According to the latest market research study released by Technavio, the global industrial gearbox market is expected to grow at a CAGR of more than 4% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global industrial gearbox market based on end-user:
Global industrial gearbox market shares by end-user 2015 (USD billions)
|
Construction, mining, and material handling equipment |
8.05 |
|
Wind energy |
7.97 |
|
Automotive |
4.48 |
|
Others (agriculture, food processing) |
8.23 |
Source: Technavio
The top three revenue contributing end-user segments are discussed below:
Construction, mining, and material handling equipment
In 2015, the construction, mining, and material handling equipment accounted for a revenue of around USD8 billion in the global industrial gearbox market. Among the various end-users, construction, mining, and material handling equipment capture almost half the share of the gearbox market. The increasing mining activities in the US and Brazil are leading to the extensive use of main metals like copper in the equipment as well as the manufacturing markets.
“Rising disposable income in emerging countries such as China, India, and Indonesia is compelling people to shift from rural to urban areas. Improved infrastructural spending in countries such as China and India will create the demand for construction equipment, leading to further development. The growing demand from major end-users such as construction, will boost the global industrial gearbox market,” says Anju Ajaykumar, a lead analyst at Technavio for research on engineering tools.
Wind energy industry
Gearboxes are an important component of wind turbines as they are used for connecting the low-speed shaft to the high-speed shaft and increasing the rotation speed. New and replacement installations are the two key sections of the global wind turbine gearbox market. New annual installations rely on the annual installed capacity of wind turbines, whereas replacement installations depend on the annual installed capacity of wind turbines that are already in existence. The upsurge in demand for power and the stress on clean energy generation have resulted in further spending on wind energy generation. China emerged as a leading player in the industry, with more countries looking to the industry as a better source of producing clean power.
Automotive industry
It is expected that the automotive industry will show a steady demand during the forecast period. Easy availability of loans with reduced interest rates, low fuel prices, and constant demand led to the growth of the industry. Several large automobile manufacturers have seen a steady growth and are witnessing tight competition in the luxury vehicle segment in the US market. China has emerged as the leading player in the first quarter of 2016, followed by the US. The US is likely to dominate the industry during the forecast period by making vehicles affordable to many more middle-class people. The upsurge in automotive sales will have a positive influence in the gearbox industry.
The top leading vendors operating in the global industrial gearbox market are:
- ABB
- Bonfiglioli
- Brevini Power Transmission
- David Brown Gear Systems
- Emerson Electric
- Rexnord
- SEW-EURODRIVE
- Siemens
Other prominent vendors in the market include Aero Gear, AH Gears, C-B Gear & Machine, China High Speed Transmission Equipment, Circle Gear & Machine Company, Cone Drive Operations, Columbia Gear, Curtis Machine Company, Delta Gear, Euro Gear, Excel Gear, The Gear Works, Gearbox Express, Gears & Gear Drives, Griffin Gear, Horsburgh & Scott, Northstar Aerospace, Shanthi Gears, Watt Drive Antriebstechnik, and Winergy.
A more detailed analysis is available in the Technavio report titled, ‘Global Industrial Gearbox Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Wind Turbine Gearbox Market 2016-2020
- Global Off-The-Shelf Gearbox and Drives Market 2016-2020
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