The global industrial gearbox market size is $27.26 billion. And In 2022 was estimated to be worth USD 33.26 billion. An industrial gearbox serves to transfer energy from one device to another. It serve to control the speed of machinery and appliances. Expanding government investments in the power generation sector. as well as growing industrial gearbox applications in industries. such as construction and mining equipment, farm machinery, wind. and food processing, are boosting the global industrial gearbox market.
Growth Factors For Market
The industrial gearbox serves to control the speed of devices and gadgets. The growth of the global market is being driven by the fact. that the government is investing more on developing the power generation sector. The growth of the global industrial gearbox market also from the rise in demand for auto parts.
Industry 4.0 are also driving the global industrial gearbox market. such as the internet of things and artificial intelligence. Noise pollution regulations also boost the worldwide industrial gearbox industry.Construction and mining are also growing the global market. Besides, the rising demand for clean energy is accelerating the expansion of the power generation sector. It utilized extensively in the power generation industry. As a result, these factors all contribute to the expansion of the industrial gearbox market.
Insights on the Types
In 2021, the helical industrial gearbox sector has been the market leader. In helical industrial gearboxes, parallel shafts and winding teeth lines . They have stronger teeth that are smoothly integrated, are quieter. and can transmit higher weights, making them excellent for elevated applications.
In 2022, the planetary industrial gearbox has fastest expanding segment . Planetary industrial gearboxes are commonly used as rotation multipliers. Planetary industrial gearboxes utilized in winches, motorized wheels, and door openers.
Asia-Pacific to Dominate the Market
The Asia-Pacific region had a large share of the industrial gearbox market. This was because gearboxes were being used more and more in industries. India, China, Japan, Korea, and Australia are some of the most important countries in the area.
Also, as of 2020, India had 38.6 GW of wind capacity, making it the fourth largest onshore wind market in the world. The country’s wind power market has been growing. because of two main factors: rising energy needs and government goals. India is also trying to add more green energy to its mix by using the wind energy. potential along its 7,600-kilometer coastline that undeveloped yet. Thus, wind power’s will increase demand for industrial gearboxes in the next years.
Japan imports the most LNG, followed by China and South Korea. It purchased 102 billion cubic meters of LNG in 2020, 8.5% more than China, the second-largest importer. The country wants to boost worldwide LNG market demand by constructing LNG infrastructure. LNG terminal turbines, high-speed pump drives, propellor drives, and compressor drives employ gearboxes. Asia-Pacific will lead the industrial gearbox market throughout the forecast.
By End User & application
In 2021, the power generation segment led the industrial gearbox market. The increase in demand for energy and electricity and the growing awareness of renewable energy . that are driving the expansion of the market worldwide. Power generation is driving the market for industrial gearboxes. due to their numerous advantages. such as increased radial and axial load capacity and decreased positioning time.
Manufacturing will increase fastest in 2021. Manufacturing in developed and developing nations is growing rapidly. The production or fabrication of steel and cement requires industrial gearboxes. This aspect is driving the expansion of the worldwide industrial gearbox market.