An industrial gearbox is a closed system of gears that manage the speed, torque, and direction of a rotating system or motor. Gearboxes and their components are integral to the industrial equipment that makes the world go around. From propelling planes and wind turbines to driving production lines and cars, gearboxes keep us moving forward.
While many industries are still struggling to get back on track due to COVID-19 setbacks, the industrial gearbox sector is not only set to significantly grow, but is at the forefront of some of the most innovative technology and energy sources emerging. Read on for a look at the state of the market today and what is expected from the industry in the upcoming years.
International Industrial Gearbox Market Trends: Financial Potential
By 2024, the industrial gearbox market is forecasted to hit 33.406 million USD, with a compound annual growth rate of 4.43% between 2019-2024. To what can we attribute this major increase? Industrial gearboxes are used in nearly all industries and regions around the world, and represent the technology and industrial practices of the future.
Regional Stake in Industrial Gearboxes Market Growth
It may come as no surprise, but as of 2018, over 30% of the market share of industrial gearboxes was credited to the Asia-Pacific region (China specifically), followed closely by Europe (Germany), and North America (United States). The regions of 1) the Middle East and Africa and 2) South America round out this list, but certainly should not be underestimated as major contenders in this sector. In fact, these regions are set to drive a large majority of the projected growth over the next decade due to the vast expansion of the construction industry in developing nations. Besides construction, wind power, material handling, and marine manufacturing are set to dominate the market through 2024.
Major Catalysts for Expansion
There are a number of global catalysts driving this massive market growth, but it is important to note that gearboxes are essential to the technology and manufacturing practices of the future. We couldn’t have automation in manufacturing sectors like food and beverage production, farming, robotics, and the automobile industry without durable gearboxes. Where there’s task automation, there’s always industrial gearboxes.
Beyond automation, vast investment in renewable energy sources (mainly wind power) is also driving major industrial gearbox market trends. This capital has and will continue to encourage the development of more effective and innovative gearboxes that are transforming how we produce energy.
Leading Types of Industrial Gearboxes
Of the numerous types of industrial gearboxes, including helical, planetary, worm, spur, and bevel, planetary gearboxes are set to represent the majority of the growth through 2024. Note that planetary gearboxes are utilized in wind turbine technology, so as more companies and governments adopt wind power as a viable power source, their presence in industrial gearbox market forecasts is only set to grow.
Potential Industrial Setbacks
Potential setbacks include technical challenges like gearbox overheating, oil spills caused by faulty equipment, and common mechanical issues, like overuse of gears and long-term wear.
Houston Pump and Gear’s Hand in Industrial Gearbox Market Trends
While all projections point to massive growth over the next few years, one of the greatest threats to the industry is the overuse and deterioration of gearboxes and their parts. This is understandable, as a common challenge for most companies is keeping up with production when a major gearbox maintenance issue arises.
Instead of having your whole operation offline as you wait for a new part (assuming that it is available), get in touch with the gearbox repair experts at Houston Pump and Gear. We can repair your equipment quicker and more affordably than the competition. Can’t find a specific branded part, like a Western gearbox shaft or mechanical seal replacement? We can reverse engineer one to get your production line back to work as smoothly as possible. Whatever your issue, we have an affordable and durable solution for this and other manufacturers we service, with an extensive warranty that only begins when the repair unit is back in use.
We are excited to witness the growth within the industry over the next few years and are proud to be a small part of what is to come! Reach out with any questions today!