Industrial Gearbox Market

The demand for industrial gearbox services is driven by increasing use of industrial gearboxes in wind power, construction, material handling, and industrial (cement & aggregates, chemicals, rubber & plastic, food & beverage, metals & mining), among other industries for better operational efficiency. The market growth of industrial gearbox and industrial gearbox services is mainly driven by growth in industrial automation in Europe and rapid growth of the construction industry in developing nations. Moreover, the rise in number of applications in renewable energy has fueled the market growth. However, technical faults such as oil leakage and heating may hinder the growth of the market.

The global population has been growing since the past few decades and is expected to continue growing during the forecast period. This has led to an increase in demand for industrial automation, globally. The global trends of digitalization and automation in the manufacturing has further enabled the growth of the markets for industrial gearbox and industrial gearbox service. Globally, Europe leads in terms of automation and technological development for manufacturing and robotics. As per the Germany Trade & Invest, an economic development agency, the automotive industry has the highest use of industrial robots in Germany.

According to the Mechanical Engineering Industry Association, in the year 2017, the total robotics and automation turnover in Germany accounted for approximately USD 16.35 billion. Additionally, the yearly shipments of multipurpose industrial robots have also increased in the leading European countries. The below graph depicts the shipments of multipurpose robots in the five countries in 2015 and 2019.

Such growth of multipurpose robots is expected to lead to substantial research & development investments by Germany and Italy, which are expected to witness the highest investments during the forecast period. According to the Germany Trade & Invest, in the year 2016, the machinery and equipment companies invested approximately USD 6.30 billion in research and development activities in Germany. Such investments are expected to raise industrial automation in the country and in the region. Industrial gearboxes form an important aspect of industrial automation as they offer flexibility, reliability, speed, and movement in various applications, such as lifting systems, conveyors, feeder screws, and machine tools. Such versatility and extensivity of use is expected to witness the growth of industrial gearbox services. Furthermore, industrial gearboxes are known for their maximum torsional stiffness and low noise during operations. Proper functioning of industrial gearboxes ensures improved efficiency of machines and enhances production capacity. Industrial gearboxes modify the speed ratio to the transmitted power and improve the operational processes in the industrial automation applications. They provide several benefits such as high productivity and efficiency, reduce maintenance cost, and less power consumption. However, there are various factors, such as power overload, gear wear, water and oil particulate contamination, and improper handling of gearboxes that affect the working of industrial gearboxes. Therefore, in order to ensure proper functioning of the gearbox, proper inspection and repair of industrial gearboxes are essential throughout their lifespan.

Proper inspection, repair, and maintenance services of gearboxes is very 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 inspection of gear parts. The increase in adoption in robotic applications, is expected to increase the demand of industrial gearboxes as they offer multiple gear ratios in the robotic applications along with their various other properties in terms of impedance, force, and speed. Such factors are expected to increase the demand for industrial gearbox, leading to a growth in demand for industrial gearbox services during the forecast period. Hence, the rise in industrial automation in Europe is expected to drive the growth of the global industrial gearbox and industrial gearbox service market during the forecast period.

The current electricity scenario is witnessing the trend of generation from renewable energy sources. The electricity generated from renewable energy sources supplements the power being generated from thermal sources. Solar and wind power generation are the most rapidly growing areas of investment, as remarkable technological advancements support the improvement of the efficiency of such sources.

According to the International Renewable Energy Agency, in 2017, the total investment made in wind energy was USD 107.20 billion. Additionally, the International Renewable Energy Agency (IRENA) has developed the scenario to estimate the further investments required to increase the share of renewable energy resources in the global energy mix by up to 36% by 2030, and up to 65% by 2050. Such investments are in line with the objectives of the Paris Agreement. They are expected to impact the overall industrial gearboxes service market as industrial gearboxes are highly efficient for the wind power generation and are typically used to increase the speed of the rotor, enabling the function of a high-speed electrical generator.

Hence, a greater number of gearboxes need to be installed in wind turbines, in order to meet the demand of renewable energy and reap the benefits of its use. Such factors are expected to increase the demand of gearbox services for the proper functioning of the gearboxes installed in the wind turbines. This is expected to be an opportunity in the global industrial gearbox and industrial gearbox service market.

Industrial gearboxes are tough machines that withstand high temperatures, high pressure, and harsh working conditions. Overlooking technical details of the operations, such as lubrication, misalignment, thermal instability, and torsional & lateral vibration might result in catastrophic events for the whole industry where gearboxes are installed. During the continuous motion, as the speed and torque of industrial gearboxes increase, the likelihood of resonant vibrations also increases. Over time, such vibrations can result in shaft failure, noise, fatigue, and cracks.

Additionally, the performance of gearboxes depends on the use of lubricants during industrial operations. Due to extremely high speeds and intense pressure, industrial gearboxes require lubrication to prevent failure or damage. Such technical factors can hinder the growth of the global industrial gearbox and industrial gearbox service market.