Industrial Gearbox Market Size to Reach $31.90 Billion by 2023

Northbrook, IL -- (SBWIRE) -- 11/26/2021 -- The global 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 requirement 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. In addition, increasing investments in renewable power generation, with a skew towards wind power, is driving the industrial gearbox market.