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 |
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.
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.
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.
Table 1: Global Market Value (US$ Million) Forecast by Region, 2018 to 2033
Table 2: Global Market Volume (Units) Forecast by Region, 2018 to 2033
Table 3: Global Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 4: Global Market Volume (Units) Forecast by Type, 2018 to 2033
Table 5: Global Market Value (US$ Million) Forecast by Design, 2018 to 2033
Table 6: Global Market Volume (Units) Forecast by Design, 2018 to 2033
Table 7: Global Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 8: Global Market Volume (Units) Forecast by End User, 2018 to 2033
Table 9: North America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 10: North America Market Volume (Units) Forecast by Country, 2018 to 2033
Table 11: North America Market Value (US$ Million) Forecast by Type, 2018 to 2033
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Table 13: North America Market Value (US$ Million) Forecast by Design, 2018 to 2033
Table 14: North America Market Volume (Units) Forecast by Design, 2018 to 2033
Table 15: North America Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 16: North America Market Volume (Units) Forecast by End User, 2018 to 2033
Table 17: Latin America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 18: Latin America Market Volume (Units) Forecast by Country, 2018 to 2033
Table 19: Latin America Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 20: Latin America Market Volume (Units) Forecast by Type, 2018 to 2033
Table 21: Latin America Market Value (US$ Million) Forecast by Design, 2018 to 2033
Table 22: Latin America Market Volume (Units) Forecast by Design, 2018 to 2033
Table 23: Latin America Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 24: Latin America Market Volume (Units) Forecast by End User, 2018 to 2033
Table 25: Europe Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 26: Europe Market Volume (Units) Forecast by Country, 2018 to 2033
Table 27: Europe Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 28: Europe Market Volume (Units) Forecast by Type, 2018 to 2033
Table 29: Europe Market Value (US$ Million) Forecast by Design, 2018 to 2033
Table 30: Europe Market Volume (Units) Forecast by Design, 2018 to 2033
Table 31: Europe Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 32: Europe Market Volume (Units) Forecast by End User, 2018 to 2033
Table 33: Asia Pacific Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 34: Asia Pacific Market Volume (Units) Forecast by Country, 2018 to 2033
Table 35: Asia Pacific Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 36: Asia Pacific Market Volume (Units) Forecast by Type, 2018 to 2033
Table 37: Asia Pacific Market Value (US$ Million) Forecast by Design, 2018 to 2033
Table 38: Asia Pacific Market Volume (Units) Forecast by Design, 2018 to 2033
Table 39: Asia Pacific Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 40: Asia Pacific Market Volume (Units) Forecast by End User, 2018 to 2033
Table 41: MEA Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 42: MEA Market Volume (Units) Forecast by Country, 2018 to 2033
Table 43: MEA Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 44: MEA Market Volume (Units) Forecast by Type, 2018 to 2033
Table 45: MEA Market Value (US$ Million) Forecast by Design, 2018 to 2033
Table 46: MEA Market Volume (Units) Forecast by Design, 2018 to 2033
Table 47: MEA Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 48: MEA Market Volume (Units) Forecast by End User, 2018 to 2033
Figure 1: Global Market Value (US$ Million) by Type, 2023 to 2033
Figure 2: Global Market Value (US$ Million) by Design, 2023 to 2033
Figure 3: Global Market Value (US$ Million) by End User, 2023 to 2033
Figure 4: Global Market Value (US$ Million) by Region, 2023 to 2033
Figure 5: Global Market Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 6: Global Market Volume (Units) Analysis by Region, 2018 to 2033
Figure 7: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 8: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 9: Global Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 10: Global Market Volume (Units) Analysis by Type, 2018 to 2033
Figure 11: Global Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 12: Global Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 13: Global Market Value (US$ Million) Analysis by Design, 2018 to 2033
Figure 14: Global Market Volume (Units) Analysis by Design, 2018 to 2033
Figure 15: Global Market Value Share (%) and BPS Analysis by Design, 2023 to 2033
Figure 16: Global Market Y-o-Y Growth (%) Projections by Design, 2023 to 2033
Figure 17: Global Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 18: Global Market Volume (Units) Analysis by End User, 2018 to 2033
Figure 19: Global Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 20: Global Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 21: Global Market Attractiveness by Type, 2023 to 2033
Figure 22: Global Market Attractiveness by Design, 2023 to 2033
Figure 23: Global Market Attractiveness by End User, 2023 to 2033
Figure 24: Global Market Attractiveness by Region, 2023 to 2033
Figure 25: North America Market Value (US$ Million) by Type, 2023 to 2033
Figure 26: North America Market Value (US$ Million) by Design, 2023 to 2033
Figure 27: North America Market Value (US$ Million) by End User, 2023 to 2033
Figure 28: North America Market Value (US$ Million) by Country, 2023 to 2033
Figure 29: North America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 30: North America Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 31: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 32: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 33: North America Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 34: North America Market Volume (Units) Analysis by Type, 2018 to 2033
Figure 35: North America Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 36: North America Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 37: North America Market Value (US$ Million) Analysis by Design, 2018 to 2033
Figure 38: North America Market Volume (Units) Analysis by Design, 2018 to 2033
Figure 39: North America Market Value Share (%) and BPS Analysis by Design, 2023 to 2033
Figure 40: North America Market Y-o-Y Growth (%) Projections by Design, 2023 to 2033
Figure 41: North America Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 42: North America Market Volume (Units) Analysis by End User, 2018 to 2033
Figure 43: North America Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 44: North America Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 45: North America Market Attractiveness by Type, 2023 to 2033
Figure 46: North America Market Attractiveness by Design, 2023 to 2033
Figure 47: North America Market Attractiveness by End User, 2023 to 2033
Figure 48: North America Market Attractiveness by Country, 2023 to 2033
Figure 49: Latin America Market Value (US$ Million) by Type, 2023 to 2033
Figure 50: Latin America Market Value (US$ Million) by Design, 2023 to 2033
Figure 51: Latin America Market Value (US$ Million) by End User, 2023 to 2033
Figure 52: Latin America Market Value (US$ Million) by Country, 2023 to 2033
Figure 53: Latin America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 54: Latin America Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 55: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 56: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 57: Latin America Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 58: Latin America Market Volume (Units) Analysis by Type, 2018 to 2033
Figure 59: Latin America Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 60: Latin America Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 61: Latin America Market Value (US$ Million) Analysis by Design, 2018 to 2033
Figure 62: Latin America Market Volume (Units) Analysis by Design, 2018 to 2033
Figure 63: Latin America Market Value Share (%) and BPS Analysis by Design, 2023 to 2033
Figure 64: Latin America Market Y-o-Y Growth (%) Projections by Design, 2023 to 2033
Figure 65: Latin America Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 66: Latin America Market Volume (Units) Analysis by End User, 2018 to 2033
Figure 67: Latin America Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 68: Latin America Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 69: Latin America Market Attractiveness by Type, 2023 to 2033
Figure 70: Latin America Market Attractiveness by Design, 2023 to 2033
Figure 71: Latin America Market Attractiveness by End User, 2023 to 2033
Figure 72: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 73: Europe Market Value (US$ Million) by Type, 2023 to 2033
Figure 74: Europe Market Value (US$ Million) by Design, 2023 to 2033
Figure 75: Europe Market Value (US$ Million) by End User, 2023 to 2033
Figure 76: Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 77: Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 78: Europe Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 79: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 80: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 81: Europe Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 82: Europe Market Volume (Units) Analysis by Type, 2018 to 2033
Figure 83: Europe Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 84: Europe Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 85: Europe Market Value (US$ Million) Analysis by Design, 2018 to 2033
Figure 86: Europe Market Volume (Units) Analysis by Design, 2018 to 2033
Figure 87: Europe Market Value Share (%) and BPS Analysis by Design, 2023 to 2033
Figure 88: Europe Market Y-o-Y Growth (%) Projections by Design, 2023 to 2033
Figure 89: Europe Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 90: Europe Market Volume (Units) Analysis by End User, 2018 to 2033
Figure 91: Europe Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 92: Europe Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 93: Europe Market Attractiveness by Type, 2023 to 2033
Figure 94: Europe Market Attractiveness by Design, 2023 to 2033
Figure 95: Europe Market Attractiveness by End User, 2023 to 2033
Figure 96: Europe Market Attractiveness by Country, 2023 to 2033
Figure 97: Asia Pacific Market Value (US$ Million) by Type, 2023 to 2033
Figure 98: Asia Pacific Market Value (US$ Million) by Design, 2023 to 2033
Figure 99: Asia Pacific Market Value (US$ Million) by End User, 2023 to 2033
Figure 100: Asia Pacific Market Value (US$ Million) by Country, 2023 to 2033
Figure 101: Asia Pacific Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 102: Asia Pacific Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 103: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 104: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 105: Asia Pacific Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 106: Asia Pacific Market Volume (Units) Analysis by Type, 2018 to 2033
Figure 107: Asia Pacific Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 108: Asia Pacific Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 109: Asia Pacific Market Value (US$ Million) Analysis by Design, 2018 to 2033
Figure 110: Asia Pacific Market Volume (Units) Analysis by Design, 2018 to 2033
Figure 111: Asia Pacific Market Value Share (%) and BPS Analysis by Design, 2023 to 2033
Figure 112: Asia Pacific Market Y-o-Y Growth (%) Projections by Design, 2023 to 2033
Figure 113: Asia Pacific Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 114: Asia Pacific Market Volume (Units) Analysis by End User, 2018 to 2033
Figure 115: Asia Pacific Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 116: Asia Pacific Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 117: Asia Pacific Market Attractiveness by Type, 2023 to 2033
Figure 118: Asia Pacific Market Attractiveness by Design, 2023 to 2033
Figure 119: Asia Pacific Market Attractiveness by End User, 2023 to 2033
Figure 120: Asia Pacific Market Attractiveness by Country, 2023 to 2033
Figure 121: MEA Market Value (US$ Million) by Type, 2023 to 2033
Figure 122: MEA Market Value (US$ Million) by Design, 2023 to 2033
Figure 123: MEA Market Value (US$ Million) by End User, 2023 to 2033
Figure 124: MEA Market Value (US$ Million) by Country, 2023 to 2033
Figure 125: MEA Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 126: MEA Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 127: MEA Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 128: MEA Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 129: MEA Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 130: MEA Market Volume (Units) Analysis by Type, 2018 to 2033
Figure 131: MEA Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 132: MEA Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 133: MEA Market Value (US$ Million) Analysis by Design, 2018 to 2033
Figure 134: MEA Market Volume (Units) Analysis by Design, 2018 to 2033
Figure 135: MEA Market Value Share (%) and BPS Analysis by Design, 2023 to 2033
Figure 136: MEA Market Y-o-Y Growth (%) Projections by Design, 2023 to 2033
Figure 137: MEA Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 138: MEA Market Volume (Units) Analysis by End User, 2018 to 2033
Figure 139: MEA Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 140: MEA Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 141: MEA Market Attractiveness by Type, 2023 to 2033
Figure 142: MEA Market Attractiveness by Design, 2023 to 2033
Figure 143: MEA Market Attractiveness by End User, 2023 to 2033
Figure 144: MEA Market Attractiveness by Country, 2023 to 2033
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.
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