The market is expected to generate an incremental $ opportunity of US$ 13,861.5Mn between 2022 and 2032
Category: Clean Energy & Power Published Date : November 2022 ID: CVC-00534 Format: PDF Pages: 310
Industrial Gearbox Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Industrial Gearbox Market grew at a CAGR of 4.0% between 2017-2021 and is estimated to be US$ 26,478.4Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.3% and is expected to reach a valuation of US$ 40,339.9Mn by 2032 end.
Planetary, bevel, worm, helical, and spur gearboxes are among the solutions and products that manufacturers and industry participants offer in the worldwide industrial gearbox market. The planetary gearboxes are among those that are in high demand in the international this market. The increasing use of these planetary gearboxes in wind turbines and steel mills is responsible for this development.
These cutting-edge products are used in a variety of end-use industries, including wind power, agriculture, construction, transportation, chemical, marine, cement and aggregate, material handling, automotive, rubber and plastics, power generation, metal and mining, recreational vehicles, aerospace and defense, and food and beverages. They are used for various applications, including mixers, defusers, crystallizers, port lifting equipment, and pressure gauges.
THE GROWTH OF THE GLOBAL INDUSTRIAL GEARBOX MARKET IS BEING DRIVEN BY THE GROWING GOVERNMENT INVESTMENTS
The industrial gearbox is employed in the energy transmission process between devices. Controlling the speed of tools and gadgets is done with the help of an industrial gearbox. Government investments in the power generating sector’s expansion and the use of industrial gearboxes in industries including agriculture machinery, transportation, and food processing are driving the growth of the global market for industrial gearboxes. The spike in demand for automotive components is also driving the development of the worldwide industrial gearbox market.
THE GLOBAL INDUSTRIAL GEARBOX MARKET IS EXPERIENCING CHALLENGES IN TERMS OF TECHNICAL DIFFICULTIES
On the other side, technical obstacles pose problems for the global industrial gearbox market. The expansion of the global industrial gearbox market is also anticipated to be constrained by factors like the slowdown in industrial activity. The global market for industrial gearboxes may not fare well due to increasing automation.
THE RAPID INDUSTRIALIZATION IN DEVELOPED AND DEVELOPING NATIONS IS DRIVING THE GROWTH AND DEVELOPMENT OF THE GLOBAL INDUSTRIAL GEARBOX MARKET
The global industrial gearbox market is expanding due to the quick industrialization of both developed and developing countries. The rise of the automotive industry is facilitating the growth of the industrial gearbox market. According to the Mechanical Engineering Industry Association, industrial gearboxes with complete mechanical technology and digitalization generated about $16.35 billion in market revenue in Germany in 2017. Thus, the worldwide industrial gearbox market is expanding thanks to growing robotization.
Market Segments Covered in Report
By Region and Country:
Why is the parallel axis segment expected to grow with the highest CAGR during the forecast period?
The parallel axis segment controlled the industrial gearbox market. The industrial gearbox with parallel axes has a straightforward mechanism for use in numerous industries. This industrial gearbox operates at low and medium speeds and is very effective. It is commonly utilized in industries that produce goods.
Why is the wind power segment expected to grow with the highest CAGR during the forecast period?
The wind power generation sector controlled the industrial gearbox market. The surge in demand for energy and electricity and the increased awareness of renewable energy sources drive the growth of the worldwide industrial gearbox market. The need for industrial gearboxes for wind power generation is driven by their various advantages, including increased radial and axial load and shorter positioning times.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The industrial gearbox market has a fair amount of concentration. The business intelligence report thoroughly examines the general positioning and specifics of the leading market participants and stakeholders active in the industrial gearbox industry on a global scale. It evaluates their operations, product overview, financial data, company decisions, and revenue over the anticipated time frame.
The recent developments in the Global Industrial Gearbox Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Design, Industry, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|