Marine Gearbox is a device which is used for rising the torque or changing the speed of the engine. The company which provides gearbox for ships is introducing several technologically- advancements like hybrid gearboxes to catch up with the hardware up-gradation in the marine industry. The growth in the demand for ships specifically cargo and cruise is anticipated to drive the market for the Marine Gearbox market
The Marine Gearbox market is expected to grow at a CAGR of 4.6% to reach USD 39,030.2 million in 2030.
Covid-19 Impact & Market Status
The marine sector was miserably influenced by the outbreak of the fatal virus COVID-19 in early 2020. Most manufacturing companies temporarily shut down their manufacturing plants and some closed down their business due to the occurrence of huge losses. A decline in the global demand for the Marine Gearbox and unavailability of labour hindered the supply of the Marine Gearboxes. Many suppliers of gearboxes stalled their business operations to follow the safety measures. The coronavirus epidemic influences the commodity markets in various ways. Company operations were adversely impacted due to isolated outbreaks and government-mandated lockdowns and the demand for many commodities remained low with a lower near-term demand across regions.
The Asia Pacific to Hold Major Share of Global Marine Gearbox Market
The market in the Asia Pacific region is anticipated to get widened at a rapid pace during the forecast period while North America possessed a vital stake in the market in 2021 due to the huge fleet size and hiked demand for entertainment boats in the region. During the foreseeable period, the expansion in tourism and leisure activities would undoubtedly raise demand for marine gearboxes in the region. During the study period, the European Marine Gearbox Market is expected to grow at a quick rate. In the Asia-Pacific area, the maritime industry is well-established. Europe possesses the largest number of powerboats, yachts, and superyachts all over the world. For instance, boat shows and recreational operations are hiking in this region.
The Global Marine Gearbox Market was valued at USD 7.8 billion in 2022 and is anticipated to reach USD 8.1 billion by 2029 with a growing CAGR of 7.5%.
Marine Gearbox plays a pivotal role in the functioning of marine vessels. It's a gadget that changes the engine's speed and torque by increasing or decreasing the torque. There are multiple types of Marine Gearbox available on the market. These comprise the bevel gearbox, spur gearbox, helical gearbox, and worm gearbox. Renowned Companies in the market are now more intrigued about investing in Research and Development activities (R&D) for better hydrodynamics, lower carbon fuels, higher energy-efficient engines, and carbon-free fuels for ships.
It is due to the rise in tourism activities and disposable income of the people, that the Demand for marine gearboxes is exponentially rising across the globe. In the next years, a continual growth in demand for amusement and recreational activities throughout the world is expected to stimulate demand for marine gearboxes.
Latest Innovations in the Global Marine Gearbox Market: A Snapshot
- In March 2020, NOVAGEAR AG increased its efficacy for the introduction of a new gearbox called the 48V WHR prototype, which comprises the least quantity of lubrication for gears. The lube oil is specifically dispensed and dependent upon the speed and temperature of the Marine Gearbox and directed to the gear flanks in atomized conditions. The concept of adaptive lubrication diminishes drag and churning by over 90% as compared to conventional oil-injection lubrication.
Marine Gearbox Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 8.1 billion|
|Growth Rate||CAGR of 7.5% during 2021-2028|
|Segment Covered||Ship Type, Engine, Type, Installation, Regions|
|Regions Covered||North America, Europe, The Asia Pacific, South America, Middle East & Africa|
|Key Players Profiled||ISHIBASHI Manufacturing Co., Ltd., Kumera Corporation, Elecon Engineering Company Limited, General Electric, PRM Newage Ltd, REINTJES GmbH, Wärtsilä, VELVET DRIVE TRANSMISSIONS., RENK-MAAG, Twin Disc, Masson Marine & among others.|
Key Segments of the Global Marine Gearbox Market
Ship Type Overview, 2022-2029 (USD Billion)
Engine Overview, 2022-2029 (USD Billion)
Type Overview, 2022-2029 (USD Billion)
- Helical Gearbox
- Bevel Gearbox
- Spur Gearbox
- Worm Gearbox
Installation Overview, 2022-2029 (USD Billion)
Regional Overview, 2022-2029 (USD Billion)
- North America
- The US
- Rest of Europe
- The Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa