The Global Industrial Gearbox Market Size Was Worth USD 26.90 Billion in 2021 and Is Expected To Reach USD 33.84 Billion by 2028, CAGR of 3.90%.
FrequentlyAsked Questions
The construction industry's increased demand for industrial gearboxes to improve the operational efficiency of conveyors, crushers, plastic extruders, and other machines is boosting market expansion. The global market for industrial gearboxes will continue to be driven by the advent of several new technologies, such as artificial intelligence and robotics, for automated and highly efficient industrial applications in the future years.
According to the Market Research report, the global Industrial Gearbox market was worth about 26.90 (USD billion) in 2021 and is predicted to grow to around 33.84 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 3.90 percent.
The Asia-Pacific region accounted for a significant portion of the industrial gearbox market in 2020, owing to increased demand for gearboxes in various applications such as the manufacturing sector, power industry, and others. China has been instrumental in the rise of the global industrial sector. The country is the market leader in the chemical, steel, electricity, and cement industries, as well as a prominent player in the petrochemical and refining industries. Furthermore, steel production is predicted to increase by 6.5 percent in 2020 compared to the previous year. China is the largest producer and exporter of crude steel in the world, accounting for more than half of global output.
Some of the main competitors dominating the global Industrial Gearbox market include - Siemens AG (Germany), Bonfiglioli Italia S.P.A (Italy), Bondioli & Pavesi (Italy), Sew-Eurodrive (Germany), and Dana Brevini (Italy)
RelatedNews
HappyClients
Zion Market Research
Tel: +1 (302) 444-0166
USA/Canada Toll Free No.+1 (855) 465-4651
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No +91 7768 006 007, +91 7768 006 008
US OFFICE NO +1 (302) 444-0166
US/CAN TOLL FREE +1 (855) 465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.
Our support available to help you 24 hours a day, five days a week.
Monday - Friday: 9AM - 6PM
Saturday - Sunday: Closed