Global Industrial Gearbox Market 2023 Growth, COVID Impact, Trends Analysis Report 2023

 The industrial gearbox market is predicted to be worth US$ 30.08 billion in 2023, and rise to US$ 47.16 billion by 2033. Demand is expected to increase at a CAGR of 4.6% during the projected period.

Given that industrial gearboxes are used to control the speed and torque of production-related machinery and components, demand for these gearboxes is expected to rise as smart manufacturing becomes more common.

The adoption of smart manufacturing is anticipated to raise the sales of industrial gearboxes, which are a crucial component of the industrial automation process. As the robotics industry develops and new technologies become available, manufacturers are likely to expect higher profit margins. Due to this technology, industrial gearbox makers now have greater opportunities.

With the ability to precisely control the movements of industrial robots, gearboxes can be made to provide more precise motion control for industrial processes. Governments of different nations have taken a number of steps to support the growth of the industrial gearbox sector. In order to do this, financial incentives must be provided for the use of energy-efficient technology, such as industrial gearboxes, as well as sector-specific research and development programs.

Manufacturers are focusing on designing robust and effective gearboxes for power applications. The market participants also stand to gain financially from the increase in demand for energy-efficient equipment. Producers of industrial gearboxes are focusing on developing technologically advanced gearboxes since they hasten market expansion.

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Key Takeaways

  • By 2033, the United States is likely to rule the industrial gearbox market, with a CAGR of 5.1%.

Key Strategies in the Industry

In order to remain competitive, businesses constantly innovate to provide their customers with high-quality products and services. Fundamental market players frequently announce significant business decisions, which have a favorable or negative impact on the market.

  • The Nidec Corporation created an automated guided vehicle with a vision-based tracking system in August 2020. By concentrating on the device, among other things, the team at Nidec Committed Shimpo has contributed to improving productivity, automation, and development.

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