Industrial Gearbox Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The market for industrial gears will reach $ 39.12 billion by 2030, growing at a CAGR of 4.6% from 2024 to 2030. The increase in automation in various industries, such as manufacturing, energy, and transportation, is expected to drive the demand for industrial gears. As industries continue to adopt newer technologies, the need for efficient power transmission solutions will grow, thereby driving the market. The adoption of wind power and other renewable energy sources will also lead to the growth of the market. The advancements in gearbox design and materials will enhance the performance and reliability of the gears, thereby driving the market. ABB, SEW-Eurodrive, and Siemens AG have launched new products and formed strategic alliances to strengthen their market position. These companies have made substantial investments in research and development and have launched smart gearboxes that come with IoT capabilities.

Regional Market Size

Regional Deep Dive

The Industrial Gearboxes market is characterized by a wide range of applications in various industries, such as manufacturing, automobiles, and energy. Each region is characterized by its own dynamics, which are influenced by the local industrial activities, technological developments, and regulatory frameworks. The Industrial Gearboxes market is expected to grow in the near future, as industries are adopting automation and advanced machinery, which will increase the demand for efficient and reliable gearboxes. Furthermore, the shift toward renewable energy is creating new opportunities for gearbox manufacturers, especially in wind and solar energy applications.

Europe

• Europe is at the forefront of development in the industrial gearbox market, with a strong focus on automation and Industry 4.0 initiatives. A number of companies, such as SEW-EURODRIV and Bonfiglioli, are developing smart gearboxes with IoT functions, which enable remote monitoring and condition-based maintenance.
• The European Union’s Green Deal will have an effect on the market by encouraging the use of energy-efficient technology, including gearboxes. The framework created by this directive will make it easier to implement advanced gearbox solutions in a wide variety of industrial applications.

Asia Pacific

• The countries of the Pacific area, especially China and India, are in the process of rapid industrialization, and the demand for industrial gearboxes is very great. The big Japanese companies, such as Mitsubishi and Sumitomo, are expanding their factories in these countries.
• The present trend is to a more localised production and distribution, as a reaction to the disruption of the world economy. In consequence, there has been a considerable increase in investment in local production, which has resulted in an improved availability of gearboxes and a reduction in delivery times for the customer.

Latin America

• Latin America is slowly experiencing a rise in industrial automation. This is driving the demand for more and more sophisticated gearbox solutions. WEC and Bimbo are investing in modernizing their production processes, which will result in a greater need for efficient gearboxes.
• The economic and other factors which have influenced the reinvestment of industrial capital (including fluctuating commodity prices) are also affecting the reinvestment of capital in the building of new industry. Brazil and Mexico are also in the process of building up their industrial bases. And so the demand for reliable and efficient gearboxes will rise.

North America

• The North American market is seeing a sharp rise in demand for high-efficiency gearboxes. This is due to the growing emphasis on energy efficiency and the environment. The companies like Siemens and Eaton are investing in gearbox technology that increases performance while reducing energy consumption.
• In the automobile industry in particular, the requirements of the new regulations are driving manufacturers to adopt the most advanced transmissions, which comply with the stricter exhaust gas regulations. This is leading to closer cooperation between car manufacturers and transmission manufacturers in the development of hybrid and electric drive trains.

Middle East And Africa

• The oil industry in the Middle East and Africa is causing a growing demand for industrial gearboxes. Altra Industrial Motion has focused on supplying gearboxes for harsh operating conditions in these areas.
• Government initiatives aimed at diversifying economies away from oil dependency are fostering growth in manufacturing and renewable energy sectors, which in turn is expected to boost the demand for industrial gearboxes.

Did You Know?

“Did you know that the efficiency of industrial gearboxes can significantly impact the overall energy consumption of manufacturing processes, with some advanced gearboxes achieving efficiencies of over 98%?” — International Gearbox Manufacturers Association (IGMA)

Segmental Market Size

The industrial gearbox market is currently growing steadily, driven by the increasing automation and efficiency requirements of a wide range of industries. The energy-efficiency requirements are rising, as is the sophistication of production. The main driving forces here are the automobile, aeronautics, and wind energy industries, which are striving to improve their performance while meeting stricter legal requirements. The trend towards the use of more advanced industrial gearboxes is currently in the implementation stage. Leading manufacturers such as Siemens and ABB are integrating these systems into their products. They are primarily used in the production of conveyor systems, wind-turbine gearboxes, and in robots, where high precision and reliability are required. Also driving growth are the current trends towards greater sustainability and Industry 4.0, whereby companies are increasingly focusing on smart and sustainable technology. Similarly, new materials and production methods such as additive manufacturing and the integration of the Internet of Things are ensuring that industrial gearboxes meet the requirements of modern applications.

Future Outlook

In the year of 2022 the market for industrial gearboxes is expected to grow from $29,563,560,000 to $39,125,200,000, a compound annual growth rate of 4.6%. This growth is based on the rising demand for automation and efficiency in various industries, such as manufacturing, energy and transportation. The increasing use of new and advanced technological methods, such as Industry 4.0 and the Internet of Things, will further stimulate the market for high-performance gearboxes. By the year of 2022, the share of smart gearboxes, which are equipped with sensors and communications features, will have increased to about 25% of the total market, which will improve the efficiency of operation and the possibility of predicting the service life. And the main technological advances, especially in the field of materials and manufacturing processes, will also help to accelerate the market. Lightweight and durable materials, such as composites and new alloys, will make it possible to manufacture not only more efficient gearboxes, but also more environmentally friendly. And the most stringent regulations for reducing carbon dioxide emissions and energy efficiency will force industries to invest in modern gearbox solutions. Also, the increasing use of electric vehicles and wind and solar energy systems will increase the demand for specialized gearboxes and will continue to accelerate the market in the coming years.