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Mechanical Power Transmission Equipment Market Size, Industry Share, Analysis Report 2024-2033
Mechanical Power Transmission Equipment Market
The Business Research Company presents an extensive market research report on the Mechanical Power Transmission Equipment Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The mechanical power transmission equipment market size has grown strongly in recent years. It will grow from $62.21 billion in 2023 to $67.48 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to industrialization and manufacturing growth, expansion of automotive industry, globalization and supply chain complexity, increased automation in manufacturing, agricultural machinery needs.
The mechanical power transmission equipment market size is expected to see strong growth in the next few years. It will grow to $91.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to sustainable and eco-friendly practices, focus on predictive maintenance, renewable energy integration, global shifts in manufacturing hubs, focus on lightweight and compact designs. Major trends in the forecast period include smart sensors and iot integration, customization and modular design, integration of advanced materials, collaboration in transmission system design, integration with robotics and cobots.
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Key Market Players:
Major companies operating in the mechanical power transmission equipment market report are Hitachi Ltd., Siemens AG, General Electric Company, Mitsubishi Heavy Industries Ltd., ABB Ltd., EatonCorporationplc, Nidec Corporation, Schaeffler Technologies AG & Co KG, Illinois Tool Works Inc., SKF Group, Sumitomo Heavy Industries Ltd., Gardner Denver, WEG, Zebra Technologies, Regal Rexnord Corporation, Regal Beloit Corporation, TheTimkenCompany, Graham Corporation, Gates Corporation, TsubakimotoChainCo., Comer Industries Spa, Lufkin Industries, Atkore International Group Inc., Andantex USA Inc., Boston Gear LLC, Altra Industrial Motion India Pvt. Ltd., Renold Plc, Torotrak, Bonfiglioli Transmissions Private Limited, Dana Motion Systems Italia S.r.l., Flender, NTN Corporation, Curtis Machine Company Inc.
Market Drivers:
The growth of the renewable energy industry, including wind and solar power generation, is expected to propel the growth of the mechanical power transmission equipment market going forward. Renewable energy refers to energy derived from sources that are naturally replenished and can be used without depleting their resources over time. Renewable energy production relies on mechanical power transmission systems to convert rotational energy into electricity, fueling demand for specialized equipment like gearboxes and drive systems. For instance, in April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China's annual PV installations surged by 57%, accounting for 42% of global demand, primarily driven by distributed PV, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025. Therefore, the growth of the renewable energy industry, including wind and solar power generation, will fuel the mechanical power transmission equipment market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/mechanical-power-transmission-equipment-global-market-report
The mechanical power transmission equipment market covered in this report is segmented -
1) By Type: Plain Bearings, Joints, Clutches, Couplings, Pulleys, Chains And Sprockets, Other Mechanical Power Transmission Equipment
2) By Sales Channel: OEM, Aftermarket
3) By End-User Industry: Automotive, Aerospace & Defense, Power Industry, Other End-User Industries
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
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