March 08, 2022 06:15 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 08, 2022 (GLOBE NEWSWIRE) -- The industrial gearbox market size was USD 26.17 billion in 2020. The market valuation is projected to grow from USD 27.92 billion in 2021 to USD 38.10 billion in 2028 at a CAGR of 4.5% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Industrial Gearbox Market, 2021-2028.” Factors such as integrating smooth operation of machinery in various industries and rising demand from cement, steel, power plants, plastic, and rubber industries will boost the growth of the market during the forecast period. Additionally, rapid industrialization will increase the footprint of the market.
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Companies Profiled in the Industrial Gearbox Market:
Production Delays & Reduced Output to Cause Market Hindrance During the Pandemic
The pandemic bought on a sudden health emergency on the global economy halting various business practices, including the sector of the industrial gearbox. World production and trade routes were halted, leading to disruptions in the supply chains. Imposed lockdowns and restricted movement of the general population led to workforces being displaced. Business practices had to be shut during the peak of the pandemic to curb the spread of the virus. These factors severely impacted the market, causing a dent in overall value.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Type, Design, End-User, and Region are Studied
By type, the market can be divided into helical industrial gearbox, planetary industrial gearbox, bevel industrial gearbox, worm industrial gearbox, screw industrial gearbox, and others.
With respect to design, the market is broken down into parallel axis, angled axis, and others.
Based on end-user, the market is segmented into material handling, automotive, construction, power generation, mining, food & beverages, manufacturing industry, and agriculture.
In terms of geography, the market is categorized into North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America.
The market report for industrial gearbox encompasses critical aspects such as valuable insights, industry-related information, and historical data. Various methodologies and approaches have been integrated to formulate a qualitative & quantitative forecast during the intended period. The report also contains factors that are expected to impact the market in a positive/negative manner.
Rising Adoption of Industrial Adoption & Improving Industrialization to Augment Growth
Factors, such as rapidly increasing industrialization and rising measures undertaken to modernize industrial infrastructure, will boost the industrial gearbox market growth during the forecast period. Rising applications and increasing government support toward developing advanced energy flexible and effective buildings will increase the footprint of the market. Also, increasing automation activities and the rising number of developing economies will extend the existing boundary of the market.
However, high manufacturing costs will limit the growth of the market during the forecast period. Higher maintenances costs will further limit the growth of the market.
Asia Pacific to Exert Dominance due to Rapidly Changing Consumer Behavior
Asia Pacific will witness the largest industrial gearbox market share during the forecast duration due to increasing energy requirements from consumers and rising investments in industrial infrastructure. Additionally, factors, such as rapid industrialization & urbanization and constant building of new domestic & commercial spaces, will increase the footprint of the market. Also, the region is home to a rich agricultural background backed by a large number of small, medium, and large-scale farmers, which will trigger increased market growth.
North America will hold considerable market growth during the forecast period owing to rising mineral production from the mining operation and increasing potential for exploring hydrocarbons. Additionally, favorable government investments to increase oil & gas from reservoirs will further increase the footprint of the market.
Portfolio Expansion & Integrating Additional Distribution Channels to Bolster Market Share
The industrial gearbox industry is highly fragmented due to the presence of many players providing a wide range of products to their consumer base. Numerous players are employing strategic tactics such as mergers & acquisitions and collaboration, launching novel products, and expanding production capabilities to keep up with the current demand. For example, in April 2021, AGCO Corporation presented the 2020 Supplier of the Year Award for Collaboration & Innovation to Nidec Motor Corporation. The company was provided with the prestigious award for immense technological advancements with cost savings. Others are focused on developing a global presence to widen their outreach.
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