ESL Blogs

Market Overview

The size of the global industrial gearbox market was around USD 29.3 billion in 2023, and it is expected to reach USD 39.8 billion by 2030, advancing at a CAGR of 4.5% over the forecast period.

One of the important factors that bolster the growth in the market is the escalating tendency of the farmers and the other sectors such as food processing, industrial manufacturing, and so on towards the adoption of these components. Besides, energy-efficient gearboxes are required in less electricity usage to reduce environmental impacts, which in turn will promote the demand for the gearboxes.

Automation technology is contributing to the growth of the robotics industry, which is increasing the industrial gearbox demand as this equipment is used for the accurate control of a robotic arm’s speed and torque. The sustained growth of regions that deal with robotics and also new gadgets in the gearbox, thanks to development investments and constant product innovations, is the trend.

To cope with the rising global energy consumption, the executive Government is taking recourse to policies and schemes focused on the power generation sector. The use of industrial gearboxes in wind parks and hydroelectric power plants provides the most robust impetus for the growth of the market. In windmills, they connect the main rotary shaft given the alternator at two ends, while in hydroelectric plants, they are installed between the turbine shaft and the AC generator.

Key Insights

• Helical gearboxes dominated with a 35% market share in 2023.
• Features winding tooth lines and parallel shafts for efficient operation.
• Stronger teeth seamlessly blended for larger load transmission with less dynamic load.
• Offers lower vibrations and noise levels.
• Planetary gearboxes are the fastest-growing category with an expected CAGR of 4.9% (2024–2030).
• Widely used in steel plants, wind turbines, agriculture, cement, and mining.
• Utilized as rotation multipliers, powered by hydraulic/electric motors or combustion engines.
• Parallel axis gearboxes held a 45% market share in 2023.
• Efficient operation at low and medium speeds, commonly used in manufacturing.
• Angled axis gearboxes show the fastest growth at a predicted 4.8% CAGR (2024–2030).
• Offer sliding and rolling contact with increased contact area, facilitating moderate interaction.
• The power generation category dominated with a 25% market share.
• Driven by rising energy demand, increased power generation, and growth in renewable energy sectors.
• The manufacturing industry is the fastest-growing category with a predicted 5.2% CAGR (2024–2030).
• Vital in industries like steelmaking, food & beverage, chemicals, and heavy engineering.
• Government initiatives like Made in China 2025, Making Indonesia 4.0, and make in India drive market growth.
• Asia-Pacific held the largest global market share of around 50% in 2023.
• It is the same that the great production places are present: China, Japan, and India.
• Unlike the conventional power generation industrial machineries, the wind power projects entail more usage of industrial gearboxes. The demand for gearboxes surges due to this.
• Growth in engineering technologies and automation led to an increase in gearbox revenue from the sales side.
• The government initiatives in the field of NMCP, Make in India, and Pradhan Mantri Mudra Yojna are for accelerating the manufacturing industries growth.

Source: P&S Intelligence