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Industrial gearbox market heads above $30bn
The global market for industrial gearboxes will expand from $25.9bn in 2018 to $31.9bn by 2023 – a CAGR of 4.25% – according to a new report from the industry analyst, ASDReports. But it adds that a slowdown in industrialisation in Europe due to high labour costs, tough environmental standards and uncertainty over Brexit, could hinder growth in this region.
The fastest-growing application area for industrial gearboxes is wind power. The Global Wind Energy Council has predicted 301.8GW of windpower capacity will be installed between 2018 and 2022. Most of these new turbines will need large gearboxes.
It terms of gear technologies, helical gearboxes are expected to continue holding the largest share of the gearbox market during the forecast period. The study points out that these gearboxes are used in many industries, from food and beverage and baggage handling, to materials handling and the power industry.
The report says that the Asia-Pacific region will be the fastest growing industrial gearbox market during the forecast period due to investments in construction, materials handling, wind power, metals and mining, and agriculture. In addition, this region is increasing the share of renewable power generation in its energy mix.
