Global industrial gearbox market expected to generate revenue of around USD 29.20 billion by the end of 2024, growing at a CAGR of around 14.25% between 2018 and 2024. Rapid developments in industrial automation are driving the expansion of industrial gearbox market. This is followed by the adoption of AI and robots in all the organizations and industrial sectors across the globe.
The report covers forecast and analysis for the industrial gearbox market on a global and regional level. The study provides historical data from 2015 to 2017 along with a forecast from 2018 to 2024 based on revenue (USD Billion). The study includes drivers and restraints for the industrial gearbox market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the industrial gearbox market on a global level.
In order to give the users of this report a comprehensive view on the industrial gearbox market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein type, design, and end-user segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launches, agreements, partnerships, collaborations & joint ventures, research & development, technology, and regional expansion of major participants involved in the market on the global and regional basis. Moreover, the study covers price trend analysis and the product portfolio of various companies according to the region.
The study provides a decisive view on the industrial gearbox market by segmenting the market based on type, design, end-user, and region. All the segments have been analyzed based on present and the future trends and the market is estimated from 2018 to 2024. The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. This segmentation includes demand for industrial gearbox market based on all segments in all the regions and countries.
The report also includes detailed profiles of end players such as GearTech, Inc., (United Stars, Inc.), Klingelnberg GmbH, Inc. Essential Power Transmission Pvt. Ltd., Griffin Gear Inc., Precipart Corporation, Cleveland Gear Company, NORD drivesystems Pvt. Ltd., Allied Precision Gears Inc., SEW-Eurodrive, Renold Plc, and Ashoka Machine Tools Corporation.
This report segments the global industrial gearbox market as follows:
Global Industrial Gearbox Market: Type Segment Analysis
Global Industrial Gearbox Market: Design Segment Analysis
Global Industrial Gearbox Market: End-User Segment Analysis
Global Industrial Gearbox Market: Regional Segment Analysis
An industrial gearbox is a machine thatis required by various machine parts and components to function reliably and safely. As amatter of fact, the industrial gearbox acts as a mainstream component for every automobile or vehicle. Industrial gearboxes are also manufactured to control gear and torque of automobiles. Industrial gearbox is enclosed machinery equipment that mainly transmits mechanical energy to output devices. These gearboxes consist of a series of integrated gears enclosed in a system. Industrial gearboxes are used in a wide range of applications or purposes in a diverse range of devices. In simple words, industrial gearboxes simply transfer mechanical energy from one device to another by reducing the speed, thus increasing the torque.
Industrial gearbox market is experiencing the highest growth rate in developed as well as developing countries. Rapid growth in industrial automation is driving the growth of thismarket. Industrial automation can be defined as takingcontrol of machinery or any equipment with the help of technology,thereby increasing the output of any production followed by reducing the labor expenses and manpower. This has further encouraged the organizations to adopt robots and AI so that they can take control of the production process. This upsurge in industrial automation is happening globally. Robots and the automation equipment are generally used in manufacturing andautomotive,amongother industries. The growing demand to manufacture and produce robots in order to have precision in the production process is also propelling the growth of thismarket. The thought of cutting down labor costs and other expenses among organizations can only be achieved through the implementation of AI and robots. These factors are anticipated to substantially contribute towards the industrial gearbox market growth over the forecast period.
Based on type, the industrial gearbox market is segmented into helical,planetary, spur, bevel, worm, and others. On the basis of design, the industrial gearbox market is categorized into angular axis, parallel axis, and others. On the basis of end-user, thismarket is fragmented into food and beverages, wind power, construction, marine, agriculture, automotive, and others.
The Asia Pacificregion is growing with the highest growth rate in the globalindustrial gearboxmarket. Theregion is expectedto continue its domination over the forecast period. The growth of this regional market is attributed to thehugeinvestmentsmade by the government and private organizations in material handling, wind power, construction,and metalandmining sectors. Countries such as Japan, China,and India are constantly making investments in developing automation. These factors are anticipated to further drive the industry growth in the region over the forecast period. Europe is predicted to have a substantial revenue share in the global industrial gearbox market. Withongoing technological advancements, the organizations in thisregion are adopting AI robots in order to cut down labor expenses and focus on improvingproduction efficiency. These factors are expected to boost the growth and development of the global industrial gearbox market in Europe.
Some of the industry players involved in the industrial gearbox market include GearTech, Inc., (United Stars, Inc.), Klingelnberg GmbH, Inc., Essential Power Transmission Pvt. Ltd., Griffin Gear Inc.,Precipart Corporation, Cleveland Gear Company, NORD DrivesystemsPvt. Ltd., Allied Precision Gears Inc., SEW-Eurodrive, RenoldPlc, and Ashoka Machine Tools Corporation.
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