May 29, 2022 21:39 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, May 29, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Industrial Gearbox Market finds that the increasing demand for industrial automation is expediting market growth. Primarily driven by growing demand for energy efficient gear boxes, the total Global Industrial Gearbox Market is estimated to reach USD 33.7 Billion by the year 2028.
The Global Market revenue value stood at USD 26.5 Billion in the year 2021 and is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.1%.
Furthermore, the growing energy demand and governmental initiatives are also anticipated to augment the growth of the Global Industrial Gearbox Market, states Vantage Market Research, in a report, titled “Industrial Gearbox Market Size, Share & Trends Analysis Report by Type (Planetary, Helical, Bevel, Spur), by Design (Parallel Axis, Angular Axis, Others), by Industry (Wind Power, Cement & Aggregates, Chemical, Rubber & Plastics), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Increasing Demand for Industrial Automation to Drive the Market Growth
The increasing demand for industrial automation is anticipated to augment the growth of the Industrial Gearbox Market within the estimated period. The rapid modernization of manufacturing infrastructure, combined with increased energy demand in emerging nations, will drive gearbox use worldwide. Material handling equipment, conveyors, crushers, cranes, and cooling towers all employ them. Several gears are utilised in the manufacturing business during the production process. They're used in a variety of raw material rolling, processing, and refinement applications. Band saws and driving rollers, bending presses, and tube bending machines are examples. The US Department of Energy (DoE) stated in February 2020 that it would invest USD 74 million in 63 projects across the country to test, study, and create flexible and energy-efficient technology. Furthermore, the government organisation expressed its enthusiasm for improving the energy flexibility and efficiency of commercial and residential structures in the United States. During the projected period, this factor is expected to fuel the global market.
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Segmentation of the Global Industrial Gearbox Market:
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Growing Demand for Energy Efficient Gearboxes to Stimulate Market Growth
The increasing demand for energy efficient gear boxes such as helical gearboxes from various end use industries is anticipated to augment the growth of the Industrial Gearbox Market in the years to come. After planetary gearboxes, helical gearboxes are the most efficient gearboxes in the business, working at 98% efficiency. Helical gearboxes are used in key industries such as fertiliser, automobile, steel, rolling mills, power, and port industries, as well as manufacturing sectors such as textile, plastics, and food, owing to their high proficiency, ability and thrust generating capabilities. Helical gearboxes are utilised in vehicle transmissions for medium and heavy-duty industrial applications because they can handle high speeds and loads. Many engineering and performance benefits come from the modular design and construction, including a high degree of interchangeability of parts and sub-assemblies. As a result, significant cost savings are achieved while retaining the greatest level of component integrity.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the energy & power industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Industrial Gearbox Market highlights:
Asia Pacific to Witness Fastest Growth in the Global Industrial Gearbox Market
Asia Pacific is expected to grow at a fastest Compound Annual Growth Rate (CAGR) during the forecast period and is likely to continue the same trend. This is attributable to the rising demand for gearboxes in various applications like manufacturing sector, power industry, etc. in economies such as India and China in the region. Furthermore, increasing growth of the manufacturing sector is also likely to support the growth of the market. Additionally, the growing energy demand and governmental initiatives are also expected to support the regional growth of the market in near future.
List of Prominent Players in Industrial Gearbox Market:
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Industrial Gearbox Market Size, Share & Trends Analysis Report by Type (Planetary, Helical, Bevel, Spur), by Design (Parallel Axis, Angular Axis, Others), by Industry (Wind Power, Cement & Aggregates, Chemical, Rubber & Plastics), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/industrial-gearbox-market-138014
August, 2019: Premium Transmission launched seven clutter-breaking products in the industrial gear segment. New launches include PCX-SERIES Cooling Tower Gearbox, Small Planetary Gearbox, Smart Modular Series- Helical Gearbox, Inline Geared Motor, Geared Lift Machine, Gearless Lift Machine and Modular Fluid Coupling. These technologically advanced products are highly efficient and will cater to industries varying from oil & gas, steel, cement, food and beverages, power, material handling to textile, elevators etc.
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This market titled “Industrial Gearbox Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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