Mechanical Power Transmission Equipment: A Leading Driver Behind Renewable Energy Industry Surge Drives Demand For Mechanical Power Transmission Equipment Market Expansion in 2025

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What Is the Expected CAGR for the Mechanical Power Transmission Equipment Market Through 2025?
In the past few years, the market size for mechanical power transmission equipment has seen a robust growth. It is projected to increase from $66 billion in 2024 to $71.59 billion in 2025, with an 8.5% compound annual growth rate (CAGR). This growth in the historic period is a result of factors such as the surge in industrialization and manufacturing, automotive industry expansion, the complexity of globalization and supply chain, enhanced automation in manufacturing, and the demand for agricultural machinery.

What's the Projected Size of the Global Mechanical Power Transmission Equipment Market by 2029?
In the coming years, the mechanical power transmission equipment market is anticipated to exhibit robust growth, increasing to $96.39 billion in 2029, with a CAGR of 7.7%. This predicted growth in the forecast period is mainly due to sustainable and environmentally friendly approaches, emphasis on predictive maintenance, integration of renewable energy, relocation of manufacturing centres globally, and a concentrate on lightweight and compact designs. The major trends for the forecast period are integration of smart sensors and internet of things, personalized and modular designs, incorporation of cutting-edge materials, cooperative transmissions system design, and interaction with robotics and cobots.

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Top Growth Drivers in the Mechanical Power Transmission Equipment Industry: What's Accelerating the Market?
The mechanical power transmission equipment market is predicted to flourish with the expansion of the renewable energy sector, comprised of wind and solar power production. Renewable energy, generated from sources that naturally replenish without running out, relies heavily on mechanical power transmission systems. This equipment transforms rotational energy into electricity and increases the need for specialized gear such as gearboxes and drive systems. A report from April 2023 by the National Renewable Energy Laboratory (NREL), a US-based research institution focused on progressing renewable energy and energy efficiency technologies, revealed that global photovoltaic (PV) installations hit 231 gigawatts of direct current (GWdc), adding to the cumulative total of 1.2 terawatts of direct current (TWdc) in 2022. Chinese PV installations saw a steep rise of 57% making up 42% of the worldwide demand, largely driven by distributed PV. It is projected that yearly installations will exceed 300 GW by 2023 and over 400 GW by 2025. Thus, the expansion of the renewable energy sector, inclusive of wind and solar power generation, will boost the mechanical power transmission equipment market.

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What Trends Will Shape the Mechanical Power Transmission Equipment Market Through 2029 and Beyond?
Primary businesses in the market are concentrating on creating innovative offerings like synchromotion polyurethane (PU) timing belts in order to stay competitive. Synchromotion is a PU timing belt type providing reliable power transmission and features a wear-resistant PU material, requiring little maintenance due to its high tensile strength steel cord tension member. This makes it ideal for use in demanding power transmission scenarios. As an example, in February 2023, Continental AG, a German sustainable energy component manufacturer, introduced Synchromotion, a new range of PU timing belts as part of its Truly Endless product line. These belts, reinforced with steel cord, are known for their superior flexibility, resistance to wear, and lasting durability. The polyurethane coating boosts power transmission efficiency, outperforming other material options.

What Are the Main Segments in the Mechanical Power Transmission Equipment Market?
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, After market
3) By End-User Industry: Automotive, Aerospace & Defense, Power Industry, Other End-User Industries

Subsegments:
1) By Plain Bearings: Sleeve Bearings, Thrust Bearings, Journal Bearings
2) By Joints: Universal Joints, Hooke Joints, Flexible Couplings
3) By Clutches: Mechanical Clutches, Hydraulic Clutches, Electromagnetic Clutches
4) By Couplings: Rigid Couplings, Flexible Couplings, Gear Couplings
5) By Pulleys: V-Belt Pulleys, Timing Pulleys, Sheaves
6) By Chains and Sprockets: Roller Chains, Sprocket Wheels, Leaf Chains
7) By Other Mechanical Power Transmission Equipment: Gearboxes, Belt Drives, Transmission Belts

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Which Top Companies are Driving Growth in the Mechanical Power Transmission Equipment Market?
Major companies operating in the mechanical power transmission equipment market include 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.

Which Regions Will Dominate the Mechanical Power Transmission Equipment Market Through 2029?
Asia-Pacific was the largest region in the mechanical power transmission equipment market in 2024. Western Europe was the second largest region of the mechanical power transmission equipment market. The regions covered in the mechanical power transmission equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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