Global Industrial Gearboxes Market Size Reaches USD 27.56 Billion by 2024, Asia Pacific Dominates the Global Market

December 12, 2024

According to Beziers Consulting research data, the global Industrial Gearboxes market size reached USD 27.56 billion in 2024 and is expected to increase to USD 39.62 billion by 2029.

Regional Distribution

Asia Pacific dominates the industrial gearbox market by 2024, with China being the major growth region in the region, factors such as growing energy demand, rapid industrialisation/urbanisation, and increasing infrastructure development initiatives are driving the growth of the industrial gearbox market in Asia Pacific.

North America is expected to grow at a high rate during the forecast period, with the U.S. and Canada being the major growth regions in the region, the growing manufacturing industry and the presence of major market players in the industrial gearbox market are high topics for market expansion in the region.

Drivers

Industry 4.0 with the rapid adoption of various technologies such as IoT and AI;

Increasing introduction of government regulations in favour of noise pollution;

Increasing demand for clean energy has also expanded the growth of power generation industry;

Growing government investments in the development of power generation industry and increasing application of industrial gearboxes in industries such as agricultural machinery, automotive and food processing;

Rapid industrialisation in developed and developing countries is driving the growth and development of the global industrial gearbox market.

Author:

Ms. boch

E-mail:

davina@bochequipment.com

Phone/WhatsApp:

13937362906