LONDON--(BUSINESS WIRE)--The new industrial planetary gearbox market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the growing demand for planetary gearbox from the automotive industry,” says a senior analyst for industrials at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their position in the slow-growing segments. As the markets recover Technavio expects the industrial planetary gearbox market size to grow by USD 626.93 million during the period 2020-2024.
Industrial Planetary Gearbox Market Segment Highlights for 2020
- The industrial planetary gearbox market is expected to post a year-over-year growth rate of 2.67%.
- Based on the product, the market saw maximum growth in the standard industrial planetary gearboxes. The growth of the segment is driven by the growing demand for planetary gearbox from the automotive industry.
- The market growth in the segment will be significant over the forecast period.
Regional Analysis
- 55% of the growth will originate from the APAC region.
- The increasing use of planetary gearbox in the robotics industry will significantly influence the industrial planetary gearbox market's growth in the APAC region.
- China, Japan, and India are the key markets for industrial planetary gearboxes in APAC.
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Notes:
- The industrial planetary gearbox market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The industrial planetary gearbox market is segmented by product (Standard industrial planetary gearboxes and Precision industrial planetary gearboxes), end-user (Discrete industry and Process industry), and geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Altra Industrial Motion Corp., Bonfiglioli Riduttori SpA, Dana Inc., Delta Electronics Inc., FLSmidth & Co. A/S, Kumera Corp., Nidec Corp., SEW-EURODRIVE GmbH & Co KG, Siemens AG, and Sumitomo Heavy Industries Ltd.
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