Global Industrial Gearbox Market Analysis 2023 – Market Size And Key Drivers

The Industrial Gearbox Global Market Report 2023 by The Business Research Company, provides industrial gearbox market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Industrial Gearbox Global Market Report 2023, the global industrial gearbox market size grew from $28.59 billion in 2022 to $30 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The market size of the global industrial gearbox is expected to grow to $36.43 billion in 2027 at a CAGR of 5.0%.

The rising adoption of industrial automation has been a major driving factor for the industrial gearbox global market. Industrial automation systems are computerized systems that regulate and monitor a process, machine, or device to perform repetitive activities or duties. They are designed to run on their own to reduce and improve human labor in the business.

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The industrial gearbox market is segmented:

1) By Type: Planetary, Helical, Bevel, Spur, Worm, Other Types

2) By Design: Parallel Axis, Angled Axis, Other Designs

3) By Application: Construction and Mining Equipment, Automotive, Chemicals, Rubber and Plastic, Wind Power, Material Handling

Product innovation is a key trend gaining popularity in the industrial gearbox market. Many companies operating in the industrial gearbox market are developing innovative products to strengthen their position in the market. For instance, in October 2020, Sumitomo Drive Technologies, a US-based manufacturer of gear motors, industrial gearboxes, and speed reducers launched the new Hansen M5CT industrial gearbox. The Hansen M5CT is a future-oriented development based on the experience of three existing product lines.

The industrial gearbox market report table of contents includes: