Global Industrial Gearbox Market 2018-2022
About Industrial Gearbox
Mechanical gearboxes that are used in industrial sectors for functions such as transmitting power between machinery, automation systems, and process units are known as industrial gearboxes.
Technavio’s analysts forecast the global industrial gearbox market to grow at a CAGR of 3.81% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial gearbox market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Gearbox Market 2018-2022
Technavio recognizes the following companies as the key players in the global industrial gearbox market: ABB, BONFIGLIOLI RIDUTTORI, China High Speed Transmission Equipment Group, Siemens, and Sumitomo Heavy Industries.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is decline in cost of gearboxes used in wind power generation. 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.”
According to the report, one driver in the market is adoption of industrial automation. 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.
Further, the report states that one challenge in the market is growing competition from direct drive systems. Direct drive systems have emerged as an ideal replacement for geared drive systems in various end-use applications over the past decade. The characteristics of direct drive systems make them less complex in design and easier to operate and maintain, which is a major factor driving the adoption of these systems in heavy-duty applications such as wind power generation and industrial automation.
China High Speed Transmission Equipment Group
Sumitomo Heavy Industries
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