Industrial Gearbox Market Trends
Learn about the effect Covid-19 had on the industrial gearbox market and how the industry is predicted to recover.
Industrial Gearbox Market Trends
As we reach the end of 2021, industries and manufacturers are beginning to see the light at the end of the COVID-tunnel. Travel restrictions are lifting as the world starts heading back to the workplace in all sectors, including those which impact the industrial gearbox industries such as agriculture, automotive, construction, food & beverage, marine, and wind power. In this article, we look at the state of the industrial gearbox market and the forecasted trends in the years to come.
The Impact of COVID-19 On The Market
The effects of the global pandemic are predicted to influence the industrial gearbox industry until at least 2024. However, according to the Global Industrial Gearbox Market 2020 - 2024 report by Research and Markets, there will be a growing demand for gearboxes in high-performance applications, which will be the primary fuel for market growth in the years to come. The same report continues: '...growing repair and re-manufacture market for gearboxes used in high-performance applications is anticipated to boost the growth of the global industrial gearbox market...'
According to 360iResearch, the industrial gearbox market in the United States was estimated at US$ 4,576.27 million in 2020 and is expected to reach US$ 5,131.81 million in 2021. The same report projected a CAGR of 9.42% to reach almost US$ 8,000 million by 2026.
The forecasts help industry leaders and business executives plan and ensure they’re geared to take advantage of the expected market surge.
Global Market Leaders By 2023
The Asia Pacific region has owned more than 30% of the market share for industrial gearboxes since 2018. This makes sense as China and Japan are some the largest manufacturing countries in the world. Germany and the United States are following the Asia Pacific region along with countries in the Middle East and African regions.
Although the Middle East and African regions are lower on the list, they should not be underestimated. The threat of climate change is encouraging first, as well as third-world countries, to look at alternative energy sources. Wind power is expected to dominate the industrial gearbox industry by 2024, along with material handling, construction, and marine manufacturing. Developing countries in the African and Middle Eastern regions are constantly focusing on investing in the manufacturing, mining, and industrial automation industries.
