GITNUX MARKETDATA REPORT 2024

Industrial Gearbox Service Industry Statistics

The industrial gearbox service industry is expected to experience steady growth due to increasing demand for maintenance and repair services in the manufacturing and industrial sectors.

Statistic 1

"The industrial gearbox market in Asia Pacific is projected to grow at a significant rate of over 5% due to rapid industrialization."

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Statistic 2

"The industrial gearbox market in North America was valued at over USD 3 billion in 2017."

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Statistic 3

"Europe holds the second largest share of the global industrial gearbox market, contributing more than 30%."

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Statistic 4

"By 2023, the planetary industrial gearbox segment is expected to reach over USD 8 billion."

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Statistic 5

"The machinery manufacturing sector occupies the largest market share of industrial gearbox service, about 40%."

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Statistic 6

"The growth rate of the industrial gearbox service industry in the Middle East and Africa (MEA) is forecasted to be 2.9% over 2021-2026."

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Statistic 7

"The food and beverages industry is projected to register a CAGR of above 6.0% in the industrial gearbox market from 2021 to 2026."

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Statistic 8

"The Latin American industrial gearbox market is projected to expand at a CAGR of less than 5% through 2026."

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Statistic 9

"The wind turbine gearbox repair and refurb service market that is a subset of industrial gearbox service market was valued at over $300 million in 2020."

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Statistic 10

"Over 10% of industrial gearboxes serviced are expected to be used in the cement and aggregates industry by 2024."

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Statistic 11

"By 2024, the refining and petrochemical sector is expected to account for nearly 5.2% of all industrial gearbox services."

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Statistic 12

"By 2027, demand for industrial gearbox services for the chemical industry is expected to increase by over 6%."

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