Mechanical Power Transmission Equipment Market Key Trends, Analysis, Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Mechanical Power Transmission Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Mechanical Power Transmission Equipment Market 2024 Key Insights:

• 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%.
• Renewable Energy Industry Surge Drives Demand For Mechanical Power Transmission Equipment
• Innovative Products Driving Competitive Advantage In The Market
• Asia-Pacific was the largest region in the mechanical power transmission equipment market in 2023

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