Global Industrial Gearbox Market to Reach $49.2 Billion by 2026

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Jun 04, 2021, 11:45 ET

SAN FRANCISCO, June 4, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Industrial Gearbox - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 6; Released: February 2021
Executive Engagements: 16202
Companies: 125 - Players covered include ABB Group ; Bondioli & Pavesi S.p.A.; Bonfiglioli Italia S.p.A.; China High Speed Transmission Equipment Group Co., Ltd.; Elecon Engineering Company Limited ; Emerson Electric Company; Johnson Electric Holdings Limited; Siemens AG ; Sumitomo Heavy Industries Gearbox Co., Ltd. ; The Timken Company and Others.
Coverage: All major geographies and key segments
Segments: Type (Helical, Planetary, Bevel, Spur, Worm, Other Types); Design (Parallel Axis, Angular Axis, Other Designs); End-Use [Material Handling, Construction, Wind Power, Metals & Mining, Automotive, Power Generation (excluding Wind Power), Agriculture, Transportation (Rail & Marine), Other End-Uses]
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Industrial Gearbox Market to Reach $49.2 Billion by 2026
Gears and gearboxes are important manufacturing parts and components, critical to production of a range of machinery and equipment. Industrial gearboxes are enclosed systems intended to transmit mechanical power or energy to dedicated output devices. These gearboxes transfer energy between process units, machinery and automation systems, and can adjust attributes like speed and torque for converting energy into useable formats. The market for industrial gearbox is driven by increasing adoption of automation across varied industries and applications. While gears and gearboxes help in increasing or decreasing speed, transmitting power or changing the direction or position of a rotating axis, gear drives are mechanical devices used to alter the speed, torque and direction of rotating shafts. These mechanical transmission systems help in manufacture of a range of products right from heavy industrial machinery to automobiles. As a key enabler of industrial revolution and as indispensable tools designed to manufacture several automotive and industrial products, gears, drives, and speed changers wield a major impact on productivity in the manufacturing industry.

Amid the COVID-19 crisis, the global market for Industrial Gearbox estimated at US$38.4 Billion in the year 2020, is projected to reach a revised size of US$49.2 Billion by 2026, growing at a CAGR of 4.2% over the analysis period. Helical, one of the segments analyzed in the report, is projected to grow at a 4.3% CAGR to reach US$18.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Planetary segment is readjusted to a revised 4.9% CAGR for the next 7-year period. This segment currently accounts for a 29.6% share of the global Industrial Gearbox market.

The U.S. Market is Estimated at $8.1 Billion in 2021, While China is Forecast to Reach $11.2 Billion by 2026
The Industrial Gearbox market in the U.S. is estimated at US$8.1 Billion in the year 2021. The country currently accounts for a 20.79% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$11.2 Billion in the year 2026 trailing a CAGR of 5.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR while Rest of European market (as defined in the study) will reach US$11.9 Billion by the end of the analysis period.

Over the long-term, industrial gearbox market is expected to be driven by various factors including technological developments, increasing focus towards generating renewable power, increasing industrial automation within manufacturing industries including automobile, agriculture machinery and food processing. The need for automation is growing in prominence across various regions due to increasing labour costs along with manufacturing overcapacity. The market is expected to register considerable gains due to increasing adoption of in-built robots with high sophistication. The automotive sector is expected to contribute significantly for the market growth due to its continuous evolution in various regions, especially across emerging economies such as Japan, China, and India. Moreover, the market is benefitting from increasing investment in renewable power generation, especially wind power, for addressing increasing energy needs and reducing reliance of fossil fuel-based power.

Bevel Segment to Reach $5.2 Billion by 2026
In the global Bevel segment, USA, Canada, Japan, China and Europe will drive the 3.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3 Billion in the year 2020 will reach a projected size of US$3.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$881.1 Million by the year 2026, while Latin America will expand at a 4.7% CAGR through the analysis period. More

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.