Press release
Growth Prospects in Mechanical Power Transmission Equipment Market: 8.5% CAGR, $71.59B Value by 2025, Influenced by Industrialization, Manufacturing Growth, and Automotive Expansion
Growth Prospects in Mechanical Power Transmission Equipment Market:
Mechanical Power Transmission Equipment Market Breakthroughs: Boosted by Automation, Sustainable Practices, Predictive Maintenance Integration, the Market is Poised to Reach $96.39B by 2029
What Is The Projected Market Size Of The Global Mechanical Power Transmission Equipment Market And Its Growth Rate?
•The market grew strongly to $66 billion in 2024.
•The market is projected to grow at a CAGR of 8.5% to reach $71.59 billion in 2025
•The market growth from 2024 to 2025 can be attributed to increased automation in manufacturing, industrialization, expansion of the automotive industry, and agricultural machinery needs.
•The market is expected to reach $96.39 billion by 2029, registering a CAGR of 7.7% in subsequent years.
What Is Driving The Growth In The Mechanical Power Transmission Equipment Market?
The major growth driver in the mechanical power transmission equipment market is the renewable energy industry including wind and solar power generation. The need for specialized equipment like gearboxes and drive systems to convert rotational energy into electricity in this industry is inflating the market. It is noteworthy that the global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc) and totaled 1.2 terawatts of direct current (TWdc) cumulatively in 2022. The country with the highest annual installations accounting for 42% of global demand was China, majorly driven by distributed PV. With installations forecasted to exceed 300 GW by 2023 and surpass 400 GW by 2025, renewable energy industry is undeniably set to propel the mechanical power transmission equipment market.
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Who Are the Key Players Driving Mechanical Power Transmission Equipment Market Growth?
•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
•Regal Rexnord Corporation
•TheTimkenCompany
•Graham Corporation
•Gates Corporation
•TsubakimotoChainCo.
•Comer Industries Spa
•Lufkin Industries
•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.
What Are The Key Trends In The Mechanical Power Transmission Equipment Market?
•Smart sensors and IoT integration
•Customization and modular design
•Integration of advanced materials
•Collaboration in transmission system design
•Integration with robotics and cobots
What Are The Segments Of The Global Mechanical Power Transmission Equipment Market?
•By Type: Plain Bearings, Joints, Clutches, Couplings, Pulleys, Chains And Sprockets, Other Mechanical Power Transmission Equipment
•Sales Channel: OEM, Aftermarket
•End-User Industry: Automotive, Aerospace & Defense, Power Industry, Other End-User Industries
Which Region Leads The Mechanical Power Transmission Equipment Market?
Asia-Pacific was the largest region in the mechanical power transmission equipment market in 2024, closely followed by Western Europe. The expansion and prosperity of this market extends over various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Mechanical Power Transmission Equipment Market Global Market Report?
- Market Size Analysis: Analyze the Mechanical Power Transmission Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Mechanical Power Transmission Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Mechanical Power Transmission Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Mechanical Power Transmission Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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