DUBLIN--(BUSINESS WIRE)--The "Industrial Gearbox Market by Type (Planetary, Helical, Bevel, Spur, Worm), Design (Parallel, Angled) Industry (Wind Power, Material Handling, Construction, Metal & Mining, Cement & Aggregate, Food & Beverage), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The industrial gearbox market is projected to grow from USD 25.91 billion in 2018 to USD 31.90 billion by 2023, at a CAGR of 4.25% from 2018 to 2023.
Increasing requirement for industrial automation in manufacturing industries and the requirement for energy efficient transmission system are driving the growth of the industrial gearbox market. On the contrary, the slowdown of industrialization in Europe could hinder the growth of the market.
The slowdown in European economies is mainly due to high labor prices, stringent environmental norms, and uncertainties over Brexit. These factors are creating challenges for the investors to develop the new manufacturing facilities in Europe, thus hampering the growth of the industrial gearbox market in that region.
Wind power segment is expected to grow at the fastest rate in the industrial gearbox market during the forecast period. The growth in the wind power segment is driven by the projected wind power installations in the Asia-Pacific, North American, and European regions. The Global Wind Energy Council has projected 301.8 GW of wind power installation between 2018 and 2022. Wind turbines require large gearboxes for their operation. Thus, the wind power segment is expected to be the fastest growing market, by industry, for the industrial gearbox market.
The helical gearbox is used in many industries such as food and beverage, baggage handling, metal & mining, material handling, and power industry. Various applications for these gearboxes include blowers & turbines, backstop, and drywell. Because of the wide range of applications of the helical gearbox, the helical gearbox market is forecast to hold the largest market share.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industrial Gearbox Market, By Type
7 Industrial Gearbox Market, By Design
8 Industrial Gearbox Market, By Industry
9 Industrial Gearbox Market, By Region
10 Competitive Landscape
11 Company Profiles
- Company Benchmarking.
- Emerson Electric Co.
- Johnson Electric Holdings Limited
- Siemens AG
- Sumitomo Heavy Industries Ltd.
- Watt Drive Weg Group.
- Sew-Eurodrive
- GKN Off-Highway Powertrain
- ABB
- Bauer Gear Motor
- Bondioli & Pavesi
- Dana Brevini
- Bonfiglioli
- Comer Industries
- Elecon Engineering
- China High Speed Transmission Equipment Group Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/3g7lxk/industrial?w=4
