The Industrial Gearbox by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Gearbox, The industrial gearbox market size has grown strongly in recent years. It will grow from $29.95 billion in 2023 to $31.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to growth in the manufacturing industry, strong economic growth in emerging markets and a growing demand for electric vehicles.
The industrial gearbox market size is expected to see strong growth in the next few years. It will grow to $39.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to the rising adoption of industrial automation, rising urbanization and an increasing adoption of in-built robots. Major trends in the forecast period include focus on technological advancements, product innovations, faster digitalized automation in industries, new product launches and mergers and acquisitions.
The rising adoption of industrial automation has been a major driving factor for the industrial gearbox market. Industrial automation systems are computerized systems that regulate and monitor a process, machine, or device to perform repetitive activities or duties. They are designed to run on their own to reduce and improve human labor in the business. For instance, in 2021, according to the robotic survey, robots are presently used as an integral part of 44.9 % of the respondents’ assembly and manufacturing facilities, according to the poll. More specifically, 34.9 % of those with robots utilize collaborative robots (cobots), whereas the other 65.1 % use only industrial robots. Hence, the rising adoption of industrial automation has been a major driving factor for the industrial gearbox market.
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The industrial gearbox market covered in this report is segmented –
1) By Type: Planetary, Helical, Bevel, Spur, Worm, Other Types
2) By Design: Parallel Axis, Angled Axis, Other Designs
3) By Application: Construction & Mining, Automotive, Industrial, Power Generation, Marine, Other Applications
Top Major Players:
Bosch Rexroth AG
Flender GmbH
Dana Incorporated
China High-Speed Transmission Equipment Group Co. Ltd
Bonfiglioli Riduttori SPA
Asia-Pacific was the largest region in the industrial gearbox market in 2023.
Faster digitalized automation in industries refers to the trend of accelerating the integration of digital technologies and automation in industrial sectors. It aims to improve operational efficiency, increase productivity and reduce costs by automating manual processes and tasks using digital technologies such as artificial intelligence (AI), Internet of Things (IoT), and robotics. Industries aim for the conversion of their facilities into smart factories where processes will be automated and the system will be in continuous sync with people, sensors, and devices via the Internet of Things. With digital process automation, companies are able to become more customer-focused and responsive. As their operating model becomes digitized and intelligent with digital process automation, it also becomes possible to take more risks with product innovation. In February 2023, Schneider Electric, a provider of digital transformation of energy management and automation, announced the launch of its new Industrial Digital Transformation Services at the 27th Annual ARC Industry Leadership Forum. The specialized global service is intended to assist industrial enterprises in achieving end-to-end digital automation that is future-ready, innovative, sustainable, and effective. These factors are expected to boost the adoption of automated processes and hence, the use of automated equipment. Also, the adoption of automated processes will enable the industry to work on better-developed gears and equipment.
The industrial gearbox market report table of contents includes:
1. Executive Summary
2. Industrial Gearbox Market Characteristics
3. Industrial Gearbox Market Trends And Strategies
4. Industrial Gearbox Market – Macro Economic Scenario
5. Global Industrial Gearbox Market Size and Growth
….
32. Global Industrial Gearbox Market Competitive Benchmarking
33. Global Industrial Gearbox Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Gearbox Market
35. Industrial Gearbox Market Future Outlook and Potential Analysis
36. Appendix
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