Industrial Gearbox Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Planetary, Helical, Bevel, Spur, Worm, and Other), By Design Type (Parallel axis, Angular axis, and Others), By Industry (Wind Power, Cement and aggregates, Chemical, Rubber & Plastics, Construction, Food & Beverage, Marine, Material Handling, Metals & Mining, Power Generation, Recreational Vehicle, Transportation Industry, Agriculture, Automotive, and Others) and by Region  

Industrial Gearbox Market size was valued at US$  26.02 Billion in 2023 and is expected to grow to US$ 35.68 Billion by 2030 at a CAGR of 3.80% from 2024-2030. An industrial gearbox is a technique that transmits mechanical energy from one tool to another to increase torque while reducing speed. For decreasing torque and increasing speed, a gearbox is favored. The job of a gearbox is to decrease or increase speed. It supports fine machinery operation in businesses. These boxes conceal cooling towers, material handling equipment, crushers, conveyors, cranes, and other important applications. The main industries include power plants, cement, steel, rubber, and plastic. The growing use of automation techniques in the manufacturing business can lead to the industrial gearbox market growth.

Moreover, the growing necessity for clean sources of energy and gearboxes that are energy productive and the increasing amount of funds meant for numerous sectors, like wind power and other renewable power generation sources are some primary factors that can boost the global industrial gearbox market. Apart from these, the increasing use of automated industrial gearboxes in many industries, such as agriculture, food processing, industrial machinery, and automotive can also accelerate the market in the future. However, some factors such as lubrication issues, misalignment, thermal instability, and bearing problems can restrain the growth of the market. Companies should focus on energy-effective gearboxes as the demand for the same is rising which can create an opportunity for the global industrial gearbox market growth.

 Industrial Gearbox Market Key Developments:

• In October 2020, the New Hansen M5CT Industrial Gearbox for wet cooling tower wet and air-cooled condenser acc was launched by Sumitomo Drive Technologies, an Industrial Gearmotor Specialist.
• In January 2022, Melior Motion, a precision gearbox maker, was acquired by Schaeffler