Market Size (2017)
2017
$6.84B
Vertical: EnPBase Year: 201710 Sections
Market Size (2017)
2017
$6.84B
Projected (2024)
2024
$9.69B
CAGR (2017–2024)
5.1%
5.1%Key Players
114+
The global industrial gearbox service market is projected to grow at 5.26% CAGR during the forecast period, 2019–2024. In 2018, the global industrial gearbox service market was dominated by Asia-Pacific with a 33.37% share, followed by Europe and North America with shares of 25.19% and 21.09%, respectively. The demand for industrial gearbox service is growing rapidly owing to the various factors, including the growth in industrial automation in Europe and the rapid growth of the construction industry in developing nations.
The global industrial gearbox service market has been segmented based on type, design, part, industry, and region. On the basis of type, the global industrial gearbox service market has been segmented into planetary, helical, bevel, spur, worm, and others. The planetary segment is expected to grow at a faster rate during the forecast period. In 2018, the helical segment held a 30.24% share of the global industrial gearbox service market.
On the basis of design, the industrial gearbox service market has been segmented as parallel axis, angled axis, and others. The parallel axis segment is expected to grow at the faster rate during the forecast period. In 2018, the parallel axis segment held a 48.98% share of the global industrial gearbox service market.
On the basis of part, the global industrial gearbox service market has been segmented as gear, shaft, and bearings. The bearings segment is expected to grow at the fastest rate during the forecast period. In 2018, the bearings segment held a 40.42% share of the global industrial gearbox service market.
On the basis of industry, the global industrial gearbox market has been segmented into power generation, construction, material handling, industrial, wind power, marine, others. The wind power segment is expected to grow at the fastest rate during the forecast period. In 2018, the industrial segment held a 28.86% share of the global industrial gearbox service market.
The Industrial Gearbox Service Market market is projected to grow at a CAGR of 5.1% from 2017 to 2024.
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansIndustrial gearboxes are used in various applications such as machine tools, conveyors, and screws to change speed and increase the torque of the equipment involved in various industrial operation such as power generation, construction industry, and marine. 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 oil and vibration analysis, measuring gear tooth clearances, and the inspection of gear parts.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2017
Historical Period
2017 – 2017
Forecast Period
2017 – 2024
Primary Interviews
150+
Historical data (2017–2017) and forecast period (2017–2024)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansMarket estimates by geography (2024)
InsightAsia Pacific leads with $3.30B by 2024.
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View Subscription Plans| REGION | 2017 | 2017 | 2024 | CAGR | SHARE |
|---|---|---|---|---|---|
| South America | $822.80M | $990.30M | $1.15B | 4.9% | 12% |
| North America | $1.44B | $1.75B | $2.04B | 5.1% | 21% |
| Europe | $1.73B | $2.07B | $2.41B | 4.9% | 25% |
| Asia Pacific | $2.28B | $2.79B | $3.30B | 5.4% | 34% |
| Middle East and Africa | $573.10M | $681.90M | $787.40M | 4.6% | 8% |
| Total | $6.84B | $8.28B | $9.69B | 5.1% | 100% |
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View Subscription PlansTotal Market Size
$9.69B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Helical | $2.95B | 5.1% | 72% |
| Planetary | $2.12B | 5.1% | 60% |
| Bevel | $1.52B | 5.1% | 87% |
| Worm | $1.13B | 5.1% | 77% |
| Spur | $1.12B | 5.1% | 77% |
| Others | $835.60M | 5.1% | 53% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Industrial Gearbox Service Market covering market dynamics, competitive landscape, and strategic outlook.
The Industrial Gearbox Service Market market is projected to reach $9.69B by 2024, growing at 5.1% CAGR. The Helical segment holds the largest share.
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 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.
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Profiles of 114 companies operating in the Industrial Gearbox Service Market market, including revenue, employee count, and market positioning where available.
Showing 114 of 114 companies
Unico Mechanical
Unico Mechanical (Unico) is a manufacturer of heavy industrial machines and provider of field service that offers a wide range of machine services. It has partnered with companies, such as Bender CCP (US) and Johansing Iron Works (US), which offer services for rotating equipment and machining services. The company offers a wide range of services including machining, grinding, balancing, overhaul, repair, and restoration. It provides solutions and services for various end-use industries applications such as municipalities, multi-national OEMs, chemicals & petrochemicals, waterfront repair, water treatment, pulp & paper, oil & gas, power plants, hydropower stations, shipyards, and paper mills. Unico has presence in Northern California and across the globe.
GBS Gearbox Services International
GBS Gearbox Services International (GBS Gearbox Services) is a service providing company focusing on machining operations, such as turning, milling and punching. It is an expert in industrial and maritime gearbox repair, service, and maintenance. It offers various services for industrial gearboxes, such as machine diagnostics, onsite gear measurement, inspection and repair, automated online monitoring, and maintenance management of gearboxes. It caters to a wide range of end-use industries, which include material handling, chemical, dredging, energy, maritime, steel/cement and mining. GBS Gearbox Services has a range of brands namely, BHS, Bierens, Brevini, Brook Hansen, Chemineer, Conrad Stork, Demag, Flender, Flender – Graffenstaden, Jahnel Kesterman, Kumera, and other brands. The company has a wide geographic presence covering countries in the regions of the Americas, Europe, the Middle East & Africa, and Asia-Pacific.
Dana Limited
Company Headquarters: US Founded: 1904 Workforce: ~40,000 Company Working: Dana Limited designs, manufacture, and distributes energy management and power conveyance solution for vehicles. The company offers its products across the world under various brand name such as Spicer: which offer drivetrain solution for commercial vehicles, cars, military vehicles, and off-highway machines, as well as those adopted for high-performance applications, Victor Reinz: under this company offers a high-performance sealing system for powertrain, Long: under this company offers thermal management solutions, Brevini: under this segment the company offers fluid power products, power transmission as well as winches for a range of industrial along with mobile off-highway machine applications. Graziano: Under this, the company offers a wide range of automated, manual as well, as dual-clutch transmission systems along with hybrid derivatives for supercars and high-performance sports cars, Fairfield: under this segment, the company offers drive assemblies and custom gear used in broad variety of industrial applications across the world including rail, marine, oil and gas, fisheries as well as port equipment, Spicer: under this brand the company offers a broad range of hybrid and electrified powertrain systems for commercial cars, passenger cars, as well as off-highway machines, Brevini Electrified: under this segment, the company offers electrified fluid power solutions for off-highway equipment manufacturers, TM4: under this brand the company offers low as well as high voltage electric motors, power electronics, generators, as well as control systems used in electric propulsion systems around the commercial, automotive, off-highway as well as recreational vehicle market. Graziano brand offers a broad range of electrified as well as hybrid transmission, differentials, PTUs, and complete e-Drive systems for hypercars and high-performance sports cars. Open ECU is designed to allow customization and manufacturing to automotive volume production standards. Its product enables efficient, reliable, fast embedded control development and a cost-effective solution for low to medium-volume manufacturing applications. GWB brand driveshaft offers products for industrial applications. PIV brand offers a broad range of products for industrial applications focused on rubber and plastic. The company has 139 facilities in 32 countries, serving customers around 141 countries. The company has a global network of 25 technology centers around 9 countries.
Artec Machine Systems
Artec Machine Systems provides design, parts, field repair, and maintenance of all types of heavy gear systems, gearbox refurbishment, rotor balancing, retrofits & upgrade as well as traditional scheduled maintenance. It offers industrial gearbox repair services, technical field support, engineering services as well as in‐house repair and testing for various applications from mills to military propulsion systems. The company offers its services, solutions and maintenance for a range of end-use applications such as power generation, oil & gas, marine, defense, pharmaceutical, and cement. Artec Machine Systems provides its sales and services to a clientele including Renk‐Maag GmbH, Renk AG Industrial Gear Units, and Kissling AG.
Elecon Group Company Limited
Elecon Group Company Limited (Elecon Group) offers industrial geared motors and reducers, material handling equipment, mining equipment, casting processes, shaft mounted gearboxes, screw jacks and other products and services for industrial gearboxes. The company has four business units namely, UK-based Radicon, Sweden and Europe-based Benzlers and Thailand-based Radicon. The company has its operation through its two business segments namely, material handling equipment and transmission equipment. Services are offered under both the segments. It offers its products and services for industrial gearboxes from the power transmission system to complex drive arrangements across various industries. It also offers on-site services and monitoring services to ensure fast response time and optimum product deliverable as per the industry needs. It provides its products to a wide range of end-use industries including power, oil & gas, pulp & paper, food & beverage, mining, material industries, rubber & plastics, and steel. Elecon Group has partnered with OEMs such as Dell, Hitachi, IBM, SonicWALL, Fortinet, TrendMicro, and Acer. The company has a wide global presence across major countries such as the US, the UK, Germany, Sweden, Italy, and South Korea. Benzlers AB and Radicon are its subsidiaries.
SEW-EURODRIVE
Company Headquarters: Bruchsal, Germany Founded: 1931 Workforce: N/A Company Working: Sew-Eurodrive is one of the global leaders in drive technology and a pioneer in drive-based automation. It offers solutions for solving the most difficult power transmission and motion control challenges. The company also offers a wide range of products such as gear units, gear motors, industrial gear units, inverter technology, servo drive technology, control technology, safety technology, and decentralized drives, along with solutions such as industrial communication and industrial gear units. Its products are used in a wide range of industries for various applications such as stationary conveying, mobile conveying & driving, turning & pivoting, winding, mixing & stirring, and washing & drying. Sew-Eurodrive caters to several end-use industries including automotive, beverages & filling liquids, transport & logistics, food & packaging, mining, wood processing, and building materials. Sumitomo Heavy Industries, Ltd, Emerson Electric Co., ABB, Schneider Electric, and Bonfiglioli are some of its key competitors.
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Industrial Gearbox Service Market