The global industrial gearbox market is expected to grow from an estimated USD 25.91 billion in 2018 to reach USD 31.90 billion by 2023, growing at a CAGR of 4.25% from 2018 to 2023. The growth of this market is primarily driven by the growing adoption of industrial automation across various manufacturing industries such as food & beverage, steel, and automobile.
Some of the major global players in the industrial gearbox market are Siemens AG (Germany), Bonfiglioli Italia S.P.A (Italy), Bondioli & Pavesi (Italy), Sew-Eurodrive (Germany), and Dana Brevini (Italy). Growth strategies adopted by these key players in the industrial gearbox market include new product launches, contracts & agreements, investment & expansion, mergers & acquisitions, and partnership. New product launch was the most widely adopted strategy by market players from 2014 to July 2018. Contracts & Agreements was the second most widely adopted strategy by the market players to increase their market share.
Siemens AG is one of the leading technology companies offering products, solutions, and services in the field of electrification, digitalization, and automation across the globe. The company offers gearboxes under its Process Industries & Drives business segment. Through this segment, the company caters to various end-use industries such as mining, shipbuilding, oil & gas, food & beverage, pharmaceuticals, and chemicals. Siemens has been continuously investing in research and development activities to develop innovative products. For instance, in February 2018, Siemens launched a new integrated solution that combines planetary gear unit technology with geared motor technology for applications which require high transmission ratios in the low and medium torque range.
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Sumitomo Heavy Industries Ltd. is one of the leading manufacturers of heavy equipment and industrial machinery. The company offers gearboxes under its Machinery Components business segment. Major application areas for this business segment include industrial robots, factory automation machinery, chemical processing machinery, machine tools, material handling machinery, steel and iron making machinery, food processing machinery, water treatment plants, and elevators & escalators. The company focuses on organic growth strategy for its business expansion. For instance, in January 2018, the company expanded its global reach and opened its global research and development center in Belgium. This facility will focus on the research and development of industrial gearboxes.
Industrial Gearbox Market by Type (Planetary, Helical, Bevel, Spur, Worm), Design (Parallel, Angled) Industry (Wind Power, Material Handling, Construction, Metal & Mining, Cement & Aggregate, Food & Beverage), and Region - Global Forecast to 2023
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