The global Industrial Gearbox Market is expected to grow from an estimated $25.91 billion in 2018 to $31.90 billion by 2023, at a CAGR of 4.25% from 2018 to 2023. Increasing requirement for efficient energy gearbox and clean energy sources are driving the growth of the industrial gearbox market. The increasing automation in manufacturing technology is facilitating the growth of the industrial gearbox market. In addition, increasing investments in renewable power generation, with a skew towards wind power, is driving the industrial gearbox market.
The wind power segment is expected to grow at a high rate in the industrial gearbox market
The Global Wind Energy Council has projected installation of more than 300 GW of wind power during the forecast period. A large number of installations are projected to be in Asia Pacific, North America and European regions. The growing installation of wind turbines will drive the growth of industrial gearboxes.
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Industrial Gearbox market has been segmented on the basis of end-user into wind power, cement & aggregate, chemical, rubber & plastic, construction, food & beverage, marine, material handling, metals & mining, power generation, recreational vehicle, transport industry, agriculture, automotive, and others. The wind power segment is expected to grow at the fastest rate in the industrial gearbox market. The growth in the wind power segment is driven by the increasing investment in wind power installations in Asia Pacific, North America, and Europe.
Asia Pacific is expected to be the largest industrial gearbox market
Asia Pacific region is estimated to lead the Industrial Gearbox market in the forecast period. The market in Asia Pacific is expected to hold the largest share and is forecast to grow at the fastest rate during the forecasted period. The region holds the largest market share globally as the countries such as China and Japan are among the largest manufacturing countries in the world. In addition to this, the projected installation of wind power and the growing automation in the manufacturing industries in the region is driving the growth of the industrial gearbox market in Asia Pacific.
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Some of the top players in the Industrial Gearbox Market include Siemens AG (Germany), Bonfiglioli Italia S.P.A (Italy), Bondioli & Pavesi (Italy), Sew-Eurodrive (Germany), and Dana Brevini (Italy).