Sarasota, FL -- (SBWIRE) -- 11/08/2018 -- Zion Market Research has published a new report titled "Industrial Gearbox Market by Type (Planetary, Helical, Bevel, Spur, Worm, and Others), by Design (Parallel Axis, Angular Axis, and Others), and by End-User (Food and Beverages, Wind Power, Construction, Marine, Agriculture, Automotive, and Others): Global End-User Perspective, Comprehensive Analysis, and Forecast, 2018 - 2024". According to the report, the global industrial gearbox market was valued at approximately USD 11.49 billion in 2017 and is expected to generate revenue of around USD 29.20 billion by the end of 2024, growing at a CAGR of around 14.25% between 2018 and 2024.

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Rapid developments in industrial automation are driving the expansion of industrial gearbox market. This is followed by the adoption of AI and robots in all the organizations and industrial sectors across the globe. Particularly in the manufacturing sector, there has been a rapid advancement in automation. Manufacturing firms are trying to bring precision in productivity with the help of industrial automation. This is because robots and other industrial equipment are required in this sector to perform repetitive tasks or operations. So, the need to manufacture robots in order to bring precision in productivity and cut down labor expenses across organizations is expected to fuel this market's growth and development in the future. Additionally, the declining cost of gearboxes is also going to fuel the industrial gearbox market development over the forecast timeframe. The only factor restricting the development of this market is its high maintenance costs.

Based on the type, industrial gearbox market is categorized into helical, planetary, bevel, worm, spur, and others. The planetary segment will lead the market in the future. This growth can be attributed to its usage in a broad range of manufacturing and other precision applications as a result of its endurance, accuracy, and distinct functionality.

Based on design, the industrial gearbox market is classified into parallel axis, angular axis, and others. The angular axis segment is projected to be the most popular in this market, as angular axis gearboxes provide stability for every application.

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Based on end-user, the industrial gearbox market is fragmented into food and beverage, wind power, construction, marine, agriculture, automotive, and others. Wind power segment is slated to dominate the market, due wind power being a renewable form of energy. Additionally, the ongoing wind power installations across the Asia Pacific, Europe, and other regions are going to drive this segment growth and development.

North America registered the highest growth in the industrial gearbox market globally in 2017. The region is predicted to maintain its domination in the forecast timeframe. This growth is due to the ongoing advancements related to technology and improved infrastructure. The escalating need for reduced consumption of energy in building spaces with improved efficiency is anticipated fuel the expansion of this regional market in the forecast timeframe. Europe is predicted to generate substantial revenue share in the global industrial gearbox market. The favorable government regulations for effective and efficient energy consumption and the growing construction of techno-buildings will augment this market's development in Europe.

Some industry players involved in the industrial gearbox market include GearTech, Inc., (United Stars, Inc.), Klingelnberg GmbH, Inc., Essential Power Transmission Pvt. Ltd., Griffin Gear Inc.,Precipart Corporation, Cleveland Gear Company, NORD Drivesystems Pvt. Ltd., Allied Precision Gears Inc., SEW-Eurodrive, RenoldPlc, and Ashoka Machine Tools Corporation.

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This report segments the global industrial gearbox market as follows:

Global Industrial Gearbox Market: Type Segment Analysis

Planetary
Helical
Bevel
Spur
Worm
Other

Global Industrial Gearbox Market: Design Segment Analysis

Parallel Axis
Angular Axis
Others

Global Industrial Gearbox Market: End-User Segment Analysis

Food and Beverages
Wind power
Construction
Marine
Agriculture
Automotive
Others

Global Industrial Gearbox Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa