Product Code: 68838
The industrial gearbox market is expected to grow at a CAGR of over 5% during the forecast period of 2020-2025. The key driver of the market includes the growth in the power sector, steel sector, mines and minerals sector, waste-water treatment development and food industry. However, changes in industrial policies are is expected to hinder the market growth in the coming years.
- The power industry, especially the renewable industry is one of the prominent industries that use gearboxes in its various segments such as wind turbines and hydro turbines. The gears are used to transmit the absorbed kinetic energy into the generator for electricity generation.
- With an expected growth in urbanization rate from around 55% in 2018 to 68% in 2050, it is expected to have a significant growth in various sectors, such as power, mine, and minerals, etc. Growth in these sectors is expected to create an opportunity for the market in the future.
- Asia-Pacific is expected to dominate the market, with the highest growth of urbanization across the globe. The wind turbine is one of the sectors that is growing in the region and is expected to grow rising initiatives to reduce carbon footprint.
Key Market Trends
Power Industry as a Significant Gearbox Application
- The global power industry is majorly dominated by fossil fuel operated power plants but with rising initiatives to stabilize the carbon emissions power generation from renewable sources is getting prioritize. Wind energy is one renewable source, which contributes a significant percentage to the global electricity generation.
- Wind energy is generated from a wind turbine, that holds various components, to convert wind energy into electricity. Gearbox in a wind turbine is used to increase the rotational speed from a low-speed rotor to a high-speed electrical generator.
- With depleting fossil fuel reserves, declining cost of wind power generation, growing sensitivity toward environmental issues, and support from various governments around the world, through financial incentives support the exponential growth in the wind turbine market.
- Global wind power installations increased from 14.86 GW in 2006 to 591 GW in 2018. The overall growth of the number of turbine installations made between 2006-2018 was primarily driven by declining costs due to improved materials and design and favorable government policies for wind power in major wind power countries, such as China, the United States, Germany, the United Kingdom, and India. As wind turbine gearbox is an integral component of a wind turbine, so an increase in installation in the region has increased the wind turbine gearbox in the region.
- Government policies and targets play a crucial role in wind power development. As countries become increasingly concerned about climate change and the role of renewable energy in curtailing it, wind power is expected to grow during the forecasting period. The expectation for wind power growth is obviously to have an increasing demand for wind turbine gearbox.
Asia-Pacific to Dominate the Market
- Asia-Pacific consists of 18 countries, with 52% of the world's population, represent 88% of the people living in the region and account for nearly 39% of the global primary energy supply. China, Japan, and India dominate the region, with the highest gross domestic products.
- China is one of the major countries in the region that contribute nearly 29% of the total GDP from manufacturing facilities. A higher contribution indicates a higher volume of goods from the manufacturing units and higher uses of gearbox during the manufacturing process.
- The region is dominating the renewable energy market with the highest installed capacity of around 1000 gigawatts and generating more than 2000-terawatt hour electricity. The majority of the install capacity is from wind energy and hydropower. Increase in the install capacity of the technologies indicates an increase in gearbox installations.
- The global urban population has grown rapidly from 751 million in 1950 to 4.2 billion in 2018. Asia-Pacific, despite having a lower level of urbanization, the region is home to nearly 54% of the global population. Between the year 2018 and 2050, India and China are expected to account for nearly 30% of the global projected urban population. The increase in urbanization is expected to increase the demand for industries and for the gearbox market.
The industrial gearbox market is fragmented. The key owners in the market include NGC Group, Lenze SE, Flender Ltd., Nord Drivesystems Pvt Ltd., Bosch Rexroth AG, ZOLLERN GmbH & Co. KG, Rossi SpA, Sew-Eurodrive GmbH & Co KG, Essential Power Transmission Pvt. Ltd., and Bonfiglioli Drives Co. Ltd. among others.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Industrial Gearbox Market in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Worm Gear Box
- 5.1.2 Helical Gear Box
- 5.1.3 Bevel Helical Gear Box
- 5.1.4 Planetary Gear Box
- 5.1.5 Others
- 5.2 Application
- 5.2.1 Power Industry
- 5.2.2 Steel Industry
- 5.2.3 Mines & Minerals Industry
- 5.2.4 Waste Water Treatment Industry
- 5.2.5 Others
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 South America
- 5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd
- 6.3.2 Lenze SE
- 6.3.3 Flender Ltd
- 6.3.4 Nord Drivesystems Pvt Ltd.
- 6.3.5 Bosch Rexroth AG
- 6.3.6 Zollern GmbH & Co. KG
- 6.3.7 INGECO GEARS Pvt Ltd
- 6.3.8 Sew-Eurodrive GmbH & Co KG
- 6.3.9 Essential Power Transmission Pvt. Ltd
- 6.3.10 Bonfiglioli Drives Co. Ltd.
- 6.3.11 Kngear
7 MARKET OPPORTUNITIES AND FUTURE TRENDS