Market Research Future (MRFR) projects the global industrial gearbox market size to reach USD 9.27 billion at a CAGR of 5.41% from 2020 to 2027 (forecast period). An industrial gearbox, simply put, is a mechanical process for transferring power or energy between process units, machinery, and automation systems. It is placed at the junction of the power shaft and the motor.
Various factors are propelling the global industrial gearbox market share. According to the recent MRFR report, such factors include the growing need for efficient energy gearbox & clean energy sources, increasing automation in manufacturing technology, increasing adoption of industrial automation, technological advances in industrial sectors and robotics, and increasing disposable income. Additional factors adding market growth include growing investments in renewable power generation, demand for wind power, and increasing use of automation in the manufacturing sector. On the contrary, the slowdown of major economies, technical challenges, high device cost, and the on-going COVID-19 impact are factors which may limit the global industrial gearbox market growth over the forecast period.
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Eminent contenders profiled in the global industrial gearbox market report include Eickhoff Antriebstechnik GmbH (Germany), Sumitomo Heavy Industries, Ltd (Japan), Zollern GmbH & Co. KG (Germany), Renk AG (Germany), Wikov Industry A.S. (Czech Republic), Rexnord Corporation (US), Nidec-Shimpo Corporation (US), General Electric (US), Nanjing High Speed & Accurate Gear Group Co., Ltd (China), Sew-Eurodrive (Germany), Emerson Electric Co (US), Schneider Electric (France), ABB (Switzerland), and Siemens (Germany).
By Division By type
The worldwide mechanical gearbox administration market is divided as planetary, helical, angle, spike, worm, and others. The planetary fragment is required to develop at the quickest rate during the figure time frame.
By Division By plan
The worldwide mechanical gearbox administration market is portioned into an equal hub, calculated pivot, and others. The equal hub fragment is relied upon to develop at the quickest rate during the conjecture time frame.
By Division By part
The worldwide mechanical gearbox administration market has been fragmented into stuff, shaft, and bearing.
By Division By industry
The worldwide mechanical gearbox administration market has been divided into development, power age, modern, material dealing with, marine, wind force, and others. The breeze power portion is relied upon to develop at the quickest rate during the figure time frame.
By Division By area
The market is sectioned as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Based on the region, the global industrial gearbox market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. Growth in industrial automation, the booming construction industry, especially in developing nations, and increasing technological advances are adding to the global industrial gearbox market growth in the region.
The global industrial gearbox market in the APAC region is predicted to grow at a fast pace over the forecast period. Huge investments made by private organizations and government in material handling, metal and mining, construction, and wind power, constant investments made in developing automation in India, China, and Japan, rising installation of wind power, and growing automation in manufacturing industries are adding to the global industrial gearbox market growth in the region.
The global industrial gearbox market in Europe is predicted to have notable growth over the forecast period. On-going advances in technology, growing adoption of artificial intelligence robots to reduce labor expenses, growing scope of applications, high sophistication level, and increasing focus to improve production efficiency are adding to the global industrial gearbox market growth in the region.
The global industrial gearbox market in the MEA is predicted to have steady growth over the forecast period.
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