Global Industrial Gearbox Market Thrives

The Business Research Company’s Industrial Gearbox Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LANDON, GREATER LANDON, UK, January 4, 2024 /EINPresswire.com/ — The global industrial gearbox market has experienced substantial growth, with the market size expanding from $28.59 billion in 2022 to $30 billion in 2023, representing a commendable Compound Annual Growth Rate (CAGR) of 4.9%. The momentum is expected to persist, propelling the market size to $36.43 billion in 2027, sustaining a CAGR of 5.0%. This growth is attributed to several factors, with the rising adoption of industrial automation emerging as a pivotal driver.

Automation Spurs Growth

A key catalyst for the global industrial gearbox market’s upward trajectory is the increasing adoption of industrial automation. Industrial automation systems, characterized by computerized processes that regulate and monitor activities, have become integral in optimizing efficiency. These systems operate autonomously, reducing reliance on human labor and enhancing productivity. A survey conducted in 2021 highlighted that robots are an integral part of 44.9% of assembly and manufacturing facilities, with collaborative robots (cobots) utilized by 34.9% of respondents. The remaining 65.1% leverage industrial robots, underscoring the growing significance of automation in various industries.

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Major Players Steering the Market

Leading players in the industrial gearbox market include Bondioli & Pavesi S.p.A., Johnson Electric Holdings Limited, Siemens AG, Sumitomo Heavy Industries Ltd., David Brown, China High-Speed Transmission Equipment Group Co. Ltd., Rexnord, Cone Drive Operations, Curtis Machine Company, GearTech Inc., Essential Power Transmission Pvt. Ltd., Griffin Gear Inc., Precipart Corporation, NORD drive systems Pvt. Ltd., Allied Precision Gears Inc., Renold PLC, and Ashoka Machine Tools Corporation. These industry giants play a pivotal role in shaping the trajectory of the industrial gearbox market.

Innovation Drives Market Dynamics

A notable trend in the industrial gearbox market is the emphasis on product innovation. Companies within the market are actively engaged in developing cutting-edge products to enhance their market positioning. For instance, Sumitomo Drive Technologies, a US-based manufacturer, launched the Hansen M5CT industrial gearbox in October 2020. This innovative product is a forward-looking development that draws from the experience of three existing product lines, reflecting the industry’s commitment to continuous innovation.

Regional Dynamics: Asia-Pacific Takes the Lead

In 2022, Asia-Pacific emerged as the largest region in the industrial gearbox market, underscoring the region’s significant contribution to market growth. Furthermore, Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. The comprehensive industrial gearbox market analysis covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Segmentation Insights: Diverse Types and Applications
The industrial gearbox market is segmented based on:

1. Type: Planetary, Helical, Bevel, Spur, Worm, Other Types
2. Design: Parallel Axis, Angled Axis, Other Designs
3. Application: Construction and Mining Equipment, Automotive, Chemicals, Rubber and Plastic, Wind Power, Material Handling

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Industrial Gearbox Global Market Report 2023 from TBRC covers the following information:

1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Industrial Gearbox Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on industrial gearbox market size, industrial gearbox market drivers and trends, industrial gearbox market major players, competitors’ revenues, market positioning, and market growth across geographies. The industrial gearbox market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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