May 05, 2022 11:00 ET | Source: Precedence Research Precedence Research
Tokyo, May 05, 2022 (GLOBE NEWSWIRE) -- The global industrial gearbox market size was valued at US$ 27.59 billion in 2021. Energy is transferred from one device to another using an industrial gearbox. The industrial gearbox is used to regulate the speed of machines and appliances. Expanding government investments for the development of the power generating sector, as well as growing uses of industrial gearbox in industries such as farm machinery, automobiles, and food processing, are driving the worldwide industrial gearbox market.
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In addition, the growing need for automotive parts is propelling the worldwide industrial gearbox market forward. The growing industrialization of both developed and emerging countries is propelling the worldwide industrial gearbox market forward. The rise of the vehicle industry is paving the way for new opportunities in the industrial gearbox market.
Asia-Pacific is the largest segment for industrial gearbox market in terms of region.China is dominating the industrial gearbox market in the Asia-Pacific region. In a variety of industries, industrial gearboxes are commonly used. Steel output in China is predicted to rise 6.5% in 2020 compared to the previous year. The industrial gearbox market is growing because of this rationale. Factors such as increased energy demand, rapid industrialization and urbanization, and expanding infrastructure development initiatives are driving the growth of the Asia-Pacific industrial gearbox market.
North America region is the fastest growing region in the industrial gearbox market.The U.S. and Canada hold the highest market share in the North Americaindustrial gearbox market. The rise of the industrial gearbox market in the region is fueled by the region's developing manufacturing sector and the presence of significant market players functioning in the industry. Furthermore, the adoption of novel technologies for eliminating human interference in various sectors is propelling the growth of the North American industrial gearbox market.
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Growing adoption of automation in various sectors
Each and every industry is modernizing its processes due to infrastructural development. In addition, growing investments in infrastructural projects are paving way for the growth of global industrial gearbox market. The U.S. Department of Energy stated in February 2020 that it would invest $74 million in 63 projects all over the country to test, study, and create flexible and energy efficient technology. As a result, growing adoption of automation in various sectors is driving the growth of global industrial gearbox market over the projected period.
High cost of manufacturing and maintenance
The growth of global industrial gearbox market is being restricted by the high cost of maintenance and operations of industrial gearbox. The process of manufacturing of industrial gearbox is quite long which includes grinding, heat treatment and many more. Thus, the high cost of manufacturing and maintenance is restricting the growth of global industrial gearbox market.
Rising industrialization in developing countries
The different types of industries are rapidly growing in emerging nations. In addition, government are highly investing for the expansion of industries in countries such as South Korea and India. The Asian Infrastructure Investment Bank announced in June 2018 that it would invest $200 million in the National Investment and Infrastructure Fund. As a result, rising industrialization in developing countries are providing lucrative opportunities for the expansion of global industrial gearbox market.
The global industrial gearbox market faces major challenge of technical requirements. The manufacturing process of industrial gearbox requires resources and technologies. Thus, the government is also taking initiatives for the expansion of manufacturing industrial gearbox. As a result, technical challenges are hindering the industrial gearbox market growth.
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