by Gearboxes help transfer rotational motion and power from one shaft to another. They find widespread applications in conveyors, cranes, machine tools, elevators, and packaging machinery due to their rugged construction and ability to withstand harsh operating conditions.
The global Industrial Gearbox Market is estimated to be valued at US$ 29.27 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing level of automation in various industries such as automotive, food & beverage, material handling, construction, mining, etc. has been driving the demand for industrial gearboxes. Advanced gearbox technologies allow machinery and equipment to function efficiently requiring minimal human intervention. Gearboxes help optimize power usage and enhance production capacities of automated systems. They play a crucial role in transferring mechanical power from electric motors or engines to machines. The growing emphasis on Industry 4.0 and industrial automation worldwide is slated to augment the growth of the industrial gearbox market during the forecast period.
Segment Analysis
The global industrial gearbox market is dominated by the helical gearbox sub-segment. Helical gearboxes are preferred for industrial applications as they are robust, efficient at transmitting high power loads with minimum noise, and require less maintenance compared to other gearbox types. They offer advantages like smooth operation, self-locking capability, and ability to accommodate some axial thrust and misalignment between input and output shafts.
Key Takeaways
The Global Industrial Gearbox Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis
Asia Pacific is currently the fastest growing and dominating region in the global industrial gearbox market. The presence of emerging economies like China and India with strong manufacturing sectors is driving demand. Rapid industrialization and investment in infrastructure projects are further propelling the market in the region.
Key players
Key players operating in the industrial gearbox market are Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd., Lenze SE, Flender Ltd, Nord Drivesystems Pvt Ltd., Bosch Rexroth AG, Zollern GmbH & Co. KG, INGECO GEARS Pvt. Ltd, Kngear, Essential Power Transmission Pvt. Ltd., Bonfiglioli Drives Co. Ltd., and Elecon Engineering Company Limited.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
