The Industrial Gearbox Market size was valued at USD 27.3 billion in 2021. The industrial gearbox industry is projected to grow from USD 28.56 Billion in 2022 to USD 39.12 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2024 - 2030). Increasing focus on generating renewable power, and increasing industrial automation within manufacturing industries including automobile, agriculture machinery and food processing are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Rapid industrialization in developed and developing nations is driving the growth and development of the global market. The expansion of the automobile industry is paving a new way for the market growth. As per the Mechanical Engineering Industry Association, the market revenue for comprehensive mechanical technology and digitalization industrial gearbox in Germany was roughly $16.35 billion in 2017. Thus, the rising robotization is boosting the growth of the global market.
Further, rapid utilization of industry 4.0 combined with various technologies such as the internet of things and artificial intelligence. In addition, the growing favorable government regulations in favor of noise pollution support the growth of the market for industrial gearbox. Furthermore, the growth of the global market is also driven by the growing construction and building activities.
Additionally, the rising usage of automation technologies in the manufacturing industry is one of the most important drivers, influencing heavy growth within the market in the coming years. The need for automation is growing in prominence across various regions due to increasing labor costs and manufacturing overcapacity. The market is expected to register considerable gains due to the increasing adoption of in-built robots with high sophistication. For instance, in 2021, according to the robotic survey, robots are presently used as an integral part of 44.9 % of the respondents' assembly and manufacturing facilities, according to the poll. More specifically, 34.9 % of those with robots utilize collaborative robots (cobots), whereas 65.1 % use only industrial robots. The automotive sector is expected to contribute significantly to the market growth due to its continuous evolution in various regions, especially across emerging economies such as Japan, China, and India, enhancing the industrial gearbox market CAGR across the globe in recent years.
However, the rising investments aimed at furthering various sectors, such as wind power and other renewable power generation, are likely to affect the growth of the industrial gearbox market revenue positively.
The Industrial Gearbox Market segmentation, based on type, includes planetary, helical, bevel, spur, and worm. The helical segment held the majority share in 2021 of the Industrial Gearbox Market revenue. The parallel shafts and winding tooth lines are used in helical industrial gearbox. They have stronger teeth that are seamlessly blended, are quieter, and can transmit larger loads, making them ideal for elevated applications. However, planetary is the fastest-growing category over 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 the planetary industrial gearbox.
September 2022: Premium Transmission, one of India's leading gear and industrial gearbox manufacturing companies, has announced its new products in the industrial gear segment. The new products include MI Inline Vertical Agitator Geared Motor, Smart Modular Bevel, Helical Gearbox, RC Cooling Tower, and PSVS Fluid Coupling.
The Industrial Gearbox Market segmentation, based on the plan, includes equal hub, and calculated pivot. The equal hub segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the growing utilization of equal hub manufacturing sectors. However, the calculated pivot is the fastest-growing category over the forecast period as it is widely used in the automotive and mechanical sectors, positively impacting the industrial gearbox market growth.
The Industrial Gearbox Market data has been bifurcated by part into stuff, shaft, and bearing. The bearing segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Bearing support rotating shafts are used to transfer power while minimizing friction. However, the shaft is the fastest-growing category over the forecast period as shafts are rotating members, which helps to transmit power and torque from one location to another.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on industry, the global industrial gearbox industry has been segmented into development, power age, modern, material dealing, marine, and wind force. Power age held the largest segment share in 2021, owing to a surge in demand for energy and power combined with the rising awareness regarding renewable energy. However, development is the fastest-growing category over the forecast period. Developed and underdeveloped countries are progressing at a rapid growth rate in the manufacturing industry. The manufacturing or production process of steel and cement requires an industrial gearbox.
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific industrial gearbox market accounted for USD 11.88 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is owing to the increasing demand for industrial gearbox in various applications like manufacturing, power, etc. China has been an essential factor in the growth of the manufacturing sector worldwide. The country is the leader in the steel, chemical, power, and cement industries and is one of the top players in the petrochemical and refining industries.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America industrial gearbox market accounts for the second-largest market share due to the rise of the industrial gearbox market in the region is boosted by the region's developing manufacturing sector and the presence of significant market players functioning in the industry. Moreover, US industrial gearbox market held the largest market share, and the Canada industrial gearbox market was the fastest-growing market in the North America region.
The Europe industrial gearbox market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the growing demand for energy, rapid industrialization and urbanization, and rising infrastructural development initiatives boosting the region's growth. Further, the Germany industrial gearbox market held the largest market share, and the UK industrial gearbox market was the fastest-growing market in the European region.
Major market players are spending a lot of money on R&D to increase their product lines, which will assist the market to grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the industrial gearbox industry must provide cost-effective items to enhance and survive in an increasingly competitive and growing market environment.
One of the primary business strategies manufacturers adopt in the global industrial gearbox industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The industrial gearbox market major player such as David Brown (UK), Kumera Corporation (Finland), Parsons Peebles LTD (UK), Sumitomo Heavy Industries Ltd (Japan), and others are working on expanding the market demand by investing in research and development activities.
RNWBL is a high-growth technology company focused on lowering the cost of renewable energy and accelerating the energy transition. With a portfolio of best-in-class organizations, RNWBL is focused on providing field services and technology to the wind, solar, and broader renewables industry. In March 2022, RNWBL, LLC, a US-based technology company, acquired Gearbox Express for an undisclosed amount. Through this acquisition, RNWBL is focused on providing field services and technology to the wind, solar and broader renewables industry. Gearbox Express is a US-based manufacturer that provides remanufactured industrial gearbox, main shafts, parts, and other services.
Also, Siemens Limited is a technology company focused on industry, infrastructure, digital transformation, transport, and transmission and generation of electrical power. It is the flagship listed enterprise of Siemens AG in India. The company's business structure is well-oriented in meeting the needs of the industry in improving efficiency, quality, flexibility and speed. With its wide-ranging portfolio, market-oriented organization structure, global technology leadership and strong local competence, the company are in a good position to partner with the country in sustainable growth. In December 2021, Siemens Smart Infrastructure signed an agreement to acquire digital twin software for buildings from EcoDomus, a US-based company. The move helps Siemens Smart Infrastructure expand its digital building portfolio, including its cloud-based building operations twin software and its flagship building management platform Desigo CC.
March 2021: Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd ordered 656 industrial gearboxes, with the PDM460 dual-stage industrial gearbox specifically mentioned. The Perth subway system in Australia received this gearbox order. The PDM460 subway gearbox used for this order was advertised as having strong bearing capacity, good reliability, and other attributes. As a result, it is ideal for varied loads and high tremors and can work in temperatures ranging from -25 to -50 degrees Celsius.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 27.3 billion |
| Market Size 2022 | USD 28.56 billion |
| Market Size 2030 | USD 39.12 billion |
| Compound Annual Growth Rate (CAGR) | 4.60% (2024-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Plan, Part, Industry and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Bondioli & Pavesi S.p.A., Johnson Electric Holdings Limited, Siemens AG, Sumitomo Heavy Industries Ltd., David Brown, and China High-Speed Transmission Equipment Group Co. Ltd. |
| Key Market Opportunities | The rising adoption of industrial automation |
| Key Market Dynamics | Growing government investments in the development of the power generation sector |
Industrial Gearbox Market Highlights:
Frequently Asked Questions (FAQ) :
The Industrial Gearbox Market size was valued at USD 27.3 Billion in 2021.
The global market is projected to grow at a CAGR of 4.60% during the forecast period, 2024-2030
Asia-Pacific had the largest share of the global market
The key players in the market for industrial gearbox are Bondioli & Pavesi S.p.A., Johnson Electric Holdings Limited, Siemens AG, Sumitomo Heavy Industries Ltd., David Brown, and China High-Speed Transmission Equipment Group Co. Ltd.
The helical gearbox category dominated the market in 2021.
The equal hub had the largest share of the global market.
The shaft had the largest share in the global market.
The power age had the largest share of the global market.
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