ID: MRFR/E&P/7052-CR | October 2019 | Region: Global | 155 pages
Industrial Gearbox Service Market is projected to register a moderate 5.26% CAGR in the forecast period.
The factors driving the demand of industrial gearbox are growth in industrial automation in Europe and the high growth of the construction industry in developing nations in the industrial gearbox service market. The global population has been growing since the past few decades and is expected to continue growing during the forecast period. This has resulted in an increase in demand for industrial automation, globally. The global trends of digitalization and automation in the manufacturing has further enabled the growth of the markets for industrial gearbox. Globally, Europe leads in terms of automation and technological development for manufacturing and robotics. As per the Germany Trade & Invest, an economic development agency, the automotive industry has the highest use of industrial robots in Germany. According to the Mechanical Engineering Industry Association, in the year 2017, the total robotics and automation turnover in Germany accounted for approximately USD 16.35 billion. Additionally, the yearly shipments of multipurpose industrial robots have also increased in the leading European countries. Furthermore, industrial gearboxes are known for their maximum torsional stiffness and low noise during operations. Proper functioning of industrial gearboxes ensures improved efficiency of machines and enhances production capacity. Industrial gearboxes modify the speed ratio to the transmitted power and improve the operational processes in the industrial automation applications. They provide several benefits such as high productivity and efficiency, reduce maintenance cost, and less power consumption. However, there are various factors, such as power overload, gear wear, water and oil particulate contamination, and improper handling of gearboxes that affect the working of industrial gearboxes. Therefore, in order to ensure proper functioning of the gearbox, proper inspection and repair of industrial gearboxes are essential throughout their lifespan.
The Key Players in the Global Industrial Gearbox Service Market are Parsons Peebles LTD (UK), GBS Gearbox Services International (Switzerland), David Brown Santasalo (UK), Greater (US), Triveni Engineering & Industries Ltd. (India), Kumera Corporation (Finland), , Sumitomo Heavy Industries, Ltd (Japan), Horner Industrial Group (Indiana), Sew-Eurodrive (Germany), Elecon Group Company Limited (India), Fluor Corporation (US), Artec Machine Systems (US), Dana Limited (US), PG Drive (India), and Unico Mechanical (US).
The developing nations are particularly bringing various reforms and regulations to boost their infrastructure and real estate. Such reforms are expected to augment the growth of the construction sector, driving the industrial gearbox Service market, globally. Furthermore, an increase in world population since the past few decades has led to an increase in demand for residential and commercial infrastructure. There is extensive application in the construction industry as gearboxes consume less power, as well as they enable a high range of torque and high friction coefficient, which raises their demand. Countries such as China and India are substantially investing in infrastructure development and are expected to remain the highest investing countries during the forecast period. According to the India Brand Equity Foundation, India will need to invest USD 777.30 billion, approximately, in infrastructure by 2022 for sustainable development. Furthermore, many commercial entities in the country are investing in developing infrastructure, which would boost the growth of the construction industry. For instance, in June 2018, the Asian Infrastructure Investment Bank (China) invested USD 200 million in the National Investment & Infrastructure Fund (India). This investment was aimed at developing infrastructure in the country. Industrial gearboxes form an important aspect of the construction industry, as they are useful in driving conveyors, crushers, plastic extruders. Such developments and other factors to support industrial growth and the rapid growth of the construction industry in developing economies, are expected to increase the demand for industrial gear in the construction industry. Hence, such factors are expected to drive the growth of the global industrial gearbox service market during the forecast period.
The global industrial gearbox service market is segmented based on type, design, size (KW), torque, industry, and region. By type, the global market has been segmented into helical, planetary, bevel, worm, spur, and others. By design, the global market is segmented as parallel axis, angles axis, and others. By part, the global market is segmented as gear, shaft, and bearings. By industry, the global market is segmented as industrial, wind power, material handling, construction, power generation (excluding wind power), marine, and others.
Geographically, the global industrial gearbox service market has been segmented as the Middle East & Africa, North America, Europe, Asia-Pacific, and South America. The market in Asia-Pacific is estimated to hold the major market share during the forecast period, owing to the increasing demand for clean energy and growth of the various industries such as industrial, construction, and food & beverages in the region. Asia-Pacific industrial gearbox service market is further segmented by country as China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. The growing construction industry and the significant growth in industrial automation in the region are the major factors that lead to the growth of the industrial gearbox service market. Industrial gearboxes are used in driving conveyors, crushers, and plastic extruders in industries that lead to the rapid growth of the construction industry. According to the Asian Development Bank, 2017 Asia-Pacific in order to maintain its growth momentum will need to invest USD 1.7 trillion per year in infrastructure until 2030. Furthermore, the regulatory and institutional reforms are required to make infrastructure more attractive for private investors. As per Regional Economic Outlook, 2018, China accounted for a GDP growth rate of 6.9% in 2017 under the services sector, which boosts the country’s economy. Thus, increasing investment in the services sector and the growth in the country’s economy propels the demand for services. Gearbox services are essential for various industries, which drives the growth of the industrial gearbox service market in Asia-Pacific during the forecast period.
Industrial gearboxes are used in various applications such as machine tools, conveyors, and screws to change speed and increase the torque of the equipment involved in various industrial operation such as power generation, construction industry, and marine. Proper inspection, repair, and maintenance services of gearboxes is very essential for the efficient functioning of the industrial gearboxes. Gearbox inspection includes various processes such as oil and vibration analysis, measuring gear tooth clearances, and the inspection of gear parts.
The report for global industrial gearbox service market of Market Research Future research covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historic and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
|Market Size||2024: USD 9,689.1 Million|
|CAGR||5.26% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Design, Part and Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Parsons Peebles LTD (UK), GBS Gearbox Services International (Switzerland), David Brown Santasalo (UK), Greater (US), Triveni Engineering & Industries Ltd. (India), Kumera Corporation (Finland), , Sumitomo Heavy Industries, Ltd (Japan), Horner Industrial Group (Indiana), Sew-Eurodrive (Germany), Elecon Group Company Limited (India), Fluor Corporation (US), Artec Machine Systems (US), Dana Limited (US), PG Drive (India), and Unico Mechanical (US)|
|Key Market Opportunities||Rise in the number of applications in renewable energy|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The industrial gearbox service market is supposed to mark 5.26% CAGR.
The key players are Parsons Peebles LTD (UK), David Brown Santasalo (UK), GBS Gearbox Services International (Switzerland), Greater (US), Kumera Corporation (Finland), Triveni Engineering & Industries Ltd. (India), Sumitomo Heavy Industries, Ltd (Japan), Sew-Eurodrive (Germany), Horner Industrial Group (Indiana), PG Drive (India), Elecon Group Company Limited (India), Artec Machine Systems (US), Fluor Corporation (US), Dana Limited (US), and Unico Mechanical (US).
The segments of the industrial gearbox service market based on type are spur, helical, bevel, worm, planetary, and others.
The design based segments of the industrial gearbox service market are angles axis, parallel axis, and others.
By part, the segments of the industrial gearbox service market are shaft, gear, and bearings.
The industrial gearbox service market, based on industries, is segmented into power generation (excluding wind power), industrial, material handling, wind power, marine, construction, and others.
Asia Pacific is supposed to hold the largest market share.