Industrial Gearbox Market | Expected to Reach USD 47.16 Billion | Growing at CAGR of 4.6% | Forecast Period 2023 to 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
6 min read
Future Market Insights Global and Consulting Pvt. Ltd.
Multi-industry Utilization and Government Initiatives Both Contribute to the Demand for Industrial Gearbox. The industrial gearbox market in the United States is expected to grow at a 5.1% CAGR from 2023 to 2033. The market is expected to be driven by rising demand for industrial gearboxes as the manufacturing and process sectors expand.
DUBAI, United Arab Emirates, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The industrial gearbox market is predicted to be worth US$ 30.08 billion in 2023, and rise to US$ 47.16 billion by 2033. Demand is expected to increase at a CAGR of 4.6% during the projected period.
Given that industrial gearboxes are used to control the speed and torque of production-related machinery and components, demand for these gearboxes is expected to rise as smart manufacturing becomes more common.
The adoption of smart manufacturing is anticipated to raise the sales of industrial gearboxes, which are a crucial component of the industrial automation process. As the robotics industry develops and new technologies become available, manufacturers are likely to expect higher profit margins. Due to this technology, industrial gearbox makers now have greater opportunities.
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
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.
Competitors Seek Innovation to Gain a Foothold in the Market
To remain competitive, businesses must constantly innovate in order to provide high-quality goods and services to their customers. They spend a lot of money on research and development to stay ahead of their competitors and create new products and innovations.
They are also focusing on cost-cutting initiatives in order to reduce their overall manufacturing costs and maintain their competitiveness. Companies are also focusing on expanding their geographic reach in order to gain access to new markets and clients.
Bonfiglioli SPA, Sumitomo Heavy Industries, SEW Eurodrive, Nidec Motor Corporation, Bauer Gear GmbH, Emerson Electric, Elecon Engineering Co. Ltd, Dana Brevini Power Transmission, Johnson Electric Holding Limited, Flender GmbH, Comer Industries S.p.A., China High-Speed Transmission Equipment Group Co., Ltd
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