Mechanical Power Transmission Equipment Market 2024 - Size, Share, Trends, Technology, Challenges And Forecast By 2033

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The Mechanical Power Transmission Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Mechanical Power Transmission Equipment Global Market Report 2024, 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.

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.

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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

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 report table of contents includes:

Executive Summary
Mechanical Power Transmission Equipment Market Characteristics
Mechanical Power Transmission Equipment Product/Service Analysis -Product/Service Examples
Mechanical Power Transmission Equipment Market Trends And Strategies
Mechanical Power Transmission Equipment Market – Macro Economic Scenario

Global Mechanical Power Transmission Equipment Market Competitive Benchmarking
Global Mechanical Power Transmission Equipment Market Competitive Dashboard
Key Mergers And Acquisitions In The Mechanical Power Transmission Equipment Market
Mechanical Power Transmission Equipment Market Future Outlook and Potential Analysis
Appendix

Top 5 Major Key Players Are: