The industrial gearbox market is expected to grow from an estimated $25.91 billion in 2018 to $31.90 billion by 2023, at a CAGR of 4.25% from 2018 to 2023. Increasing requirements for efficient energy gearbox and clean energy sources are driving the growth of the industrial gearbox market. The increasing automation in manufacturing technology is facilitating the growth of the industrial gearbox market. Also, increasing investments in renewable power generation, with a skew towards wind power, is driving the industrial gearbox market.
The wind power segment is expected to grow at a high rate in the industrial gearbox industry
The Global Wind Energy Council has projected the installation of more than 300 GW of wind power during the forecast period. A large number of facilities are expected to be in the Asia Pacific, North America, and European regions. The growing installation of wind turbines will drive the growth of industrial gearboxes.
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