Global Industrial Planetary Gearbox Market Overview
The key driver impacting the industrial planetary gearbox market is the increasing automation in manufacturing units to increase productivity, energy efficiency, and to reduce lower labor costs across the globe. For instance, According to the World Economic Forum, only 35% of the time will be spent on manual routine work and over 60% work process is estimated to be automated by 2030. By 2035, jobs with high automation potential will be closer to 35-50% for manufacturing, transportation and storage, and retail trade sectors. Moreover, the growing applications of planetary gearboxes in machine tools, cranes, and lifts are also estimated to be a key determinant that adds growth to the market.
According to Value Market Research, the global industrial planetary gearbox market was valued at around USD 11.25 billion in 2019 and is estimated to grow at a CAGR of about 4.25% between 2020-2026
In addition to this, numerous benefits such as compact size, lower weight, high power density, modular arrangements, low backlash, high efficiency, and longer gear life are anticipated to increase the industrial planetary gearbox market demand under the forecast period. The growing demand for planetary gearbox from the automotive industry across the globe is also positively impacting the market. For instance According, to the International Organization of Motor vehicle manufacturers (OICA), in the year 2019, sales of passenger cars increased by about 5% and reached 69.5 million units. Similarly, the commercial vehicles segment showed a steady rise as the sales touching 24 million units in 2019. Thus, the growing demand for automobiles is anticipated to increase the demand for planetary gearbox in the coming years.
However, the high design complexity and noise problem may hamper the global industrial planetary gearbox industry in the long run. The rising demand for enteral nutrition is likely to impact market growth negatively. The current industry trend, such as the emergence of magnetic planetary gearboxes, is expected to create new market opportunities for the key players in the coming years.
The industrial planetary gearbox market is vast, with a large number of local and global players. The key leaders follow various strategies to improve their market position, such as mergers, acquisitions, expansions, and improved quality products at the best prices to enhance their market share across the world. The dominating key players included in the report are Altra Industrial Motion (Boston gear), Bonfiglioli Riduttori, Dana, Nidec Corporation (Nidec Shimpo), Sumitomo Heavy Industries, and Siemens have always been the initial targets of industrial planetary gearbox companies and many others.
In this market research report, the market is segmented by end-user, and region.
Analysis By End-user:
By end-user type, the report is categorized into Robotics and machine tools, automotive, aerospace and defense, food and beverage, industrial manufacturing, and others. Robotics is the most significant industry that utilized a planetary gearbox. Planetary gears are commonly used in automated guided vehicles (AGV), whether in intra-logistics, agricultural technology or medical device technology across the globe is driving the robotics end-user segment of the industrial planetary gearbox market in the forecast period.
Analysis by Region
In the regional outlook of the global industrial planetary gearbox market, the North American region dominates with a maximum market share of 30% in 2019. It is anticipated to show huge growth in the forecast period due to the early adoption of advanced technologies across the industries. The rising deployment of robots across industries of the U.S. is driving the North American region in the forecast period. APAC market is likely to expand at a significant rate during the forecast period due to the rapid economic development in nations such as India and China, along with the expanding manufacturing sector. Moreover, the rising adoption of automation in manufacturing facilities in Japan, China, India, and South Korea, contributes to the growth of the industrial planetary gearbox market in APAC.
Market Segmentation covered in the Report:
By End-user Type
- Robotics and Machine Tools
- Aerospace and Defense
- Food and Beverage
- Industrial Manufacturing
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.