Driven By Growing Need For Productivity Enhancement In Industrial Processes
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| Industrial Gearbox Market |
Industrial
gearboxes provide speed and torque conversions in mechanical systems and are
therefore used in a wide range of industrial applications including material
handling, textile machines, machine tools, waterjet cutting machines, paper
machines, woodworking machines, food processing equipment, packaging machines,
plastic and rubber machines, mining equipment, wind turbines, machine tools,
waste management equipment and more. They allow optimization of mechanical
systems by enabling the proper matching of power sources and loads. Some key
advantages of industrial gearboxes include their ability to smoothly and
efficiently deliver precise torque requirements, improve productivity of
industrial processes, extend the lifespan of electric motors by reducing load
and strain, and ensure reliable power transmission even under extreme working
conditions and loads.
The global Industrial Gearbox Market is estimated to be valued at US$ 29.27 Bn in 2023 and is expected to
exhibit a CAGR of 4.4% over the
forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the industrial gearbox market is the growing demand
for gearboxes with advanced features to enhance productivity, reduce downtime
and operate efficiently in harsh environmental conditions. Manufacturers are
focusing on development of gearboxes with greater efficiency through features
like integrated electronic controls, smart sensors and remote monitoring
capabilities. For example, gearboxes integrated with advanced servo motors and
controls allow precise positioning control and synchronization across
industrial processes. Another major trend is the introduction of customized
gearbox solutions suited for specific industrial application requirements.
Gearbox manufacturers are offering application-specific product configurations
and designs to better meet the customized needs of different end-use
industries. This is expected to drive aftermarket revenues as customized
gearboxes require supportive services and spare parts over the product
lifecycle.
Porter's Analysis
Threat of new entrants: The industrial gearbox market requires high initial
investments for manufacturing and research & development which creates
significant barriers for new companies to enter the market.
Bargaining power of buyers: Buyers in the industrial gearbox have moderate
bargaining power due to the availability of substitutes and presence of
established manufacturers.
Bargaining power of suppliers: Leading suppliers of raw materials such as cast
iron, steel, and gears have low to moderate bargaining power due to
availability of substitutes.
Threat of new substitutes: Alternatively transmission technologies like servo
motors offer threat of substitution. However, gearboxes offer advantages of
efficiency and torque transmission.
Competitive rivalry: The industrial gearbox market is fragmented with the
presence of global and regional players. Competition is based on product
quality, innovation, and pricing.
Key Takeaways
The Global
Industrial Gearbox Market Size is expected to witness high growth. The
Asia Pacific region currently dominates the market and is expected to continue
its dominance during the forecast period. Factors such as industrialization and
rapid economic growth in countries such as China and India are driving the
demand.
Regional analysis: The Asia Pacific region is projected to be the largest and
fastest growing market during the forecast period due to strong presence of
manufacturing industries in countries such as China, India, Japan and South
Korea. China currently accounts for over 35% of the global Industrial Gearbox
market share.
Key players: Key players operating in the Industrial Gearbox market are Nanjing
High Accurate Drive Equipment Manufacturing Group Co. Ltd., Lenze SE, Flender
Ltd, Nord Drivesystems Pvt Ltd., Bosch Rexroth AG, Zollern GmbH & Co. KG,
INGECO GEARS Pvt. Ltd, Kngear, Essential Power Transmission Pvt. Ltd.,
Bonfiglioli Drives Co. Ltd., and Elecon Engineering Company Limited.
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