According to a new market report published by Transparency Market Research titled 'Industrial Gearbox and Gear Motors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026,' the global Industrial gearbox and gear motors market is expected to reach US$ 36.1 Bn by 2026, expanding at a CAGR of 4.3% from 2018 to 2026. Asia Pacific held the highest share in the industrial gearbox and gear motors market in 2017.
An industrial gearbox is an enclosed system that transmits mechanical energy to an output device. Gearboxes modify torque, speed, and other factors to convert the energy. They are used in a variety of devices and for a broad range of purposes. An industrial gear motor is an element that integrates a gear reducer. Gear motors can deliver high torque at low power and low speed. This is because of the gearhead function, which acts as a torque multiplier and allows small motors to generate higher torque. Most industrial gear motors use AC motors.
Advancements in technology over the past few decades have been driving advances in automation. They are encouraging the adoption of robots and industrial automation. The use of automation across all industrial sectors across the globe is increasing. The rate of adoption of automation is particularly high in the manufacturing sector. This is anticipated to become a driving factor for the industrial gearbox market during the forecast period. Robots and automation equipment are typically used in high-speed, repetitive tasks in manufacturing and other industries. The world is increasingly becoming aware of artificial intelligence. AI technology is used in products such as driverless cars and mini drones that provide virtual assistance. This is expected to bring forth a large scale industrial revolution. Industries aim for the conversion of their facilities into 'smart factories,' where processes will be automated and the system will be in continuous sync with people, sensors, and devices via the Internet of Things.
Increase in demand for industrial gearbox and gear motors products can be mainly attributed to the rise in standard of living of consumers, especially in the developing countries. A positive shift toward more efficient industrial gearbox and gear motors is expected to have a significant impact on revenue growth of the industrial gearbox and gear motors market. Increase in demand for planetary gears for better torque and precise process is expected to boost the market.
The industrial gearbox and gear motors industry is growing due to the shift toward renewable resources of energy, such as wind and solar, and is also expected to drive demand for industrial gearbox and gear motors, which are used for the construction of these renewable power generation units.
The gearbox and gear motors industry is highly competitive and the mechanical power transmission components market poses a challenging environment for its growth. Despite being traditional solutions, gearboxes and gear motors provide advantages such as familiarity, reasonable life, high reliability, reasonable cost, and universally serve most of the requirements of the industrial automation sector globally.
By product, the gear motors segment is expected to have the highest CAGR of 4.5% from 2018 to 2026. The growing number of mechanical power transmission applications in industries, and the compact nature of the equipment is raising the demand for gear motors in North America. Industrial gearbox and gear motors are perceived to be the most cost-effective technology for industrial mechanical power transmission. The gearbox segment is expected to have a CAGR of 4.1% over the forecast timeframe.
Asia Pacific accounted for 30.0% share of the global industrial gearbox and gear motors market in 2016 and is anticipated to continue its dominance over the forecast timeline. Asia Pacific region is witnessing significant growth with strong demand from applications in discrete manufacturing such as automotive, packaging, manufacturing, and wind power segments. The Asia Pacific market is the largest regional market for industrial gearbox and gear motors and is expected to lead other regions in terms of growth over the forecast period.
The industrial gearbox and gear motors industry is fragmented across the world. Some of the industry participants of the global industrial gearbox and gear motors market are SEW-Eurodrive GmbH & Co. KG (Germany), Siemens AG, Bonfiglioli Riduttori S.p.A, Winergy, Bauer Gear Motor GmbH, China High Speed Transmission Equipment Group Co. Ltd., Eaton Corporation PLC, and ABB Ltd.
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