Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Global Industrial Gearbox Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive study on the Industrial Gearbox Market reveals promising growth prospects, with an expected compound annual growth rate (CAGR) of 4.22% from 2022 through 2028. This growth trajectory underscores the increasing applications of gearboxes across various end-user industries, including power generation, cement, food & beverage, and especially the burgeoning wind power sector.
In the wind power industry, gearboxes are instrumental in translating the kinetic energy generated by wind turbines into electrical energy. As nations worldwide commit to substantial offshore wind capacity targets—380 GW by 2030 and an impressive 2,000 GW by 2050—the demand for gearboxes suited for this application is anticipated to soar.
Market Trends & Opportunities:
- The global quest for renewable energy sources is bolstering the industrial gearbox market, with a particular focus on developments within the wind power industry.
- An upsurge in the sugar industry, notably in countries like Indonesia and China, is catalyzing demand for gearboxes in agricultural machinery and processing plants.
Segmentation Insights:
Helical gearboxes, known for their quiet operation and high-load capacity, are currently leading the market. The sector is also witnessing significant advancements in planetary gearbox technology, marked by their compact size and efficiency, especially in applications needing rotation multipliers.
Insights by Configuration:
- Parallel Axis: The simplicity of design and high efficiency across various speed ranges has made this segment predominate in the industrial gearbox market.
- Angular Axis: Exhibiting the fastest growth, angled-axis gearboxes are finding wide applications, particularly in automotive and mechanical sectors.
Insights by End-User:
The power generation sector remains a major end-user due to the global energy demand surge and a growing emphasis on renewable sources, while the cement and aggregates sector also substantially contributes to market growth.
Geographical Analysis:
Asia-Pacific regions reign as the industrial gearbox market leaders, with sectors such as manufacturing, automotive, and textiles fueling market expansion. The region's dominance is fortified by competitive labor costs and robust infrastructural development.
KEY QUESTIONS ANSWERED:
- How big is the industrial gearbox market?
- What is the growth rate of the global industrial gearbox market?
- Which region dominates the global industrial gearbox market share?
- Who are the key players in the global industrial gearbox market?
- What are the significant trends in the industrial gearbox market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 288 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $30 Billion |
| Forecasted Market Value (USD) by 2028 | $38.44 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
Market Opportunities & Trends
- Emerging Wind Power Industry
- Increasing Fertilizer Production
- Advances in Technology
Market Growth Enablers
- Growing Sugar Industry
- Rising Paper and Packaging Industry
- Presence of Large Cement Industry
Market Restraints
- Violation in Raw Material Prices
- Technical Challenges
Key Company Profiles
- Nangaochi Group
- Bonfiglioli
- ZF
Other Prominent Vendors
- Hangzhou ADVANCE Gearbox Group Co., Ltd.
- Chongqing Gearbox Co., Ltd.
- Ningbo Donly Co., Ltd.
- NORD Group
- Chongqing Wangjiang Industry Co., Ltd.
- Dalian Huarui Heavy Industry Group Co., Ltd
- Sumitomo Heavy Industries
- Bauer Gear GMBH
- Emerson Electric
- Elecon Engineering Co.Ltd
- Dana Bervini Power Transmission
- Jhonson Electric Holding Ltd
- J.S. Gears
- Flender GMBH
- Comer Industries S.p.A
- China High-Speed Transmission Equipment Group Co, Ltd
Market at a Glance
- Growth Analysis
- Market Scenario
- Recent Developments
- Rise in Need for Efficient Industrial Gearbox
- Expansion of Industry 4.0
- Rising Automation in Material-Handling Equipment
- Challenges in Maintaining Gearboxes
- Requirement of a Dry Place
- Temperature
- Particulate Issues
- Hydraulic Systems vs Gearboxes
- Increasing Manufacturing Sector in APAC
- Growing Robotic Industry
Premium Insights
- Future Opportunities
- Emerging Wind Power Industry
- Growing Sugar Industry
- Segmentation Analysis
- Product
- Configuration
- Geographical Analysis
- Key Snippets
For more information about this report visit https://www.researchandmarkets.com/r/qixia4
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