The global Industrial Gearbox market was estimated to be worth US$ 1924.1 million in 2022 based on Future Market Insights’ (FMI) observations. According to the analysis, the market would grow at a healthy CAGR of 9.3% between 2023 and 2033. The market for hoover cleaner filters is anticipated to be driven by changing lifestyles, increasing healthcare sector need for hoover cleaners, and increased end-user awareness during this time.
Urbanisation in emerging nations is accelerating due to the rise of the global economy. As a result, disposable incomes are rising, enabling consumers the necessary purchasing power to buy hoover cleaners that use the newest filtration techniques.
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With the ability to precisely control the movements of industrial robots, gearboxes can be made to provide more precise motion control for industrial processes. Governments of different nations have taken a number of steps to support the growth of the industrial gearbox sector. In order to do this, financial incentives must be provided for the use of energy-efficient technology, such as industrial gearboxes, as well as sector-specific research and development programs.
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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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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