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NEW YORK, July 26, 2022 /PRNewswire/ —
Industrial Gearbox Market Facts at a Glance-
- Companies: 10+ – Including ABB Ltd., Bonfiglioli Riduttori SpA, China High Speed Transmission Equipment Group Co. Ltd., Elecon Engineering Co. Ltd., Rexnord Corp., SEW-EURODRIVE, Siemens AG, Sumitomo Heavy Industries Ltd., THE TIMKEN Co ., and Triveni Engineering & Industries Ltd. among others.
- Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape
- Segments: Product (standard gearbox and precision gearbox) and end-user (power generation, oil and gas, general machinery, and others)
- Geographies: APAC, Europe, North America, South Americaand MEA
Get a comprehensive report summary describing the market size and forecast along with research methodology. View our Sample Report
According to the recent market study by Technavio, the industrial gearbox market size is expected to grow by USD 9.91 billion from 2019 to 2024, with an accelerated CAGR of 4.22 %. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenarios, future market trends, market size & estimations, and major investment pockets.
Regional Market Outlook
The industrial gearbox market share growth in APAC will be significant during the forecast period. China, Japanand India are the key countries for the market in APAC. The region is home to some of the largest oil and gas-consuming countries and chemical and industrial manufacturing industries. This will drive the industrial gearbox market growth in APAC during the forecast period.
Learn about the contribution of each region summarized in concise infographics and thorough descriptions. View our Sample Report
Latest Drivers & Trends in the Market-
- Industrial Gearbox Market Driver:
- Adoption of industrial automation:
In the last few decades, technological growth is driving advances in automation, which is prompting the adoption of robots and industrial automation. The use of automation is increasing across all industrial sectors globally. The adoption of automation is high in the manufacturing sector, which is expected to drive the industrial gearbox market during the forecast period. For repetitive tasks in manufacturing and other industries, robots and automation equipment are used. The need to manufacture advanced robots and their scope of application have led to research on the development of high-precision gearboxes. The increasing mechanization of manual jobs in industries is expected to fuel the demand for industrial gearboxes during the forecast period.
- Industrial Gearbox Market Trend:
- Decline in cost of gearboxes used in wind power generation:
Wind power generation capacity has increased over the last few decades, due to a decline in the cost of components used in wind turbines, including gearboxes. The cost of wind turbine gearboxes has declined significantly over the years due to changes in designs, optimization in raw material sourcing and supply chain, entry of new players, intense competition, and larger economies of scale. The average global prices of wind turbine gearboxes are expected to decline by around 5% during the forecast period. This will propel the demand for industrial gearboxes in the wind energy sector. It will also reduce replacement costs and increase in the number of units sold.
For information about other trends and drivers that will shape the future of the market, View PDF Sample Report
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