According to FMI, the industrial gearbox market is expected to grow its revenue share from USD 30.08 billion in 2023 to USD 47.16 billion by 2033. Throughout the forecast period, the market is anticipated to exhibit a constant CAGR of 4.6%.
Government investments in the expansion of the power-generating industry are driving the demand for the industrial gearbox. Application of industrial gearbox in sectors including agriculture machinery, transportation, and food processing are driving the global industrial gearbox sector growth.
| Attributes | Details |
|---|---|
| Industrial Gearbox Market CAGR (2023 to 2033) | 4.6% |
| Industrial Gearbox Market Size (2023) | USD 30.08 billion |
| Industrial Gearbox Market Size (2033) | USD 47.16 billion |
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When compared to the 4.3% CAGR recorded between 2016 and 2022, the industrial gearbox business is predicted to expand at a 4.6% CAGR between 2023 and 2033. The slight increase in growth rate can be attributed to the introduction of high-end technologies like AI.
| Year | Market Value |
|---|---|
| 2016 | USD 22.27 billion |
| 2021 | USD 27.49 billion |
| 2022 | USD 28.75 billion |
| 2030 | USD 41.21 billion |
Short-term Growth (2023 to 2026): The market is anticipated to increase as a result of the rising demand for advanced industrial gearboxes, such as those with better torque capacity and higher power handling ability.
Medium-term Growth (2027 to 2029): It is anticipated that the market is benefiting from industry 4.0's quick adoption, along with other emerging technologies like the internet of things and artificial intelligence throughout this time.
Long-term Growth (2030 to 2033): It is expected that rising industrial activity, notably in the automotive, mining, and oil & gas industries, is likely to fuel the industrial gearbox sector's long-term expansion.
Given the aforementioned reasons, the industrial gearbox sector is predicted to develop by 1.04 times between 2022 and 2023.
Due to the growth of the robotics industry, the industrial gearbox business has recently experienced rising demand. To precisely manage the speed and torque of the robotic arms, gearboxes are now required as a result of the integration of robotics into industrial processes.
The need for industrial gearboxes is rising as the robotics sector expands and new technologies become accessible. Industrial gearbox manufacturers now have more prospects due to this technology. Gearboxes can be made to give more precise motion control for industrial processes, with the capacity to precisely regulate the movements of industrial robots.
As a result, industrial gearbox manufacturers are now significant providers of motion control components to the robotics industry. This has enhanced precision and efficiency in industrial processes.
Demand for industrial gearboxes has also been boosted by the development of autonomous robots. Autonomous robots can complete difficult jobs with little to no assistance from humans. This demands precise motion control, which is only possible with industrial gearboxes.
Principal Consultant
The market is expected to expand significantly over the next few years, as automation and smart manufacturing become more prevalent. To maximize production, cut costs, and enhance product quality, smart manufacturing entails integrating digital technologies into the manufacturing process.
This involves artificial intelligence (AI), the Internet of Things (IoT), and machine learning. The production process can be monitored and controlled in real time with the use of AI, IoT, and machine learning, which boosts productivity and efficiency.
Industrial gearbox demand is anticipated to increase as smart manufacturing becomes more prevalent since these gearboxes are utilized to regulate the speed and torque of production-related machinery and components. Given that industrial gearboxes are an essential part of the industrial automation process, the adoption of smart manufacturing is predicted to increase demand for these devices.
| Country | Market Value (2023) |
|---|---|
| United Kingdom | USD 1.29 billion |
| United States | USD 2.74 billion |
| China | USD 8.59 billion |
| India | USD 15.56 billion |
| Japan | USD 1.3 billion |
From 2023 to 2033, the industrial gearbox market in the US is anticipated to expand at a CAGR of 5.1%. The market is anticipated to be driven by the rising demand for industrial gearboxes brought on by the expansion of the manufacturing and process sectors. It is anticipated that the industrial gearbox sector in the United States is likely to experience considerable growth due to the rising demand for sophisticated industrial gearbox technologies. It includes high power density, decreased noise, and extended life duration. It is also anticipated that the market is likely to increase as a result of the growing trend of automation and digitalization in industrial sectors. Additionally, measures to cut energy use and the development of smart factories are anticipated to further accelerate market expansion. However, it is anticipated that the high price of industrial gearboxes and the scarcity of experienced staff is likely to impede market expansion.
From 2023 to 2033, the market in the United Kingdom is anticipated to expand at a CAGR of 5.1%. The necessity for energy efficiency in industrial operations and the rising demand for industrial automation technology are the key drivers of this expansion. With a sizable number of businesses engaged in the industry, including Renold, David Brown, and SEW-Eurodrive, the United Kingdom is one of the top producers of industrial gearboxes in the world. The United Kingdom government has made several actions to encourage the development of the industrial gearbox industry there. This entails offering financial incentives for the use of energy-efficient technologies, like industrial gearboxes, as well as supporting sector-specific research and development initiatives. To help the creation of novel goods and technology in the market, the government has also set up a network of regional innovation hubs.
Asia Pacific: Industrial Gearbox Market's Emerging Automation Hub
| Country | India |
|---|---|
| CAGR (2016 to 2022) | 5.1% |
| CAGR (2023 to 2033) | 6.3% |
| Country | Japan |
|---|---|
| CAGR (2016 to 2022) | 3% |
| CAGR (2023 to 2033) | 4.5% |
| Country | China |
|---|---|
| CAGR (2016 to 2022) | 10.2% |
| CAGR (2023 to 2033) | 9.5% |
The Indian government has started several projects to encourage the manufacturing of industrial gearboxes in India. For instance, the National Manufacturing Competitiveness Programme (NMCP) has been established to offer small and medium firms (SMEs) in the industrial gearbox industry financial help and technical support.
The Make in India initiative, which the government also announced for the manufacturing industry, has accelerated the expansion of the industrial gearbox sector in India. In addition, several government-sponsored initiatives, including the Startup India Initiative and the Pradhan Mantri MUDRA Yojana (PMMY), are anticipated to fuel the expansion of the industrial gearbox market in India over the next several years.
The increased need for industrial gearboxes in industries like oil and gas, manufacturing, and mining is credited with this expansion. Additionally, it is anticipated that the government's emphasis on the development of renewable energy sources like wind and solar power propels the industry.
Key competitors in the industrial gearbox sector in China are concentrating on new product releases and partnerships with regional businesses to take advantage of the expanding demand. To increase the range of products it offers, the Chinese gearbox manufacturer NGC Group partnered with the American industrial firm Rexnord Corporation in April 2020.
The industrial sector's increased emphasis on energy efficiency and technology developments are the key causes of this expansion. Furthermore, it is anticipated that government programs to encourage the use of green technology, such as renewable energy, increase sales of industrial gearboxes in Japan. In Japan, businesses including Mitsubishi Heavy Industries, Sumitomo Heavy Industries, and Hitachi Ltd. are active in the industrial gearbox sector.
These businesses are concentrating on creating sophisticated gearboxes with increased efficiency and less noise. Additionally, these businesses are concentrating on giving their clients support and after-sales service.
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Competitors Aim for Innovation to have a Strong Foot in the Market
Businesses consistently innovate to offer their clients high-quality goods and services to stay competitive. To keep ahead of their rivals and create new products and innovations, they are spending a lot of money on research and development.
To lower their entire manufacturing costs and maintain their competitiveness, they are also concentrating on cost-cutting initiatives. Companies are also concentrating on extending their geographic reach to acquire access to new markets and clients.
The industrial gearbox market size reaches USD 30.08 billion in 2023.
The industrial gearbox market is set to surge at a 4.6% CAGR, reaching a noteworthy valuation of USD 47.16 billion by 2033.
The industrial gearbox market demonstrated a 4.3% CAGR from 2018 to 2022.
The industrial gearbox market offers stakeholders opportunities in automation, renewable energy integration, and customized solutions.
India industrial gearbox market is lucrative, foreseeing a USD 15.56 billion revenue potential by 2033, fueled by robust manufacturing and automation emphasis.
1. Executive Summary | Industrial Gearbox Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Worm Gearbox 5.2. Helical Gearbox 5.3. Bevel Helical Gearbox 5.4. Planetary Gearbox 5.5. Screw Gearbox 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Design 6.1. Parallel Axis 6.2. Angled Axis 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 7.1. Material Handling 7.2. Automotive 7.3. Construction 7.4. Power Generation 7.5. Mining 7.6. Food & Beverages 7.7. Manufacturing Industry 7.8. Agriculture 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Watt Drive Antriebstechnik GmbH 16.2. Nidec Motor Corporation 16.3. Dana Brevini Power Transmission 16.4. China High Speed Transmission Equipment Group Co. Ltd 16.5. Johnson Electric Holdings Limited 16.6. Sumitomo Heavy Industries Ltd. 16.7. Bondioli and Pavesi S.p.A. 16.8. Emerson Electric Co. 16.9. Comer Industries 16.10. SEW Eurodrive 17. Assumptions & Acronyms Used 18. Research Methodology
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Industrial Gearbox Market
