Industrial Gearbox Market, By Type (Worm Gearbox, Helical Gearbox, Bevel Helical Gearbox, Planetary Gearbox, and Other Types), By Application (Power Industry, Steel Industry, Mines and Minerals Industry, Wastewater Treatment Industry, Manufacturing Industry, and Other Applications), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Jul 2023

Code : CMI5984

Pages :150

Formats :

Excel and PDF

Industry : Industrial Automation and Machinery

Industrial Gearbox MarketSize and Trends

The global industrial gearbox market size was valued at US$ 28.04 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 4.4% from 2023 to 2030. The global industrial gearbox market is expected to grow at a significant rate during the forecast period. This growth is primarily driven by the rising adoption of industrial automation in various industrial sectors, technical advancements in robotics and industrial automation, and increasing investments in renewable energy generation. The growing focus on reducing carbon emissions and climate change is another factor driving the market growth.

Global Industrial Gearbox Market Trends:

Helical gearbox segment is gaining traction in the market

Helical gearboxes offer smooth operation and high thrust outputs. The teeth on a helical gear, in a helical gearbox cut an angle to the face of the gear. When these teeth start engaging, the contact becomes gradual, starting off at the end of the tooth and maintains contact when the gear is rotating in full engagement. The result is smooth operation and better thrust output. The use of these gears is increasing in automobile transmission applications. This in turn is likely to support growth of the global industrial gearbox market over the forecast future.

Market players introducing novel products is another trend in the market

Key players in the market are increasing launching new products to gain a competitive edge in the market. For instance, in October 2020, Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd. announced the launch of its WinGearTM brand 3.xMW main gearbox platform at the China Wind Power 2020 exhibition. Launch of such technologically advanced products is driving the demand for the global industrial gearbox market.