for industrial gearboxes. Moreover, the cement and aggregates market also significantly contributes to the market owing to cement consumption in the construction industry.

KEY QUESTIONS ANSWERED:

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?

Market Opportunities & Trends

Emerging Wind Power Industry
Increasing Fertilizer Production
Advances in Technology

Market Growth Enablers

Growing Sugar Industry
Rising Paper and Packaging Industry
Presence of Large Cement Industry

Market Restraints

Violation in Raw Material Prices
Technical Challenges

Key Company Profiles

Nangaochi Group
Bonfiglioli
ZF

Other Prominent Vendors

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 at a Glance

Growth Analysis
Market Scenario
Recent Developments
Rise in Need for Efficient Industrial Gearbox
Expansion of Industry 4.0
Rising Automation in Material-Handling Equipment
Challenges in Maintaining Gearboxes
Requirement of a Dry Place
Temperature
Particulate Issues
Hydraulic Systems vs Gearboxes
Increasing Manufacturing Sector in APAC
Growing Robotic Industry

Premium Insights

Future Opportunities
Emerging Wind Power Industry
Growing Sugar Industry
Segmentation Analysis
Product
Configuration
Geographical Analysis
Key Snippets

For more information about this report visit https://www.researchandmarkets.com/r/7yzau9

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets