Industrial Gearbox Service Market Analysis

In-depth Analysis of Industrial Gearbox Service Market Industry Landscape

Over the past few decades, the global population has been steadily increasing and is anticipated to continue growing in the coming years. This surge in population has resulted in a heightened demand for industrial automation on a global scale. The ongoing global trends of digitalization and automation in manufacturing processes have played a pivotal role in fostering market growth. Among the continents, Europe stands at the forefront in terms of automation and technological advancements in manufacturing and robotics.
Notably, Germany, a key player in the European economic landscape, has showcased a robust utilization of industrial robots, particularly in the automotive industry. According to the Germany Trade & Invest, which is an economic development agency, the automotive sector in Germany has demonstrated the highest use of industrial robots. In the year 2017, the total turnover in robotics and automation in Germany amounted to a substantial USD 16.35 billion, as reported by the Mechanical Engineering Industry Association. Furthermore, the annual shipments of multipurpose industrial robots have exhibited an upward trajectory in leading European countries.
The proliferation of multipurpose robots is poised to trigger significant investments in research and development (R&D), with Germany and Italy anticipated to witness the highest investments during the forecast period. The machinery and equipment companies in Germany, as reported by the Germany Trade & Invest, invested USD 6.30 billion in R&D activities in 2016. These investments are expected to elevate the level of industrial automation in both Germany and the wider European region.
Industrial gearboxes play a crucial role in the realm of industrial automation by providing flexibility, reliability, speed, and movement across various applications. These applications encompass lifting systems, conveyors, feeder screws, and machine tools, showcasing the versatility and extensive usage of industrial gearboxes that are anticipated to propel market growth. Moreover, industrial gearboxes are recognized for their maximum torsional stiffness and low operational noise. Ensuring the proper functioning of industrial gearboxes enhances machine efficiency and augments production capacity. These gearboxes play a pivotal role in modifying the speed ratio to the transmitted power, thereby improving operational processes in industrial automation applications. The benefits offered by industrial gearboxes include heightened productivity and efficiency, reduced maintenance costs, and lower power consumption.
The demand for industrial gearboxes is experiencing an upswing in robotic applications due to their ability to provide multiple gear ratios along with various other advantageous properties in terms of impedance, force, and speed. The increased adoption of industrial automation in Europe is anticipated to be a driving force behind the global growth of the industrial gearbox market. As automation continues to advance, the demand for efficient and versatile components like industrial gearboxes is expected to rise, shaping the trajectory of the market on a global scale.