The industrial gearbox market is expected to be worth $30.08 billion in 2023 and $47.16 billion by 2033. During the forecast period, demand is expected to grow at a CAGR of 4.6%.
Because industrial gearboxes are used to control the speed and torque of production-related machinery and components, demand for these gearboxes is expected to increase as smart manufacturing becomes more prevalent.
Smart manufacturing is expected to increase sales of industrial gearboxes, which are a critical component of the industrial automation process. As the robotics industry develops and new technologies become available, manufacturers are likely to expect higher profit margins. Industrial gearbox manufacturers now have more opportunities as a result of this technology.
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Gearboxes can be designed to enable more accurate motion control for industrial processes by having the capacity to precisely control the movements of industrial robots. To assist the expansion of the industrial gearbox market, governments from various countries have adopted a number of actions. To achieve this, financial rewards must be offered for the deployment of energy-efficient equipment, including industrial gearboxes, as well as sector-specific R&D initiatives.
Manufacturers are focusing on designing robust and effective gearboxes for power applications. The market participants also stand to gain financially from the increase in demand for energy-efficient equipment. Producers of industrial gearboxes are focusing on developing technologically advanced gearboxes since they hasten market expansion.
Key Takeaways
- By 2033, the United States is likely to rule the industrial gearbox market, with a CAGR of 5.1%.
- The industrial gearbox market increased at a 4.3% CAGR between 2016 and 2022, citing FMI’s study.
- The industrial gearbox market was expanding, with a value of US$ 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.
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Key segments
By Type:
- Helical
- Planetary
- Bevel
- Worm
- Spur (in-line)
By Design
- Parallel Axis
- Angular Axis
- Others
By End User
- Material Handling
- Construction
- Power Generation
- Mining
- Food & Beverage
- Manufacturing Industry
- Packaging & Labeling
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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