Industrial Gearbox Market Report 2021-2026, Industry Size, Share, Trends And Forecast – Designer Women

2022-07-02 08:31:59 By : Ms. Christine Zhang

According to IMARC Group’s latest report, titled “Industrial Gearbox Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global industrial gearbox market grew at a CAGR of 5% during 2015-2020. Looking forward, the market is expected to exhibit moderate growth during 2021-2026.

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Industrial gearbox is an enclosed system that is designed to transfer mechanical energy from one device to another. It can adjust the ratio of torque, speed, and rate of rotation transmitted to an output device. Some of the common product variants available in the market include helical gearbox, spur gearbox, coaxial helical inline gearbox and bevel helical gearbox. These devices help in improving operational output, reducing workload, maintaining torque, controlling noise and vibration, etc. As a result, industrial gearbox finds widespread applications across diverse industries, including power generation, food and beverages, construction, marine, metal and mining, material handling, agricultural, automotive, etc.

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The growing penetration of Industry 4.0 trends and the escalating demand for industrial gearboxes in the construction sector for enhanced operational efficiency of conveyors, crushers, plastic extruders, etc., are primarily driving the global market. Furthermore, a significant rise in the renewable energy sector is also augmenting the product demand for absorbing kinetic energy in the hydro or wind turbines to produce electricity. Additionally, the introduction of favorable government policies and financial incentives for the development of safe and clean power sources is propelling the market for industrial gearboxes. Besides this, numerous technological advancements such as the integration of AI and robotics for automated and highly efficient industrial processes will continue to drive the global market for industrial gearboxes in the coming years.

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