Industrial Gearbox Market 2020 Global Opportunities, Development Status, Regional Trends till 2024
Industrial Gearbox Market Analysis:
The development of mechanical functions across various industry verticals is creating an impetus for industrial gearboxes. Reports that gauge the energy and power industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The Industrial Gearbox Market is anticipated to attain a 5% CAGR in the forecast period.
The growth in industrial automation in Europe and rapid growth of the construction industry in developing nations are expected to drive the market for industrial gearbox during the forecast period. The global population has been growing since the past few decades and is expected to continue growing during the forecast period. The global trends of digitalization and automation in the manufacturing has further enabled the growth of the markets for industrial gearbox. The upsurge in demand for electric overhead traveling cranes and machine tools is identified as a key factor enhancing the progress of the industrial gearbox market.
Segmental Analysis
The analysis of segments in the industrial gearbox market globally has been conducted on the basis of design, type, end-user, and region.
By type, the industrial gearbox market has been segmented into planetary industrial gearbox, helical industrial gearbox, bevel industrial gearbox, worm industrial gearbox, spur industrial gearbox and others which comprises of combination gears such as planetary-worm and helical-bevel.
On the basis of industry, the market for industrial gearbox is segmented into mining, wind turbines, steel plants, food & beverage, and cement industry.
Based on design, the industrial gearbox market is segmented into parallel and angled.
The regions counted in the industrial gearbox market are Asia Pacific, Europe, North America, Middle East, Africa, and South America.
Regional Analysis
The regional examination of the industrial gearbox market comprises of regions such as Asia Pacific, Europe, North America, Middle East, Africa, and South America.
The Asia Pacific region controls the major market portion of the industrial gearbox market in 2017 owing to the growing usage of industrial gearbox in several manufacturing industries. This development is expected to gain a positive outlook in the approaching years due to growing automation in industries such as food processing, automobile, and agriculture machinery. Furthermore, growing investments in the renewable power generation sector with a shift in the direction of wind power is expected to motivate the industrial gearbox market in the coming years.
Prominent Players:
The central contenders functioning in the industrial gearbox market are Johnson Electric Holdings Limited, Emerson Electric Co, Siemens AG, Watt Drive Weg Group, Sew-Eurodrive, Schneider Electric, Sumitomo Heavy Industries Ltd, ABB Ltd, Bondioli & Pavesi, Dana Brevini, Bauer Gear Motor, Bonfiglioli, Comer Industries, Elecon Engineering, and China High Speed Transmission Equipment Group Co., Ltd.
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