A new report shows massive growth in the industrial gearbox market from $25.91 billion USD in 2018 to an estimated $31.90 billion USD by 2023. There are many factors this can be attributed to, with one of the strongest drivers being the emerging and increasing demand for wind power.
Falk speed gearboxes and gearbox parts are going to become a needed part of many energy companies as they plan for expansion. Additionally, there will be a growing need for Falk gearbox specialists who can help with timely and quick repairs when problems inevitably come up.
What is behind the growth?
As the world continues to industrialize, there will be growing demand in industrial automation in a wide variety of industries, from manufacturing to energy to agriculture. Each of these industries relies on machines powered by gearboxes in order to perform much of the required labor to produce goods and services.
Wind power is expected to be the “fastest growing market of the industrial gearbox market, by industry, during the forecast period.” This growth expected due to projections estimating the increase of wind power installations across the globe, from Asia-Pacific to Europe, to North America. Wind turbines require high-quality gearboxes, and gearbox parts, for their operation, and so they will be the biggest drivers in the industrial gearbox market.
There is also growing demand from other industries that are seeing greater automation. “The food and beverage, baggage handling, metal and mining, material handling, and power industry,” all utilize industrial gearboxes for a variety of uses from blowers and turbines to backstop and drywell.
The key market behind this enormous growth is the Asia-Pacific market. Here is the greatest demand present due to “to increasing investment in construction, material handling, wind power, metal and mining, and agriculture sectors in the region.” Developed countries like Japan, China, and India are heavily investing in increasing automation.
These countries are also heavily investing in renewable power generation, with wind power holding a substantial share of renewable power generation.
Growing demand in the Cement, and Agriculture Industry
The world’s population is growing steadily and with that comes greater demand for food. In order to meet this demand, many farmers are wearing out equipment at a faster rate. This means Falk gearbox specialists are seeing greater demand for replacement gearbox parts to allow the agricultural industry to keep up with demand.
Agricultural machinery needs a variety of traits to be effective, from energy efficiency to be able to withstand extreme temperatures and conditions as well as mechanical strength to manage heavy loads of soil and rock. These designs often require a gearbox in order to give them the required strength and power needed to complete the work without undue breakdowns.
In the cement industry, an increased consumption of concrete has made the need for gears within power transmissions to be powerful enough to allow production to be more efficient and cost-effective. Gearboxes are used in a variety of applications from conveyor belts to roller presses.
How can you be ahead of the curve?
You can ensure being ahead of the curve by investing in a Falk gearbox that is both reliable and cost-effective. Consult with Falk gearbox specialists who will be able to guide you in the right gears for the job.
By investing now in cost-effective and reliable gearboxes, you can be sure to create a profitable future as developing countries invest in renewable energy sources. The first step in getting ahead is seeing how a gearbox can be utilized in your industry.
Space is often in short supply, so choosing the right size gearbox that can give you efficiency and speed is an important decision. One example is a worm drive, which “is an extremely space-efficient type of gearbox, as it is both compact and adept at quickly converting speed into torque.”
Noise can also be a factor, as industrial facilities are regulated by OSHA so to limit the amount of noise workers are exposed to. By choosing a Falk gear reducer “with a higher contact ratio between matching gears” you can lower the overall noise level.
To stay profitable and relevant in today’s changing industrial environment, the best step you can take is to invest in quality Falk gearboxes that can give you the efficiency and power you need to drive your business to new heights. Contact us today.
Posted under News and Events on Monday, January 7th, 2019