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Mechanical Power Transmission Equipment Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Mechanical Power Transmission Equipment Global Market
As per the report, 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 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%.
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Renewable Energy Industry Surge Drives Demand For Mechanical Power Transmission Equipment
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.
Innovative Products Driving Competitive Advantage In The Market
Major companies operating in the market are focused on developing innovative products such as synchromotion polyurethane (PU) timing belts to gain a competitive advantage. Synchromotion represents a polyurethane (PU) timing belt that delivers dependable power transmission, boasts wear-resistant PU material, necessitates minimal maintenance due to its high-tensile-strength steel cord tension member, and is well-suited for deployment in demanding power transmission environments. For instance, in February 2023, Continental AG, a Germany-based sustainable energy component manufacturing company, launched Synchromotion, a new generation of polyurethane (PU) timing belts within its Truly Endless product line. These steel-cord-reinforced polyurethane belts are renowned for their exceptional flexibility, resistance to abrasion, and long-lasting durability. The polyurethane cover enhances power transmission efficiency, surpassing that of alternative materials.
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
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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.
Contents of the report:
1. Executive Summary
2. Mechanical Power Transmission Equipment Market Report Structure
3. Mechanical Power Transmission Equipment Market Trends And Strategies
4. Mechanical Power Transmission Equipment Market - Macro Economic Scenario
5. Mechanical Power Transmission Equipment Market Size And Growth
…..
27. Mechanical Power Transmission Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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