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Mechanical Power Transmission Equipment Market 2021 Analysis by Top Manufacturers – ABB, Altra, Timken, SKF
The Global Mechanical Power Transmission Equipment Market Report provides a study with an in-depth overview, describing the product/industry scope and elaborating market outlook and status (2021-2030). The report is curated after in-depth research and analysis by experts. The report provides comprehensive valuable insights on the global Mechanical Power Transmission Equipment market development activities demonstrated by industry players, growth opportunities, and market sizing with analysis by key segments, leading and emerging players, and geographies.The global mechanical power transmission equipment market is expected to grow from $54.58 billion in 2020 to $56.91 billion in 2021 at a compound annual growth rate (CAGR) of 4.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $77.36 billion in 2025 at a CAGR of 8%.
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Top Companies in the Global Mechanical Power Transmission Equipment Market: ABB; Altra; Timken; SKF; Gardner Denver
Market Overview:
Asia Pacific was the largest region in the global mechanical power transmission equipment market, accounting for 50% of the market in 2020. Western Europe was the second largest region accounting for 29% of the global mechanical power transmission equipment market. Africa was the smallest region in the global mechanical power transmission equipment market.
Magnetic gears are being increasingly adopted in the mechanical power transmission equipment industry. Magnetic gears are physically contact-less, which make them enable efficiencies up to 99% or more. The magnetic gears obviate the need for using any transmission oil. With the nature of a contact-less operation, the gears are highly reliable and require minimal maintenance. The technology also helps prevent damage in case of a torque overload by auto-slipping, i.e. when the overload torque is removed, the gears also re-engage automatically.
Many developed and developing economies are imposing restrictions on free trade, which are expected to hinder the growth of the mechanical power transmission equipment market in the forecast period. Post Brexit, trade restrictions between the UK and other European countries are likely to increase, while the new trade agreement between the USA, Canada and Mexico, USMCA, imposed by the USA President Donald Trump, is expected to increase the prices of metal components imported from Mexico. The increase of tariffs on foreign steel especially from China by the USA government in 2018 to 25% has increased the production cost of the mechanical power transmission equipment. Therefore, reduction in the world free trade is expected to hinder the mechanical power transmission equipment market due to expected increase of the production cost and tariffs.
Regional Analysis:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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