Industrial Gearbox Market Size, Share, and Trends 2024 to 2034

Industrial Gearbox Market Size to Reach USD 43.69 Bn by 2032

The global industrial gearbox market was estimated at US$ 28 billion in 2022 and is expected to hit US$ 43.69 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.60% from 2023 to 2032.

Industrial Gearbox Market Size in Asia-Pacific 2023 2032

The Asia-Pacific industrial gearbox market was valued at US$ 10.08 billion in 2022 and is projected to be worth US$ 16.19 billion by 2032, with a CAGR of 4.90% bewteen 2023 to 2032.

Asia-Pacific dominated the industrial gearbox market in 2022. China dominated the industrial gearbox market in North America region. The industrial gearbox is widely used in different sectors. In 2020, steel output is expected to increase by 6.5% over the previous year in China. This factor is driving the growth of industrial gearbox market. With 38.6 gigawatts installed wind capacity as of 2020, India is the world’s fourth largest onshore wind market by deployments. The factors such as growing demand for energy, rapid industrialization and urbanization, and rising initiatives for infrastructural development are boosting the growth of industrial gearbox market in Asia-Pacific region.

North America, on the other hand, is expected to develop at the fastest rate during the forecast period. The U.S. and Canada dominate the industrial gearbox market in North America region. The growing manufacturing sector and the existence of major market players operating in industrial gearbox market are propelling the expansion of industrial gearbox market in the region. In addition, the adoption of innovative technologies for reducing human interference in different industries is also driving the growth of industrial gearbox market in North America region.

Growth Factors

The industrial gearbox is used for transferring energy from one device to another. The industrial gearbox is used for controlling the speed of devices and gadgets. The growth of global industrial gearbox market is being driven by the growing government investments for the development of power generation sector as well as growing applications of industrial gearbox in industries such as agriculture machinery, automobile, and food processing. In addition, the surge in demand for automotive parts is also driving the expansion of global industrial gearbox market.

The COVID-19 pandemic had negative impact on the growth of global industrial gearbox market. The players operating in automotive and automobile sectors had saw decline in revenue and sales. Volkswagen Group saw a 15% drop in vehicle sales in 2020 or 1,669.925 units, compared to the previous year. As a result, it expected an 11.8% decline in a global sales income in 2020. This factor has directly impacted the industrial gearbox market growth in a negative way. In addition, the halt of various business processes also had negative impact on the growth of global industrial gearbox market.

The rapid industrialization in developed and developing nations are driving the growth and development of global industrial gearbox market. The expansion of automobile industry is paving new way for the industrial gearbox market growth. As per the Mechanical Engineering Industry Association, the market revenue for comprehensive mechanical technology and digitalization industrial gearboxes in Germany was roughly $16.35 billion in 2017. Thus, the rising robotization is boosting the growth of global industrial gearbox market.

On the other hand, the global industrial gearbox market is experiencing challenges in terms of technical difficulties. In addition, the factors such as slow down of industrial activities are expected to restrict the growth of global industrial gearbox market. The growing automation can also have negative outlook on the expansion of global industrial gearbox market.

The other factors driving the growth and development of global industrial gearbox market is the rapid utilization of industry 4.0 combined with various technologies such as internet of things and artificial intelligence. In addition, the growing favorable government regulations in favor of noise pollution are supporting the growth of global industrial gearbox market. Furthermore, the growth of global industrial gearbox market is also being driven by the growing construction and building activities. Moreover, the growing need for clean energy is expanding the growth of power generation sector. The industrial gearboxes are widely used in power generation industry. As a result, all of these factors are driving the industrial gearbox market growth.

Report Scope of the Industrial Gearbox Market

Type Insights

The helical industrial gearbox segment dominated the industrial gearbox market in 2022. The parallel shafts and winding tooth lines are used in helical industrial gearbox. They have stronger teeth seamlessly blended and are quieter as well as the ability to transmit larger loads, making them ideal for elevated applications.

The planetary industrial gearbox segment is fastest growing segment of the industrial gearbox market in 2020. The planetary industrial gearbox is typically utilized as rotation multipliers. The automatic door openers, motorized wheels, and winches are among the most common applications of planetary industrial gearbox.

Design Insights

The parallel axis segment dominated the industrial gearbox market in 2022. The parallel axis industrial gearbox has simple mechanism for application in various industries. This type of industrial gearbox is highly efficient and runs with small and medium speeds. It is widely used in manufacturing sectors.

The angled axis segment is fastest growing segment of the industrial gearbox market in 2020. The angled axis industrial gearbox is produced at an angle of 90 degrees. The angled axis industrial gearbox is widely used in automotive and mechanical sectors.

End User Insights

The power generation segment dominated the industrial gearbox market in 2022. The surge in demand for energy and power combined with the rising awareness regarding renewable energy are driving the growth of global industrial gearbox market. The industrial gearbox has many benefits such as enhanced radial and axial load and reduced positioning time, which is driving the demand for industrial gearbox for power generation.

The manufacturing industry segment is fastest growing segment of the market in 2022. The developed and underdeveloped countries are progressing at a rapid growth rate in manufacturing industry. The manufacturing or production process of steel and cement requires industrial gearbox. This factor is boosting the global industrial gearbox market expansion.

Key Developments

• Nidec Corporation has released an Automated Guided Vehicle using a vision-based tracking system in August 2020. By focusing on the device, among other things, Nideccommitted Shimpo’s team has contributed to the construction of productivity, automation, and development.
• In March 2021, Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd got an order of 656 gearboxes with the PDM460 dual stage gearboxes being specifically mentioned. The Perth subway system in Australia received this gearbox order. The PDM460 subway gearbox, which was used for this order, was advertised as having strong bearing capacity, good reliability, and other attributes. As a result, its ideal for varied loads and high tremors and it can work in temperature ranging from -25 to -50 degree Celsius.

Some of the prominent players in the global industrial gearbox market include:

• Watt Drive Antriebstechnik GmbH
• Nidec Motor Corporation
• Dana Brevini Power Transmission
• China High Speed Transmission Equipment Group Co. Ltd
• Johnson Electric Holdings Limited
• Sumitomo Heavy Industries Ltd.
• Bondioli and Pavesi S.p.A.
• Emerson Electric Co.
• Comer Industries
• SEW Eurodrive

Segments Covered in the Report

(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)

By Type

• Helical Industrial Gearbox
• Planetary Industrial Gearbox
• Bevel Industrial Gearbox
• Worm Industrial Gearbox
• Screw Industrial Gearbox
• Others

By Design

• Parallel Axis
• Angled Axis
• Others

By End User

• Material Handling
• Automotive
• Construction
• Power Generation
• Mining
• Food & Beverages
• Manufacturing Industry
• Agriculture

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa