NEW YORK, Sept. 27, 2018 /PRNewswire/ -- The industrial gearbox market is projected to grow at a CAGR of 4.25% from 2018 to 2023
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The industrial gearbox market is projected to grow from USD 25.91 billion in 2018 to USD 31.90 billion by 2023, at a CAGR of 4.25% from 2018 to 2023. Increasing requirement for industrial automation in manufacturing industries and the requirement for energy efficient transmission system are driving the growth of the industrial gearbox market. On the contrary, the slowdown of industrialization in Europe could hinder the growth of the market. The slowdown in European economies is mainly due to high labor prices, stringent environmental norms, and uncertainties over Brexit. These factors are creating challenges for the investors to develop the new manufacturing facilities in Europe, thus hampering the growth of the industrial gearbox market in that region.
Wind Power segment is expected to be the fastest growing market of the industrial gearbox market, by industry, during the forecast period
Wind power segment is expected to grow at the fastest rate in the industrial gearbox market during the forecast period.The growth in the wind power segment is driven by the projected wind power installations in the Asia-Pacific, North American, and European regions.
The Global Wind Energy Council has projected 301.8 GW of wind power installation between 2018 and 2022. Wind turbines require large gearboxes for their operation. Thus, the wind power segment is expected to be the fastest growing market, by industry, for the industrial gearbox market.
Helical gearbox segment is expected to be the largest market of the industrial gearbox market, by gearbox type, during the forecast period
The helical gearbox is used in many industries such as food and beverage, baggage handling, metal & mining, material handling, and power industry.Various applications for these gearboxes include blowers & turbines, backstop, and drywell.
Because of the wide range of applications of the helical gearbox, the helical gearbox market is forecast to hold the largest market share.
Asia Pacific: Key market for industrial gearbox market
Asia Pacific is the fastest growing industrial gearbox market during the forecast period due to increasing investment in construction, material handling, wind power, metal & mining, and agriculture sectors in the region.The countries such as Japan, China, and India are investing in developing automation in different industries such as construction, material handling, and metal & mining.
In addition, these countries are increasing the share of renewable power generation in their total energy mix. Wind power holds a substantial share in this renewable power generation, driving the growth of the industrial gearbox market.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, industry consultants, and other experts to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1—13%, Tier 2—50%, Tier 3—37%
• By Designation: C-Level—38%, D-Level—25%, Others—37%
• By Region: North America—13%, Asia Pacific—50%, Europe—25%, RoW—12%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2017: Tier 1 = >USD 5 billion, Tier 2 = From USD 1 billion to USD 5 billion, and Tier 3 =
Note: Others includes sales managers, marketing managers, product managers, and engineers.
The leading players in the industrial gearbox market are Siemens AG (Germany), Bonfiglioli Italia S.P.A (Italy), Bondioli & Pavesi (Italy), Sew-Eurodrive (Germany), and Dana Brevini (Italy).
The report provides a picture of the industrial gearbox market across the different industries and regions.It aims at estimating the market size and future growth potential of the market across different segments such as type, design, industry, and region.
Furthermore, the report also includes an in-depth competitive analysis of key players in the market along with their company profiles, recent developments, and key market strategies.
For the purpose of this report, the market has been segmented on the basis of gearbox type, design, industry, and region with a focus on industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the industrial gearbox market market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and product launches in the industrial gearbox market
• Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for industrial gearbox market across regions
• Market Diversification: Exhaustive information about new products, untapped markets, recent developments, and investments in the global industrial gearbox market
Why buy this report?
1. The report identifies and addresses key markets in different industries for the implementation of industrial gearbox, which would help manufacturers review the growth in demand.
2. The report helps solution providers understand the pulse of the market and provides insights into the drivers, restraints, and challenges of the market.
3. The report will help key players understand the strategies of their competitors better and, thus, will help in the decision-making process.
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