Industrial Gearbox Service Market Trends

Global Industrial Gearbox Service Market Overview:

Industrial Gearbox Service Market Size was valued at USD 28.05 Billion in 2023. The Industrial Gearbox Service market industry is projected to grow from USD 29.26 Billion in 2024 to USD 39.29 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.75% during the forecast period (2024 - 2032). Industrial automation is increasing, and the construction market in developing countries is expanding quickly are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Industrial Gearbox Service Market Trends

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  Expansion of the construction industry is driving the market growth

  
  

Market CAGR for industrial gearbox service is being driven by the expansion of the construction industry. Governments are encouraging the development of infrastructure in every region. To improve their infrastructure and real estate markets, emerging countries are introducing different reforms and laws. These changes are anticipated to accelerate the expansion of the construction industry and propel the industrial gearbox market on a scale. In addition, since the population has expanded over the past few decades, there is a greater need for residential and commercial infrastructure. The need for gearboxes increases because they use less power, permit a wide range of torque, and have a high friction coefficient.

India and China, two nations that have made significant infrastructure development investments, are anticipated to continue leading the way during the projection period. The India Brand Equity Foundation estimates that by 2022, India will need to invest around USD 777.30 billion in infrastructure for sustainable development. Additionally, many businesses in the nation are investing in building infrastructure, which will help the construction industry flourish. For instance, the National Investment & Infrastructure Fund (India) received a USD 200 million investment from the Asian Infrastructure Investment Bank (China) in June 2018. The country's infrastructure was to be developed due to this investment. Due to their utility in powering conveyors, crushers, and plastic extruders, industrial gearboxes play a significant role in the construction sector. The demand for industrial gearboxes is anticipated to rise due to these changes and other elements that foster the expansion of developing nations' construction and industrial sectors.Globally, the production of electricity from renewable sources is increasing.

As a result of impressive technological breakthroughs enabling the growth of these sources' efficiency, solar and wind power generation are the investment sectors expanding the fastest.  The International Renewable Energy Agency (IRENA) estimates that USD 107.20 billion was invested in wind energy in 2017. Since industrial gearboxes are frequently employed to raise the rotor's speed, enabling the operation of a high-speed electrical generator, they are anticipated to impact the entire market. In order to meet the demand for renewable energy and benefit from its use, more gearboxes must be installed in wind turbines. For the wind turbines to operate properly, such factors are predicted to raise the gearbox demand. This will likely present a market opportunity for industrial gearboxes worldwide. Thus, driving the Industrial Gearbox Service market revenue.

Industrial Gearbox Service Market Segment Insights:

Industrial Gearbox Service Type Insights

The Industrial Gearbox Service market segmentation, based on type, includes planetary, helical, bevel, spur, worm and others. The planetary segment dominated the market, accounting for 35% of market revenue. This results from the growing demand for compact, lightweight gearboxes with high power densities. Compared to other designs, planetary gearboxes enable a better torque-to-weight ratio, which is advantageous in various industries, including robotics, aircraft, automotive, and other industries. The increasing demand for precision and accuracy across various industrial applications is another element boosting this segment's sales growth. Due to their design, which distributes the load across numerous gear teeth and enables smoother, more precisely regulated motion, planetary gearboxes exhibit notable precision. The characteristics above enable their use in robotics, printing presses, and Computer Numerical Control (CNC) machines, where accurate positioning and motion control are essential.

Industrial Gearbox Service Design Insights

Based on the design, the Industrial Gearbox Service market segmentation includes parallel axis, angled axis and others. The parallel axis segment dominated the market. The industrial gearbox with parallel axes has a straightforward mechanism for numerous industries. This industrial gearbox operates at low and medium speeds and is very effective. It is commonly utilized in industries that produce goods.

Figure 1: Industrial Gearbox Service Market, by Design, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Industrial Gearbox Service Part Insights

Based on the part, the Industrial Gearbox Service market segmentation includes gear, shaft and bearings. The gear segment dominated the market. Vehicle sales have a direct impact on the growth of the gears market. Adopting more expensive and energy-efficient technologies, such as seven-speed and eight-speed automatic gearboxes, is another factor driving market growth in the automobile industry.

Industrial Gearbox Service Industry Insights

The Industrial Gearbox Service market segmentation, based on industry, includes power generation, construction, material handling, industrial, wind power, marine, etc. Power generation segment generated the most income. Power plants must run continuously, seven days a week, to meet demand. Electricity is always produced at maximum capacity thanks to power plants. Between the steam turbine and the electric generator are attached the high-speed gears. The gearbox's function is to reduce the extraordinarily high turbine speed to the designated generator speed. The transmissions are quite reliable and effective.

Industrial Gearbox Service Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Industrial Gearbox Service market will dominate this market; the sector's growth will be fueled by ongoing investments in cutting-edge machinery that will produce more accuracy. The increased demand for manufacturing plant operational cost reduction would fuel the company's necessity. Reduced waste of raw materials and production workflow errors can lead to lower costs.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Spain, Italy,  China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Industrial Gearbox Service Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Industrial Gearbox Service market accounts for the second-largest market share. Precision gearboxes are employed in various industries and applications because they can accommodate various drive configurations and requirements. In Europe, each company established a name as one of the top producers of heavy-duty gearboxes. The UK Industrial Gearbox Service market grew at the highest rate in the European region, while the German Industrial Gearbox Service market had the largest market share.

From 2023 to 2032, the Industrial Gearbox Service Market in Asia-Pacific is anticipated to experience the quickest CAGR growth. This is due to the increase in investment in residential and industrial infrastructure construction, particularly in developing economies like China, Japan, India, and South Korea. Moreover, China's Industrial Gearbox Service market held the largest market share, and the Indian Industrial Gearbox Service market was the fastest-growing market in the Asia-Pacific region.

Industrial Gearbox Service Key Market Players & Competitive Insights

Leading market companies are extensively spending R&D on increasing their product lines, which will help the Industrial Gearbox Service market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Industrial Gearbox Service industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.

Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Industrial Gearbox Service industry to serve clients and expand the market sector. The Industrial Gearbox Service industry has provided some of the most important benefits recently. Major players in the Industrial Gearbox Service market, including Schneider Electric, Siemens Energy GmbH & Co KG, and others, are attempting to increase market demand by investing in research and development operations.

Leading international company Schneider Electric provides solutions for the digital transformation of the automation and energy management sectors. It offers goods and services for infrastructure, businesses, data centers, residences, and other structures. The business also provides comprehensive efficiency solutions that combine software, automation, and energy. Low voltage (building), medium voltage (infrastructure), industrial automation (industry), and secure power (IT) are its four business segments. The industrial automation part of its product line includes distributed control systems (DCS). In August 2020, ProLeiT AG, a supplier of integrated manufacturing Execution Systems (MES) and Process Control Systems (PCS), was bought by Schneider Electric, which aided in the expansion of its product line.

Technology company Siemens concentrates on the infrastructure, mobility, and healthcare sectors. Enhanced healthcare, smarter buildings and grids, cleaner, more comfortable transportation, and more resource-efficient factories. It has particular expertise in the following areas: electrification, automation, innovation, digitalization, solutions, technology, engineering, artificial intelligence, manufacturing, the Internet of Things (IoT), cybersecurity, infrastructure, and mobility. The business is present both inside and outside of India. In November 2021, Siemens Energy GmbH & Co KG and Nanjing High Speed & Accurate Gear Group Co., Ltd. inked a master strategic frame agreement. Through reciprocal technological innovation, this agreement seeks to increase partnership in the energy, oil & gas, and new energy sectors in the future. This will result in cooperation that benefits all parties.

Key Companies in the Industrial Gearbox Service market include

• Parsons Peebles LTD


• GBS Gearbox Services International


• David Brown Santasalo


• Greater


• Triveni Engineering & Industries Ltd.


• Kumera Corporation


• Sumitomo Heavy Industries, Ltd


• Horner Industrial Group


• Sew-Eurodrive


• Elecon Group Company Limited


• Fluor Corporation


• Artec Machine Systems


• Dana Limited


• PG Drive


• Unico Mechanical

Industrial Gearbox Service Industry Developments

May 2021: An SGT5-4000F gas turbine, an SST5-3000 steam turbine, a generator, a condenser, and an SPPA-T3000 control system were supplied by Siemens in collaboration with the Ivory Coast CCGT power plant.

March 2021: For a 718 MW combined cycle power plant in Narayanganj, Bangladesh, General Electric collaborated with Reliance Bangladesh LNG & Power Ltd. to provide maintenance services and a range of digital technologies.

Industrial Gearbox Service Market Segmentation

Industrial Gearbox Service Type Outlook

• Planetary


• Helical


• Bevel


• Spur


• Worm


• Others

Industrial Gearbox Service Design Outlook

• Parallel axis


• Angled Axis


• Others

Industrial Gearbox Service Part Outlook

• Gear


• Shaft


• Bearings

Industrial Gearbox Service Industry Outlook

• Power Generation


• Construction


• Material Handling


• Industrial


• Wind Power


• Marine


• Others

Industrial Gearbox Service Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America