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Industrial Gearbox Service Market Growth Projections and Opportunities
The need for industrial gearboxes is going up a lot worldwide. This is mainly because more and more industries are using automation in Europe, and there's fast growth in the construction industry in developing countries.
In the whole world, the industrial gearbox market is predicted to grow by about 4.6% from 2021 to 2027. In 2020, Asia-Pacific was at the top with more than half (51.24%) of the global market, followed by North America and Europe with 18.17% and 14.37%, respectively.
Different types of industrial gearboxes are available, like planetary, helical, bevel, spur, worm, and others. Among these, the worm type is expected to grow the fastest in the coming years. In 2020, planetary gearboxes were the most common, making up 28.7% of the global market.
The design of gearboxes also varies, such as parallel axis, angled axis, and others. Among these, the parallel axis design is expected to grow the fastest. In 2020, about 38.7% of the market had parallel axis gearboxes.
The size of industrial gearboxes is classified into up to 1 MW and above 1 MW. The up to 1 MW category is expected to grow faster. In 2020, over half (52.8%) of the market was for gearboxes above 1 MW.
Torque, which is a measure of twisting force, is another way to categorize gearboxes. They are divided into up to 50,000 NM and above 50,000 NM. The up to 50,000 NM segment is expected to grow faster. In 2020, 56.0% of the global market was for gearboxes with torque up to 50,000 NM.
Looking at different applications, industrial gearboxes are used in power generation, construction, material handling, industrial processes, wind power, marine applications, and others. Among these, the marine application is expected to grow the fastest. In 2020, power generation had the most use, making up 27.7% of the global market.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 26.9 Billion |
| Market Size Value In 2023 | USD 28.05 Billion |
| Growth Rate | 4.30% (2023-2032) |
Industrial Gearbox Service Market Highlights:
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