At 3.90% CAGR, Industrial Gearbox Market Size is Projected to Reach USD 33.84 Billion, Globally, by 2028 - Industry Trends, Share, Analysis & Forecast Report by Zion Market Research

NEW YORK, May 30, 2022 /PRNewswire/ -- As per Zion Market Research study, The global Industrial Gearbox market was worth around USD 26.90 billion in 2021 and is estimated to grow to about USD 33.84 billion by 2028, with a compound annual growth rate (CAGR) of approximately 3.90 percent over the forecast period. The report analyzes the digital remittance market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Key Industry Insights & Finding of the Industrial Gearbox Market Reports:

• As per the analysis shared by our research analyst, the Industrial Gearbox Market is expected to grow annually at a CAGR of around 3.90 % (2022-2028).
• Through the primary research, it was established that the Industrial Gearbox Market was valued approximately USD 26.90 Billion in 2021 and is projected to reach to roughly USD 33.84 Billion by 2028.
• Rising demand for gearboxes in various applications such as the manufacturing sector, power industry, and others, the Asia-Pacific region accounted for a major proportion of the industrial gearbox market in 2020.
• In the chemical, steel, power, and cement industries, the country is the market leader, and it is also a major player in the petrochemical and refining industries.
• China is the world's largest producer and exporter of crude steel, accounting for more than half of worldwide output.Steel consumption is likely to rise as a result of China's One Belt One Road project, which aims to close the region's infrastructural gap.
• The country is likely to see a growth in industrial gearbox installations in the energy sector throughout the projection period, thanks to the expansion of refineries and petrochemical businesses, as well as the planned coal-fired plants.

Zion Market Research published the latest report titled as  "Industrial Gearbox Market By Type(Planetary, Helical, Bevel, Spur, Worm, Other (Helical-Bevel, Planetary Worm)), By Design(Parallel axis, Angular axis, Others (non-coplanar and non-parallel axis)),By Industry(Wind Power, Cement & Aggregates, Chemical, Rubber & Plastics, Construction, Food & Beverage, Marine, Material Handling, Metals & Mining, Power Generation, Recreational Vehicle, Transportation, Industry, Agriculture, Automotive, Others (Aerospace, Defense, Semiconductor, Robotics, Textile, Healthcare)), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.

Industrial Gearbox Market: Overview

An enclosed system that conveys mechanical energy to an output device is known as an industrial gearbox. Gearboxes can change the speed, torque, and other characteristics of the energy to make it usable. Gearboxes are found in a wide range of devices and serve a variety of functions. To improve torque and speed, these machines can reduce the rate of rotation. The growing use of automation across all industrial sectors is a primary driver for the expansion of the industrial gearbox industry, however direct drive systems are a stumbling block. Misalignment, lubrication concerns, bearing issues, and thermal instability are just a few of the market's challenges.

The global market for industrial gearboxes is primarily driven by the increasing acceptance of Industry 4.0 trends, as well as the rising usage of automated machinery. Furthermore, the introduction of severe government requirements for decreasing noise pollution and power overload across industrial units is boosting the use of industrial gearboxes. A large increase in the renewable energy sector is also driving demand for products that absorb kinetic energy in wind or hydro turbines to generate power. The market for industrial gearboxes is being catalysed by the adoption of favourable government regulations and financial incentives for the development of clean and safe power sources.

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Industry Dynamics:

Industrial Gearbox Market: Growth Drivers

• Rising Adoption of Industrial Adoption & Improving Industrialization to drive global market growth.

During the forecast period, factors such as rapidly increasing industrialization and rising measures to modernise industrial infrastructure will propel the industrial gearbox market forward. The market's footprint will grow as more applications and government support are made available for developing advanced energy flexible and effective buildings. Increased automated activities, as well as an increase in the number of growing economies, will expand the market's current boundaries.

Industrial Gearbox Market: Restraints

• Higher maintenances costs in Industrial Gearboxes to hamper the market growth.

Periodic maintenance, including an oil change, is required for all gearboxes. Contamination from dirt, debris, and other fluids such as water should be examined on a regular basis. Oil should also be replaced on a regular basis, depending on the number of hours of operation and the temperature of the oil.

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Global Industrial Gearbox Market: Segmentation

• The global Industrial Gearbox market is segregated based on type, desgin, industry, and region.

By type, the market is classified into planetary, helical, bevel, spur, worm, other (helical-bevel, planetary worm). The teeth of a helical gear cut at an angle to the gear's face in a helical gearbox. When two teeth make contact during the process, it happens gradually, starting at one end of the tooth and continuing until the gear spins in complete engagement. As a result, it is capable of running a smooth operation while providing high thrust outputs. It is the most commonly utilised gear in vehicle transmissions since it creates a lot of thrust. Helical gearboxes are distinguished by their extraordinarily high output torques, quiet operation, and long service life. After Planetary Gearboxes, Helical Gearboxes are the most efficient gearboxes in the business, working at 98 percent efficiency. Helical gearboxes are used in key industries such as power, fertilizer, rolling mills, automobile, steel, and port industries, as well as manufacturing sectors such as plastics, textile, and food, due to their high efficiency and thrust generating capabilities.

Wind power, cement & aggregate, chemical, rubber & plastic, construction, food & beverage, maritime, material handling, metals & mining, power generation, recreational vehicle, transport industry, agricultural, automotive, and others are the end-user segments of the market. The market for wind power is predicted to increase at the fastest rate. With 38.6 GW of wind capacity as of 2020, India is the world's fourth-largest onshore wind market by installations. The country's wind power sector has been developing due to two major factors: increased energy demand and government mandates.

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List of Key Players of Industrial Gearbox Market:

• Siemens AG (Germany)
• Bonfiglioli Italia S.P.A (Italy)
• Bondioli & Pavesi (Italy)
• Sew-Eurodrive (Germany)
• Dana Brevini (Italy).

Key questions answered in this report:

• What are the growth rate forecast and market size for Industrial Gearbox Market?
• What are the key driving factors propelling the Industrial Gearbox Market forward?
• What are the most important companies in the Industrial Gearbox Market Industry?
• What segments does the Industrial Gearbox Market cover?
• How can I receive a free copy of the Industrial Gearbox Market sample report and company profiles?

Report Scope:

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Recent Developments:

• March 2021- Nanjing High Accuracy Drive Equipment Manufacturing Group Co. is a company based in (NGC) placed an order for roughly 656 gearboxes which included specifically PDM460 dual-stage gears. The Perth subway system in Australia has placed an order for gearboxes. The PDM460 subway gearbox utilised in this order was advertised as having strong bearing capacity, great reliability, and other qualities.
• October 2020- It's ideal for varied loads and high vibrations (improves gearbox transmission performance) in a temperature range of -25°C to 50°C.At the China Wind Power (CWP) 2020 show in, Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd (NGC) debuted its WinGearTM brand 3.x MW main gearbox platform. The gearbox uses an improved bearing technology and a modular design idea to achieve high torque density while lowering electricity costs. Moreover, the gearbox is lighter in weight as compared to other industrial gearboxes available.

Regional Dominance:

• Growth in industrial gearbox.

Due to rising demand for gearboxes in various applications such as the manufacturing sector, power industry, and others, the Asia-Pacific region accounted for a major proportion of the industrial gearbox market in 2020. China has played a critical role in the global industrial sector's expansion. In the chemical, steel, power, and cement industries, the country is the market leader, and it is also a major player in the petrochemical and refining industries. In addition, steel production in 2020 is expected to expand by 6.5 percent over the previous year. China is the world's largest producer and exporter of crude steel, accounting for more than half of worldwide output.Steel consumption is likely to rise as a result of China's One Belt One Road project, which aims to close the region's infrastructural gap. Furthermore, one refinery is undergoing expansion as of August 2021, and three new refineries are slated to start operations in 2021. By 2022, one refinery is planned to be operational. As a result, the country is likely to see a growth in industrial gearbox installations in the energy sector throughout the projection period, thanks to the expansion of refineries and petrochemical businesses, as well as the planned coal-fired plants.

Global Industrial Gearbox Market is segmented as follows:

Industrial Gearbox Market: By Type Outlook (2022-2028)

• Planetary
• Helical
• Bevel
• Spur
• Worm
• Other (Helical-Bevel, Planetary Worm)

Industrial Gearbox Market: By Design Outlook (2022-2028)

• Parallel axis
• Angular axis
• Others (non-coplanar and non-parallel axis)

Industrial Gearbox Market: By Industry Outlook (2022-2028)

• Wind Power
• Cement & Aggregates
• Chemical, Rubber & Plastics
• Construction
• Food & Beverage
• Marine
• Material Handling
• Metals & Mining
• Power Generation
• Recreational Vehicle
• Transportation Industry
• Agriculture
• Automotive
• Others (Aerospace, Defense, Semiconductor, Robotics, Textile, Healthcare)

Industrial Gearbox Market: By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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