The 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.
The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its renewable energy targets for 2020. The market in Europe was estimated to be the largest market for offshore wind, followed by Asia-Pacific in 2016. This trend is expected to continue till 2022.
The global market was valued at $261.7 million in 2016 and is expected to grow at a CAGR of 15.70%, from 2017 to 2022. Increasing share of renewable power generation in energy generation mix, reduced costs of wind power, photovoltaic system and battery storage, and shift from centralized to de-centralized power generation are major drivers that would trigger the distributed energy resource management system market.