The industrial gearbox market is expected to be worth US$ 30.08 billion in 2023, rising to US$ 47.16 billion by 2033. During the forecast period, demand is expected to grow at a CAGR of 4.6%.
Because industrial gearboxes are used to control the speed and torque of production-related machinery and components, demand for these gearboxes is expected to increase as smart manufacturing becomes more prevalent.
Smart manufacturing is expected to increase sales of industrial gearboxes, which are a critical component of the industrial automation process. Manufacturers can expect higher profit margins as the robotics industry evolves and new technologies become available. Industrial gearbox manufacturers now have more opportunities as a result of this technology.
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With the ability to precisely control the movements of industrial robots, gearboxes can be made to provide more precise motion control for industrial processes. Governments of different nations have taken a number of steps to support the growth of the industrial gearbox sector. In order to do this, financial incentives must be provided for the use of energy-efficient technology, such as industrial gearboxes, as well as sector-specific research and development programs.
Manufacturers are focusing on designing robust and effective gearboxes for power applications. The market participants also stand to gain financially from the increase in demand for energy-efficient equipment. Producers of industrial gearboxes are focusing on developing technologically advanced gearboxes since they hasten market expansion.
Key Takeaways Form the Market Study:
- By 2033, the United States is likely to rule the industrial gearbox market, with a CAGR of 5.1%.
- The industrial gearbox market increased at a 4.3% CAGR between 2016 and 2022, citing FMI’s study.
- The industrial gearbox market was expanding, with a value of US$ 28.75 billion in 2022.
- The expansion in China is anticipated to expand at an adequate CAGR of 9.5% by 2033.
- Japan’s industrial gearbox market is expected to expand significantly, with a CAGR of 4.5% by 2033.
- In 2023, the industrial gearbox sector is likely to increase in India with a size of US$ 15.56 billion.
- The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 5.1% by 2033.
- Based on type, the helical industrial gearbox led the market share in 2022, and continues to dominate the sector during the forecast period.
- Based on design, the parallel axis segment is projected to lead the market by 2033.
- Based on end user, the power generation sector led the market share in 2022, and continues to dominate the sector during the forecast period.
Key Strategies in the Industry
In order to remain competitive, businesses constantly innovate to provide their customers with high-quality products and services. Fundamental market players frequently announce significant business decisions, which have a favorable or negative impact on the market.
- The Nidec Corporation created an automated guided vehicle with a vision-based tracking system in August 2020. By concentrating on the device, among other things, the team at Nidec Committed Shimpo has contributed to improving productivity, automation, and development.
- Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd received an order for 656 gearboxes in March 2021, specifically for the PDM460 dual-stage gearboxes.
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Key segments
By Type:
- Helical
- Planetary
- Bevel
- Worm
- Spur (in-line)
By Design
- Parallel Axis
- Angular Axis
- Others
By End User
- Material Handling
- Construction
- Power Generation
- Mining
- Food & Beverage
- Manufacturing Industry
- Packaging & Labeling
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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