LONDON, July 14, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the industrial gearbox market, the rising adoption of industrial automation has been a major driving factor for the industrial gearbox 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 business.
For instance, in 2021, according to the robotic survey, robots are presently used as an integral part of 44.9% of the respondents' assembly and manufacturing facilities, according to the poll. More specifically, 34.9% of those with robots utilize collaborative robots (cobots), whereas the other 65.1% use only industrial robots. Hence, the rising adoption of industrial automation has been a major driving factor for the industrial gearbox market.
The global industrial gearbox market size is expected to grow from $27.26 billion in 2021 to $28.42 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The industrial gearbox industry growth is expected to reach $33.96 billion in 2026 at a CAGR of 4.6%.
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Technology advancement is a key trend gaining popularity in the industrial gearbox market. Many companies are developing new products to provide enhanced products to their customers. For instance, in 2019, Premium Transmission, an Indian manufacturer of industrial gearboxes, geared motors, and fluid couplings, introduced seven clutter-busting industrial gear devices and launched PCX-Series cooling tower gearboxes that use right-angle cooling methods. The cutting-edge products will be used in a variety of industries, including oil and gas, steel, cement, food and drinks, power, material handling, textiles, and elevators. These products have unrivaled efficiency, ease of maintenance, better mechanical rating, modular construction, improved thermal rating, robust design, dependability, and stability, to mention a few benefits.
Major players in the industrial gearbox market are Bondioli & Pavesi S.p.A., Johnson Electric Holdings Limited, Siemens AG, Sumitomo Heavy Industries Ltd., David Brown, China High-Speed Transmission Equipment Group Co. Ltd., Rexnord, Cone Drive Operations, Curtis Machine Company, GearTech Inc., Essential Power Transmission Pvt. Ltd., Griffin Gear Inc., Precipart Corporation, NORD drive systems Pvt. Ltd., Allied Precision Gears Inc., Renold Plc and Ashoka Machine Tools Corporation.
Global industrial gearbox market segmentation is categorised by type into planetary, helical, bevel, spur, worm, others; by design into parallel axis, angled axis, others; by application into construction and mining equipment, automotive, chemicals, rubber and plastic, wind power, material handling.
Asia-Pacific was the largest region in the industrial gearbox market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial gearbox market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Industrial Gearbox Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide industrial gearbox market overviews, industrial gearbox market analyze and forecast market size and growth for the whole market, industrial gearbox market segments and geographies, industrial gearbox market trends, industrial gearbox market drivers, industrial gearbox market restraints, industrial gearbox market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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