Overview and Scope
An industrial gearbox refers to an enclosed system in which mechanical energy is transferred from one device to another and is used to increase torque while reducing speed.
Sizing and Forecast
The industrial gearbox market size has grown strongly in recent years. It will grow from $29.95 billion in 2023 to $31.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to growth in the manufacturing industry, strong economic growth in emerging markets and a growing demand for electric vehicles.
The industrial gearbox market size is expected to see strong growth in the next few years. It will grow to $39.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to the rising adoption of industrial automation, rising urbanization and an increasing adoption of in-built robots. Major trends in the forecast period include focus on technological advancements, product innovations, faster digitalized automation in industries, new product launches and mergers and acquisitions.
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Segmentation & Regional Insights
The industrial gearbox market covered in this report is segmented –
1) By Type: Planetary, Helical, Bevel, Spur, Worm, Other Types
2) By Design: Parallel Axis, Angled Axis, Other Designs
3) By Application: Construction & Mining, Automotive, Industrial, Power Generation, Marine, Other Applications
Asia-Pacific was the largest region in the industrial gearbox market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial gearbox market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising adoption of industrial automation has been a major driving factor for the industrial gearbox market. Industrial automation systems are computerized systems that regulate and monitor a process, machine, or device to perform repetitive activities or duties. They are designed to run on their own to reduce and improve human labor in the business. For instance, in 2021, according to the robotic survey, robots are presently used as an integral part of 44.9 % of the respondents' assembly and manufacturing facilities, according to the poll. More specifically, 34.9 % of those with robots utilize collaborative robots (cobots), whereas the other 65.1 % use only industrial robots. Hence, the rising adoption of industrial automation has been a major driving factor for the industrial gearbox market.
Key Industry Players
Major companies operating in the industrial gearbox market report are Bosch Rexroth AG, Flender GmbH, Dana Incorporated, China High-Speed Transmission Equipment Group Co. Ltd, Bonfiglioli Riduttori SPA, Getriebebau NORD GmbH & Co. KG, Sumitomo Heavy Industries Co. Ltd., Lenze SE, Elecon Engineering Company Limited, Sew-Eurodrive, Ashoka Machine Tools Corporation, Nord Drive Systems, GearTech, Essential Power Transmission Pvt. Ltd, Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd, Siemens AG, Stellantis, Renold Plc, Highfield Gears, Griffin Gear, Rexnord, Cone Drive Operations, David Brown, Atlanta Gear Works, Superior Gearbox Company, Motus Labsare, Dietz Electric Co. Inc, Sumitomo Drive Technologies, Worm Gearbox Manufacturer, Greenshpon Engineering Ltd, Apex Dynamics, Zollern, Ashot Ashkelon Industries, AL NIHAL INDUSTRIAL EQUIP. TR. LLC, Everest Electrical & Mech Equipment Trading LLC, Synergies Tech DMCC, Nishi Enterprise, Eickhoff, Principal Power Solutions, Volza's, Crane Solutions Global Services Company Ltd.
The industrial gearbox market report table of contents includes:
1. Executive Summary
2. Industrial Gearbox Market Characteristics
3. Industrial Gearbox Market Trends And Strategies
4. Industrial Gearbox Market - Macro Economic Scenario
5. Global Industrial Gearbox Market Size and Growth
....
32. Global Industrial Gearbox Market Competitive Benchmarking
33. Global Industrial Gearbox Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Gearbox Market
35. Industrial Gearbox Market Future Outlook and Potential Analysis
36. Appendix
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