Power Transmission Gearbox Market Size

Power Transmission Gearbox Market size is expected to cross USD 46 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of power transmission gearbox was over USD 33 Billion. The growth of the market can be attributed to the growing need for energy-efficient systems. Energy-efficient technologies help to decrease the development of energy demand while also lowering fossil fuel usage and emissions in all areas of the economy. More energy-efficient automobiles, trucks, and aircraft, for example, reduce oil demand in the transportation sector; more efficient steel, cement, and chemical manufacturing reduces fossil fuel use in the industry The International Energy Agency has started the E4 program of energy efficiency with two emerging regions, Latin America and ASEAN. This programme focuses on energy efficiency through well-formed commercial and political ties.

In addition to these, factors that are believed to fuel the power transmission gearbox market growth include, rising automation across various industries. Automation has drastically reduced the cost of labour as it replaces manual work with automated tasks. Therefore, companies are rapidly shifting towards automation and investing heavily to promote their integration of automated machinery. Companies all over the world are spending big on robotics and automation. Many expect automated systems to account for 25% of capital spending over the next five years. Power transmission gearbox play an important role in automated industries that enables the smooth transfer of mechanical power from one source to another. This ensures the seamless running of several automated machines and sustains the working of the industry. Moreover, power transmission gearboxes need further increases with the use of robots in manufacturing processes, since it ensures the precise control of the movements of robotic arms and robots.