Industrial Gearbox Market- Roadmap for Recovery from COVID-19 | Adoption of Industrial Automation to Boost the Market Growth | Technavio

Technavio has been monitoring the industrial gearbox market and it is poised to grow by USD 9.91 billion during 2020–2024, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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• Based on segmentation by product, which is the leading segment in the market?
• The standard gearboxes are expected to be the leading segment based on product in the global market during the forecast period.
• What are the major trends in the market?
• Growing repair and re-manufacture market for gearboxes used in high-performance applications is one of the major trends in the market.
• At what rate is the market projected to grow?
• Growing at a CAGR of over 4%, the incremental growth of the market is anticipated to be USD 9.91 billion.
• Who are the top players in the market?
• ABB Ltd., Bonfiglioli Riduttori SpA, China High Speed Transmission Equipment Group Co. Ltd., Elecon Engineering Co. Ltd., Rexnord Corp., SEW-EURODRIVE, Siemens AG, Sumitomo Heavy Industries Ltd., THE TIMKEN Co., and Triveni Engineering & Industries Ltd. are some of the major market participants.
• What are the key market drivers and challenges?
• Adoption of industrial automation is one of the major factors driving the market. However, the growing competition from direct drive systems restraints the market growth.
• How big is the APAC market?
• The APAC region will contribute 53% of market growth.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., Bonfiglioli Riduttori SpA, China High Speed Transmission Equipment Group Co. Ltd., Elecon Engineering Co. Ltd., Rexnord Corp., SEW-EURODRIVE, Siemens AG, Sumitomo Heavy Industries Ltd., THE TIMKEN Co., and Triveni Engineering & Industries Ltd. are some of the major market participants. The adoption of industrial automation will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Industrial Gearbox Market 2020–2024: Segmentation

Industrial Gearbox Market is segmented as below:

• Product
• Standard Gearbox
• Precision Gearbox
• End-user
• Power Generation
• Oil & Gas
• General Machinery
• Others
• Geographic Landscape
• North America
• APAC
• Europe
• South America
• MEA

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Industrial Gearbox Market 2020–2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The industrial gearbox market report covers the following areas:

• Industrial Gearbox Market Size
• Industrial Gearbox Market Trends
• Industrial Gearbox Market Analysis

This study identifies growing repair and re-manufacture market for gearboxes used in high-performance applications as one of the prime reasons driving the industrial gearbox market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.