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Industrial Gearbox Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR40776
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The industrial gearbox market share is expected to increase by USD 9.91 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 4.22%.

This industrial gearbox market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers industrial gearbox market segmentations by product (standard gearbox and precision gearbox), end-user (power generation, oil and gas, general machinery, and others), and geography (APAC, Europe, North America, South America, and MEA). The industrial gearbox market report also offers information on several market vendors, including ABB Ltd., Bonfiglioli Riduttori SpA, China High Speed Transmission Equipment Group Co. Ltd., Elecon Engineering Co. Ltd., Rexnord Corp., SEW-EURODRIVE, Siemens AG, Sumitomo Heavy Industries Ltd., THE TIMKEN Co., and Triveni Engineering & Industries Ltd. among others.

What will the Industrial Gearbox Market Size be During the Forecast Period?

Industrial Gearbox Market Size

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Industrial Gearbox Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The adoption of industrial automation is notably driving the industrial gearbox market growth, although factors such as challenges in mining and steel industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industrial gearbox industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Industrial Gearbox Market Driver

The adoption of industrial automation is notably driving the industrial gearbox market growth. The growth in technology over the past few decades is driving advances in automation, prompting the adoption of robots and industrial automation. The use of automation across all industrial sectors globally is increasing. The rate of adoption of automation is especially high in the manufacturing sector, which is expected to become a driving force for the industrial gearbox market during the forecast period. Robots and automation equipment are most often used in high-speed, repetitive tasks in manufacturing and other industries. The need to manufacture robots that have a higher level of sophistication and scope of application has led to research work on the development of high-precision gearboxes. The growing mechanization of manual jobs in industries is expected to result in the simultaneous growth in demand for industrial gearboxes during the forecast period.

Key Industrial Gearbox Market Trend

The decline in cost of gearboxes used in wind power generation is the key trend driving the industrial gearbox market growth. The growth in wind power generation capacity over the past few decades has been augmented by the decline in the cost of the components used in wind turbines, including the cost of gearboxes. The cost of wind turbine gearboxes has declined considerably over the years due to enhancements in designs, optimization in raw material sourcing and supply chain, entry of new players into the market, leading to enhanced competition, and larger economies of scale due to increased demand for gearboxes. It is expected that the average global prices of wind turbine gearboxes will decline by around 5% during the period 2021-2025. These declining costs will fuel the demand for industrial gearboxes in the wind energy sector. The lower cost of gearboxes will also bring about a reduction in replacement costs, and the number of units sold will increase considerably, allowing vendors to compensate for the decline in manufacturing costs.

Key Industrial Gearbox Market Challenge

The major challenge impeding the industrial gearbox market growth is the challenges in the mining and steel industry. Industrial gearboxes are used in various mining and metal manufacturing machinery, including pulverizers, ball mills, kiln drives, rolling mills, winders/rewinders, and Z mills. Multi-shaft parallel epicyclic gearboxes are commonly used in these applications. Therefore, the recession in the global mining industry is expected to have a negative impact on the industrial gearbox market during the forecast period. China, the world's largest consumer of raw commodities, also registered a slowdown, which in turn, resulted in a decline in infrastructure construction and manufacturing activities. The construction and infrastructure sectors extensively make use of metals and minerals and account for almost half of global consumption. Many of the large mining companies reported a net loss from their operations because of the downturn. The downturn in the global commodities market, which has led to reduced investments in mining, as well as the consolidation moves in the steel industry, are expected to pose considerable challenges for the industrial gearbox market during the forecast period.

This industrial gearbox market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global industrial gearbox market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the industrial gearbox market during the forecast period.

Who are the Major Industrial Gearbox Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • ABB Ltd.
  • Bonfiglioli Riduttori SpA
  • China High Speed Transmission Equipment Group Co. Ltd.
  • Elecon Engineering Co. Ltd.
  • Rexnord Corp.
  • SEW-EURODRIVE
  • Siemens AG
  • Sumitomo Heavy Industries Ltd.
  • THE TIMKEN Co.
  • Triveni Engineering & Industries Ltd.

 

This statistical study of the industrial gearbox market encompasses successful business strategies deployed by the key vendors. The industrial gearbox market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • ABB Ltd. - The company offers Dodge enclosed gear products such as Dodge Quantis, Tigear-2, and more.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The industrial gearbox market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Industrial Gearbox Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the industrial gearbox market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Industrial Gearbox Market?

Industrial Gearbox Market Market segmentation by region

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53% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the industrial gearbox market in APAC. 

The region is home to some of the largest oil and gas-consuming and chemical and industrial manufacturing countries. This will facilitate the industrial gearbox market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 hindered the growth of the industrial gearbox market. This is attributed to the imposition of periodic lockdowns in the region to curb the spread of the disease. Owing to the lockdowns imposed, numerous manufacturing units were temporarily closed. This restricted the demand for industrial gearboxes in 2020. However, as the regional governments announced the lifting of lockdown restrictions, economic activities were propelled in the region from Q3 2020. Numerous industries such as steel manufacturer and oil and gas have resumed their manufacturing activities. Thus, the rising end-user segments such as the industrial and agriculture sectors will boost the demand for industrial gearboxes in the region during the forecast period.

What are the Revenue-generating Product Segments in the Industrial Gearbox Market?

Industrial Gearbox Market Segmentation

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The industrial gearbox market share growth by the standard gearbox segment will be significant during the forecast period. The share of the standard industrial gearbox segment is expected to witness a contraction during the forecast period due to the lower growth rate than the precision industrial gearbox segment. Standard gearboxes are usually manufactured by large companies, which can easily take advantage of higher scales of the economy due to their substantial production output.

This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial gearbox market size and actionable market insights on post COVID-19 impact on each segment.

 

Industrial Gearbox Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 4.22%

Market growth 2020-2024

$ 9.91 billion

Market structure

Concentrated

YoY growth (%)

4.10

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 53%

Key consumer countries

China, US, Germany, Japan, and India

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ABB Ltd., Bonfiglioli Riduttori SpA, China High Speed Transmission Equipment Group Co. Ltd., Elecon Engineering Co. Ltd., Rexnord Corp., SEW-EURODRIVE, Siemens AG, Sumitomo Heavy Industries Ltd., THE TIMKEN Co., and Triveni Engineering & Industries Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Industrial Gearbox Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive industrial gearbox market growth during the next five years
  • Precise estimation of the industrial gearbox market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the industrial gearbox industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of industrial gearbox market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value Chain Analysis : Industrial Machinery

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 15: Product - Market share 2020-2025 (%)
    • 5.2 Comparison by Product
      • Exhibit 16: Comparison by Product
    • 5.3 Standard gearbox - Market size and forecast 2020-2025
      • Exhibit 17: Standard gearbox - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 18: Standard gearbox - Year-over-year growth 2020-2025 (%)
    • 5.4 Precision gearbox - Market size and forecast 2020-2025
      • Exhibit 19: Precision gearbox - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 20: Precision gearbox - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by Product
      • Exhibit 21: Market opportunity by Product

    6 Market Segmentation by End-user

    • 6.1 Market segments
      • Exhibit 22: End-user - Market share 2020-2025 (%)
    • 6.2 Comparison by End-user
      • Exhibit 23: Comparison by End-user
    • 6.3 Power generation - Market size and forecast 2020-2025
      • Exhibit 24: Power generation - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 25: Power generation - Year-over-year growth 2020-2025 (%)
    • 6.4 Oil and gas - Market size and forecast 2020-2025
      • Exhibit 26: Oil and gas - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 27: Oil and gas - Year-over-year growth 2020-2025 (%)
    • 6.5 General machinery - Market size and forecast 2020-2025
      • Exhibit 28: General machinery - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 29: General machinery - Year-over-year growth 2020-2025 (%)
    • 6.6 Others - Market size and forecast 2020-2025
      • Exhibit 30: Others - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 31: Others - Year-over-year growth 2020-2025 (%)
    • 6.7 Market opportunity by End-user
      • Exhibit 32: Market opportunity by End-user

    7 Customer landscape

    8 Geographic Landscape

    • 8.1 Geographic segmentation
      • Exhibit 34: Market share by geography 2020-2025 (%)
    • 8.2 Geographic comparison
      • Exhibit 35: Geographic comparison
    • 8.3 APAC - Market size and forecast 2020-2025
      • Exhibit 36: APAC - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 37: APAC - Year-over-year growth 2020-2025 (%)
    • 8.4 Europe - Market size and forecast 2020-2025
      • Exhibit 38: Europe - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 39: Europe - Year-over-year growth 2020-2025 (%)
    • 8.5 North America - Market size and forecast 2020-2025
      • Exhibit 40: North America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 41: North America - Year-over-year growth 2020-2025 (%)
    • 8.6 South America - Market size and forecast 2020-2025
      • Exhibit 42: South America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 43: South America - Year-over-year growth 2020-2025 (%)
    • 8.7 MEA - Market size and forecast 2020-2025
      • Exhibit 44: MEA - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 45: MEA - Year-over-year growth 2020-2025 (%)
    • 8.8 Key leading countries
      • Exhibit 46: Key leading countries
    • 8.9 Market opportunity by geography

      9 Drivers, Challenges, and Trends

      • 9.1 Market drivers
        • 9.2 Market challenges
          • Exhibit 48: Impact of drivers and challenges
        • 9.3 Market trends

          10 Vendor Landscape

          • 10.1 Vendor landscape
            • Exhibit 49: Vendor landscape
          • 10.2 Landscape disruption
            • Exhibit 50: Landscape disruption
            • Exhibit 51: Industry risks
          • 10.3 Competitive scenario

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 52: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 53: Market positioning of vendors
            • 11.3 ABB Ltd.
              • Exhibit 54: ABB Ltd. - Overview
              • Exhibit 55: ABB Ltd. - Business segments
              • Exhibit 56: ABB Ltd.- Key news
              • Exhibit 57: ABB Ltd. - Key offerings
              • Exhibit 58: ABB Ltd. - Segment focus
            • 11.4 Bonfiglioli Riduttori SpA
              • Exhibit 59: Bonfiglioli Riduttori SpA - Overview
              • Exhibit 60: Bonfiglioli Riduttori SpA - Product and service
              • Exhibit 61: Bonfiglioli Riduttori SpA- Key news
              • Exhibit 62: Bonfiglioli Riduttori SpA - Key offerings
            • 11.5 China High Speed Transmission Equipment Group Co. Ltd.
              • Exhibit 63: China High Speed Transmission Equipment Group Co. Ltd. - Overview
              • Exhibit 64: China High Speed Transmission Equipment Group Co. Ltd. - Product and service
              • Exhibit 65: China High Speed Transmission Equipment Group Co. Ltd. - Key offerings
            • 11.6 Elecon Engineering Co. Ltd.
              • Exhibit 66: Elecon Engineering Co. Ltd. - Overview
              • Exhibit 67: Elecon Engineering Co. Ltd. - Business segments
              • Exhibit 68: Elecon Engineering Co. Ltd. - Key offerings
              • Exhibit 69: Elecon Engineering Co. Ltd. - Segment focus
            • 11.7 Rexnord Corp.
              • Exhibit 70: Rexnord Corp. - Overview
              • Exhibit 71: Rexnord Corp. - Business segments
              • Exhibit 72: Rexnord Corp. - Key news
              • Exhibit 73: Rexnord Corp. - Key offerings
              • Exhibit 74: Rexnord Corp. - Segment focus
            • 11.8 SEW-EURODRIVE GmbH and Co KG
              • Exhibit 75: SEW-EURODRIVE GmbH and Co KG - Overview
              • Exhibit 76: SEW-EURODRIVE GmbH and Co KG - Product and service
              • Exhibit 77: SEW-EURODRIVE GmbH and Co KG - Key offerings
            • 11.9 Siemens AG
              • Exhibit 78: Siemens AG - Overview
              • Exhibit 79: Siemens AG - Business segments
              • Exhibit 80: Siemens AG - Key offerings
              • Exhibit 81: Siemens AG - Segment focus
            • 11.10 Sumitomo Heavy Industries Ltd.
              • Exhibit 82: Sumitomo Heavy Industries Ltd. - Overview
              • Exhibit 83: Sumitomo Heavy Industries Ltd. - Business segments
              • Exhibit 84: Sumitomo Heavy Industries Ltd. - Key offerings
              • Exhibit 85: Sumitomo Heavy Industries Ltd. - Segment focus
            • 11.11 The Timken Co.
              • Exhibit 86: The Timken Co. - Overview
              • Exhibit 87: The Timken Co. - Business segments
              • Exhibit 88: The Timken Co. - Key offerings
              • Exhibit 89: The Timken Co. - Segment focus
            • 11.12 Triveni Engineering & Industries Ltd
              • Exhibit 90: Triveni Engineering & Industries Ltd - Overview
              • Exhibit 91: Triveni Engineering & Industries Ltd - Business segments
              • Exhibit 92: Triveni Engineering & Industries Ltd - Key offerings
              • Exhibit 93: Triveni Engineering & Industries Ltd - Segment focus

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Currency conversion rates for US$
                • Exhibit 94: Currency conversion rates for US$
              • 12.3 Research methodology
                • Exhibit 95: Research Methodology
                • Exhibit 96: Validation techniques employed for market sizing
                • Exhibit 97: Information sources
              • 12.4 List of abbreviations
                • Exhibit 98: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
              Interested in this report?
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              Industrial Gearbox Market market growth will increase by $9.91 billion during 2020-2024.
              The industrial gearbox market market is expected to grow at a CAGR of 4.22% during 2020-2024.
              Technavio has segmented the industrial gearbox market market by product (standard gearbox and precision gearbox) ,end-user (power generation, oil and gas, general machinery, others, and MEA) , and geography (APAC, Europ, North America, South America, and MEA).
              ABB Ltd., Bonfiglioli Riduttori SpA, China High Speed Transmission Equipment Group Co. Ltd., Elecon Engineering Co. Ltd., Rexnord Corp., SEW-EURODRIVE, Siemens AG, Sumitomo Heavy Industries Ltd., THE TIMKEN Co., Triveni Engineering & Industries Ltd. are a few of the key vendors in the industrial gearbox market market.
              APAC will register the highest growth rate of 53% among the other regions. Therefore, the industrial gearbox market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the industrial gearbox market market growth are:
              • adoption of industrial automation
              • Decline in cost of gearboxes used in wind power generation
              The industrial gearbox market market vendors should focus on grabbing business opportunities from the standard gearbox segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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              • Covid-19 impact and recovery analysis
              • Data on revenue-generating market segments
              • Details on the market shares of various regions
              • Five-force market analysis

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