IMARC Group, a leading market research company, has recently releases report titled “Industrial Gearbox Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global industrial gearbox market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the industrial gearbox market?
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.
What is industrial gearbox?
An industrial gearbox is a mechanical system wherein mechanical energy is transferred to an output device. It is employed to modify torque and speed for converting energy into a usable form. It offers high efficiency and load-carrying capacity and helps minimize vibration and noise in the system. It also aids in efficiently running the machinery used in different applications, such as automotive, construction and mining equipment, wind power, chemical, rubber and plastic, material handling, power generation, and agriculture.
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What are the growth prospects and trends in the industrial gearbox industry?
At present, the rising adoption of robotic machinery and escalating demand for controlling noise pollution across different industries represent one of the key factors catalyzing the installation of industrial gearboxes. Industrial gearboxes are widely employed in the joints of these robotic arms help control the speed and direction of movement. Apart from this, industrial gearboxes are utilized in power plants for performing vital functions, such as driving air preheaters, coal crushers, turbine drives, conveying systems, and cooling tower fans. This, coupled with the high precision ability of gearboxes, is creating a positive market outlook. Furthermore, the easy availability of multiple industrial gearbox variants, such as helical, planetary, bevel, spur, and worm, is fueling the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Helical Gearbox
- Planetary Gearbox
- Bevel Gearbox
- Spur Gearbox
- Worm Gearbox
- Others
Breakup by Design:
- Parallel Axis
- Angled Axis
- Others
Breakup by Application:
- Construction and Mining Equipment
- Automotive
- Chemicals, Rubber and Plastic
- Wind Power
- Material Handling
- Power Generation
- Agriculture
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
- SEW-EURODRIVE GmbH & Co KG.
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