The power industry, especially the renewable industry is one of the prominent industries that use gearboxes in its various segments such as wind turbines and hydro turbines. The gears are used to transmit the absorbed kinetic energy into the generator for electricity generation.
With an expected growth in urbanization rate from around 55% in 2018 to 68% in 2050, it is expected to have a significant growth in various sectors, such as power, mine, and minerals, etc. Growth in these sectors is expected to create an opportunity for the market in the future.
Asia-Pacific is expected to dominate the market, with the highest growth of urbanization across the globe. The wind turbine is one of the sectors that is growing in the region and is expected to grow rising initiatives to reduce carbon footprint.