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| The industrial gearbox market is expected to reach a value of $38.44 billion by 2028 from $30 billion in 2022, growing at a CAGR of 4.22% from 2022-2028 The competition in the industry will primarily revolve around factors such as product durability, lifespan, performance, pricing, and customization options. Moreover, product innovation is gaining popularity in the market as many companies operating in the industrial gearbox market are developing innovative products to strengthen their position in the market. The APAC region has a strong manufacturing sector due to its easy availability and cheap labor cost. While Japan and South Korea are major manufacturers and exporters of electrical appliances and automobiles, Indonesia and China are leading in textile and oil exports. Factors such as growing demand for energy, rapid industrialization and urbanization, and rising initiatives for infrastructural development are boosting the growth of the industrial gearbox market in the Asia-Pacific region. Emerging Wind Power Industry Moreover, an important factor contributing to the market's growth is the ambitious commitment made by the Global Wind Energy Council. They aim to achieve substantial offshore wind capacity, targeting 380 GW by 2030 and an impressive 2,000 GW by 2050 worldwide. This commitment will likely open significant opportunities for gearbox vendors to deploy wind turbines soon. Hence, the industrial gearbox market is witnessing increased demand, primarily driven by the growing sugar industry. The sugar sector is one of the largest industries that extensively utilize diverse machinery. In this industrial domain, gearboxes play a crucial role and are widely employed in their basic form. By integrating gearboxes into the operations of the sugar industry, the machines function efficiently and cohesively, leading to a positive and successful outcome. The use of gearboxes contributes to the well-organized and smooth functioning of the machines in the sugar industry. INSIGHTS BY PRODUCT Furthermore, the planetary industrial gearbox segment is the fastest-growing segment of the global industry during the forecast period. The planetary industrial gearbox is typically utilized as rotation multipliers. Automatic door openers, motorized wheels, and winches are among the most common applications of planetary industrial gearboxes. INSIGHTS BY CONFIGURATION This type of industrial gearbox is highly efficient and runs at low and medium speeds. The angled axis segment is the fastest-growing segment of the industrial gearbox market. The angled axis industrial gearbox is produced at an angle of 90 degrees. The angled-axis industrial gearbox is widely used in the automotive and mechanical sectors. INSIGHTS BY END-USER KEY QUESTIONS ANSWERED:
Market Opportunities & Trends
Market Growth Enablers
Market Restraints
Key Company Profiles
Other Prominent Vendors
Market at a Glance
Premium Insights
For more information about this report visit https://www.researchandmarkets.com/r/7yzau9 About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Media Contact: Research and Markets For E.S.T Office Hours Call +1-917-300-0470 U.S. Fax: 646-607-1907 Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets 
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