Press Release

Planetary Gearboxes to Lead Industrial Gearbox Market through 2024

Technological advancements coupled with rising focus towards renewable power generation to bolster global industrial gearbox market through 2024

According to a report published by TechSci Research on “Global Industrial Gearbox Market By Type, By Design, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024”, global industrial gearbox market is anticipated to grow at a healthy pace over the next five years. The growth of the market is majorly attributable to the increasing requirement for efficient industrial transmission systems and growing industrial automation in manufacturing industries. Moreover, the growth in technology is driving advancements in automation, thereby prompting the adoption of robots and industrial automation. The use of automation across all industrial sectors is increasing globally. The rate of adoption of automation is high, especially in the manufacturing sector, which is contributing to the growth of industrial gearbox market.

Browse market data Tables and Figures spread through 110 Pages and an in-depth TOC on " Global Industrial Gearbox Market "

In terms of type, the global industrial gearbox market is categorized into planetary, helical, bevel, spur, worm and others. Among these, the planetary gearbox category is predicted to grow at the fastest rate throughout the forecast period. The growth of this category is due to the vast application of this type of gearbox in wind turbines, steel plants, and various industries such as food and beverage, mining, and cement. Moreover, growing investment in food and beverage industry and mining and cement industry is further driving the growth for the planetary gearboxes.

In terms of region, the global industrial gearbox market size is categorized into North America, Europe, Asia-Pacific, South America and Middle East & Africa. Asia-Pacific is anticipated to be the major revenue contributor to the global industrial gearboxes market during the forecast period on account of growing industrialization and infrastructural developments, mainly in China and India.

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“The global industrial gearbox market is expected to witness a healthy growth over the course of next five years. The growth of the market is majorly attributable to the increasing adoption of automation and use of customizable sophisticated robots in major manufacturing industries across the globe. However, competition from alternative energy transmission systems like direct drives and declination of some of the major economies may restrain the growth of the global industrial gearbox market during forecast period.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Industrial Gearbox Market By Type, By Design, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global industrial gearbox market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global industrial gearbox market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


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