LONDON--(BUSINESS WIRE)--The global industrial gearbox market is poised to grow by USD 9.91 billion during 2020-2024, progressing at a CAGR of over 4% during the forecast period. Request Free Sample Pages
Read the 120-page research report with TOC on "Industrial Gearbox Market Analysis Report by Product (standard gearbox and precision gearbox), end-user (power generation, oil and gas, and generation machinery, and others), by Geography (APAC, North America, Europe, MEA, and South America), and Segment Forecasts, 2020 – 2024."
The market is driven by the adoption of industrial automation and the integration of sensors and IIoT in gearboxes.
The advances in automation have prompted the adoption of robots and industrial automation. Robots and automation equipment are increasingly being used in high-speed as well as repetitive tasks in manufacturing and other industries. This has further created a need to manufacture robots with a high level of sophistication and scope of application, which in turn, has led to the development of high precision gearboxes. Furthermore, rising labor costs, focus on eliminating production inefficiencies, and minimizing overall costs are other factors that have been driving automation across industries. Thus, increasing deployment of automation gear and robots will boost market growth over the forecast period.
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Major Five Industrial Gearbox Market Companies:
ABB Ltd. operates in key business segments, including electrification products, robotics and motion, and industrial automation. The company's gearbox division includes CST gearbox, large offset parallel gearbox, and shaft-mounted gearbox, among others.
Bonfiglioli Riduttori SpA
Bonfiglioli Riduttori SpA. operates in key segments, including Discrete Manufacturing & Process Industries, Mechatronic & Motion Systems, and Mobility & Wind Industries. The company offers a wide range of gearboxes for various industries.
Elecon Engineering Co. Ltd.
Elecon Engineering Co. Ltd. operates in key business segments, including Material handling equipment and Transmission equipment. The company offers bulk material handling equipment such as elevators, stackers, idlers and pulleys, and belt conveyors, among others. Also, the company provides marine gearbox, EON / EOS series gearbox, planetary gearbox, and vertical rolling mill gearbox. The company designs and manufactures parallel shaft, worm, right-angle shaft, spiral and helical level helical gears, and planetary gearboxes.
Siemens AG offers a varied range of products and services through key business segments, including Power and Gas, Energy Management, Building Technologies, Mobility, Digital Factory, and Others. The company's gear units include different models of helical, bevel-helical, and planetary gearbox units.
China High-Speed Transmission Equipment Group Co. Ltd.
The company operates in key business segments, including Wind Gear Transmission Equipment and Industrial Gear Transmission Equipment. China High Speed Transmission Equipment Group Co. Ltd. offers wind gearboxes with a capacity range from 1.5 MW to 7.0 MW.
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Industrial Gearbox Product Outlook (Revenue, USD Million, 2020 – 2024)
- Standard gearbox
- Precision gearbox
Industrial Gearbox End-user Outlook (Revenue, USD Million, 2020 – 2024)
- Power generation
- Oil and gas
- General machinery
Industrial Gearbox Regional Outlook (Revenue, USD Million, 2020 – 2024)
- North America
- South America
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