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The global industrial gearbox market grew at a CAGR of 5% during 2015-2020. Industrial gearbox refers to an enclosed system that is used to transfer mechanical energy from one device to another. It can adjust the ratio of speed, torque, and rate of rotation transmitted to an output device. Some of the common product variants include spur gearbox, helical gearbox, coaxial helical inline gearbox, bevel helical gearbox, etc. These devices offer numerous advantages in enhancing operational output, minimizing workload, maintaining torque, controlling vibration and noise, etc. As a result, industrial gearbox finds extensive applications across diverse industries, such as power generation, construction, food and beverages, marine, material handling, metal and mining, agricultural, automotive, etc.
The increasing penetration of Industry 4.0 trends coupled with the rising adoption of automated machinery is primarily driving the global market for industrial gearboxes. Additionally, the implementation of stringent government regulations for controlling noise pollution and reducing power overload across industrial units is further augmenting the installation of industrial gearboxes. Apart from this, a significant growth in the renewable energy sector is also propelling the product demand for absorbing kinetic energy in the wind or hydro turbines to produce electricity. The introduction of favorable government policies and financial incentives for the development of clean and safe power sources is catalyzing the market for industrial gearboxes. Moreover, the growing demand for industrial gearboxes in the construction industry for enhancing the operational efficiency of conveyors, crushers, plastic extruders, etc., is further bolstering the market growth. In the coming years, the emergence of numerous advanced technologies, such as artificial intelligence and robotics, for automated and highly-efficient industrial purposes will continue to drive the global market for industrial gearboxes. Looking forward, IMARC Group expects global industrial gearbox market to exhibit moderate growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial gearbox market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, design and application.
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The competitive landscape of the industry has also been examined with some of the key players being ABB Ltd., Altra Industrial Motion Corp., Bonfiglioli Riduttori SPA (Bonfi SRL), Bondioli & Pavesi S.p.A., Emerson Electric Co., Elecon Engineering Company Ltd., Johnson Electric Holdings Limited, Siemens AG, Sumitomo Heavy Industries Ltd. and SEW-EURODRIVE GmbH & Co KG.
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