Global Mechanical Power Transmission Equipment Market Projected to Grow at 7.4% CAGR, Reaching $93.42 Billion by 2029

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What Will the Mechanical Power Transmission Equipment Industry Market Size Be by 2025?
The market size of mechanical power transmission equipment has seen substantial growth in the past few years. It is expected to rise from $66.1 billion in 2024 to $70.31 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%. The expansion experienced over the historic period can be linked to increased industrialization and manufacturing, broadening of the automotive industry, the complexity of globalization and supply chain, heightened automation in manufacturing structures, as well as the demand for agricultural machinery.

What's the Long-Term Growth Forecast for the Mechanical Power Transmission Equipment Market Size Through 2029?
Over the coming years, the mechanical power transmission equipment market size is projected to experience robust growth. The market is predicted to reach $93.42 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.4%. The growth in this forecast period can be credited to practices such as eco-friendly and sustainable methods, prioritizing predictive maintenance, incorporating renewable energy, global shifts in manufacturing sectors, and emphasis on compact and lightweight designs. Notable trends during the forecast period include the integration of smart sensors and IoT, customization and modular design, incorporation of advanced materials, collaboration in the design of transmission systems, and convergence with robotics and cobots.

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What Are the Key Growth Drivers Fueling the Mechanical Power Transmission Equipment Market Expansion?
The expansion of the mechanical power transmission equipment market is poised to be driven by the growth of the renewable energy sector, including wind and solar power. This sector relies on renewable energy, which is energy generated from sources that are naturally replenished and sustainable over time. These systems utilize mechanical power transmission systems to transform rotational energy into electricity, therefore necessitating specialized equipment such as gearboxes and drive systems. For example, the National Renewable Energy Laboratory (NREL), a U.S.-based research institution focused on advancing renewable energy and energy efficiency technologies, reported in April 2023 that global photovoltaic (PV) installations reached a combined capacity of 231 gigawatts direct current (GWdc), adding up to a cumulative 1.2 terawatts direct current (TWdc) as of 2022. Chinese PV installations demonstrated a 57% increase, making up 42% of global demand. This increase is mainly due to distributed PV, and annual installations are expected to surpass 300 GW by 2023 and exceed 400 GW by 2025. Hence, the burgeoning renewable energy sector, including wind and solar power generation, is anticipated to spur the mechanical power transmission equipment market's growth.

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What Are the Key Trends Driving Mechanical Power Transmission Equipment Market Growth?
Leading companies in the market are concentrating on producing novel products like synchromotion polyurethane (PU) timing belts to strengthen their competitive position. Synchromotion is a type of PU timing belt renowned for its reliable power transmission, durability due to wear-resistant PU material, low-maintenance requirements due to its robust steel cord tension member, and its suitability for challenging power transmission scenarios. For example, in February 2023, Continental AG, a sustainable energy component manufacturer based in Germany, introduced Synchromotion, a fresh addition to its Truly Endless range of PU timing belts. These PU belts, reinforced with steel cord, are celebrated for their impressive flexibility, resistance to wear and tear, and sustained durability. Their polyurethane casing improves power transmission effectiveness, outperforming other materials.

How Is the Mechanical Power Transmission Equipment Market Segmented?
The mechanical power transmission equipmentmarket 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

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 Companies Are Leading the Charge in Mechanical Power Transmission Equipment Market Innovation?
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 Are Leading the Global Mechanical Power Transmission Equipment Market in Revenue?
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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