Global Industrial Gearbox Service Market Research Report: Information by Type (Planetary, Helical, Bevel, Spur, Worm and others), Design (Parallel axis, Angled Axis and others), Part (Gear, Shaft and Bearings), Industry (Power Generation, Construction, Material Handling, Industrial, Wind Power, Marine and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2024
Industrial gearboxes are used in various applications such as machine tools, conveyors, and screws to change speed to increase the torque of the equipment involved in various industrial operation such as construction, power, and marine. Proper inspection, repair, and maintenance of gearboxes is quite essential for the efficient functioning of the industrial gearboxes. Gearbox inspection includes various processes such as measuring gear tooth clearances, oil and vibration analysis, and inspecting gear parts. The factors driving the growth of industrial gearbox service market are the increasing investments in maintenance of high cost industrial equipment. Governments, across all regions, are promoting infrastructure development. The developing nations have been introducing various reforms and regulations to strengthen their infrastructure and real-estate. Such reforms are expected to lead to the growth of the construction sector, driving the industrial gearbox and industrial gearbox market, globally. Furthermore, the growth of the world population since the past few decades has resulted in an increase in demand for both, commercial and residential infrastructure. There is wide application in the construction industry as gearboxes consume less power, as well as they enable a high range of friction coefficient and torque, which raises their demand. Authorities in China, India, and other countries are investing heavily in infrastructure development and are expected to account for the highest investment during the forecast period. According to the India Brand Equity Foundation, India will need to invest USD 777.30 billion, approximately, in infrastructure by 2022 for sustainable development. Moreover, various commercial entities in the country invest in developing infrastructure, which would boost the growth of the construction industry. For instance, in June 2018, there was an investment of USD 200 million in the National Investment & Infrastructure Fund (India) by the Asian Infrastructure Investment Bank (China). This investment was made with the objective to strenghthen the country's infrastructure. Industrial gearboxes are an important aspect of the construction industry, as they are used to drive crushers, conveyors, plastic extruders. Such developments and other factors with the aim to support industrial growth and the rise in construction in developing economies, are expected to increase the demand of industrial gears in the construction industry. Thus, the proper functioning of the industrial gearbox is expected to increase the demand of industrial gearbox service. Hence, the rapid growth of the construction industry in developing nations is expected to drive the global industrial gearbox and industrial gearbox service market during the forecast period.
For the purpose of study, the global industrial gearbox service market is segmented based on type, design, part, industry, and region. By type, the global industrial gearbox service market is segmented as planetary, helical, bevel, spur, worm, and others. The planetary segment is expected to grow at the fastest rate during the forecast period. By design, the global industrial gearbox service market is segmented into parallel axis, angled axis, and others. The parallel axis segment is expected to grow at the fastest rate during the forecast period. By part, the global industrial gearbox service market has been segmented into gear, shaft, and bearing. The bearing segment is expected to grow at the fastest rate during the forecast period. By industry, the global industrial gearbox service market has been segmented as construction, power generation, industrial, material handling, marine, wind power, and others. The wind power segment is expected to grow at the fastest rate during the forecast period. By region, the market is segmented as North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Geographically, Asia-Pacific dominated the global industrial gearbox service market and is estimated to have the largest market share during the forecast period. In the region, China had the largest market share, which is expected to continue during the forecast period. Europe is expected to be the second largest market for the global industrial gearbox service during the forecast period. Germany held the largest share of the market in the region due to the increasing investments in the industrial sector in the country. In North America, the US held the largest market share during the forecast period due to the increase in power generated from renewable energy resources in the country. The reports also cover country-level analysis North America covering US, Canada and Mexico, Asia-Pacific covering China, Japan, India, South Korea, Australia and Rest of Asia-Pacific, Europe covering Germany, UK, France, Russia, ,Italy and Rest of Europe, Middle East & Africa covering Saudi Arabia, UAE, South Africa, Qatar and Rest of Middle East & Africa, South America covering Brazil, Argentina and Rest of South America.
The key players of global industrial gearbox service market are David Brown (UK), Kumera Corporation (Finland), Parsons Peebles LTD (UK), Sumitomo Heavy Industries, Ltd (Japan), Fluor Corporation (US), Triveni Engineering & Industries Ltd (India), P G Drive (India), GearTec (US), Sew-Eurodrive (Germany), Elecon Group Company Limited (India), Artec Machine Systems (US), Dana Limited (US), GBS Gearbox Services International (Switzerland), and Unico Mechanical (US).