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Industrial Gearbox Market worth $31.90 billion by 2023
Industrial Gearbox Market by Type (Planetary, Helical, Bevel, Spur, Worm), Design (Parallel, Angled) Industry (Wind Power, Material Handling, Construction, Metal & Mining, Cement & Aggregate, Food & Beverage), and Region - Global Forecast to 2023
According to the new market research report "Industrial Gearbox Market by Type (Planetary, Helical, Bevel, Spur, Worm), Design (Parallel, Angled) Industry (Wind Power, Material Handling, Construction, Metal & Mining, Cement & Aggregate, Food & Beverage), and Region - Global Forecast to 2023", published by MarketsandMarkets™, The industrial gearbox market is expected to grow from an estimated USD 25.91 billion in 2018 to USD 31.90 billion by 2023, at a CAGR of 4.25%. The positive growth rate of this market can be attributed to the increasing requirement for efficient industrial transmission systems and the growing industrial automation in manufacturing industries in North America and Asia-Pacific region.
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The helical segment is expected to hold the largest share of the industrial gearbox market during the forecast period
Helical gearboxes are used in wide range of applications such as rolling mills, monorail system, overhead conveyors, blowers, and turbines. These gearboxes find their application in industries such as material handling, food & beverage, chemical, and power industry. The investments in material handling and food & beverage industry are increasing in Europe, North America, and Asia-Pacific region driving the growth of the helical gearbox segment.
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The wind power industrial gearbox segment, by industry, is expected to grow at a high rate during the forecast period
The Global Wind Energy Council has projected installation of more than 300 GW of wind power during the forecast period. A large number of installations are projected to be in Asia Pacific, North America and European regions. The growing installation of wind turbines will drive the growth of industrial gearboxes.
Asia Pacific is expected to dominate the industrial gearbox market during the forecast period
In this report, the industrial gearbox market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is expected to hold the largest share of this market during the forecast period because of industrialization and infrastructural developments, mainly in China and India.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the industrial gearbox market. These players include Siemens AG (Germany), Bonfiglioli Italia S.P.A (Italy), Bondioli & Pavesi (Italy), Sew-Eurodrive (Germany), and Dana Brevini (Italy).
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