The global industrial gearbox market size reached US$ 28.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial gearbox market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, design and application.
Breakup by Type:
- Helical Gearbox
- Planetary Gearbox
- Bevel Gearbox
- Spur Gearbox
- Worm Gearbox
Breakup by Design:
- Parallel Axis
- Angled Axis
Breakup by Application:
- Construction and Mining Equipment
- Chemicals, Rubber and Plastic
- Wind Power
- Material Handling
- Power Generation
Breakup by Region:
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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.
|Base Year of the Analysis
||Type, Design, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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Key Questions Answered in This Report:
- How has the global industrial gearbox market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global industrial gearbox market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the design?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the market?
- What is the structure of the global industrial gearbox market and who are the key players?
- What is the degree of competition in the market?