What is the Historical Analysis of the Mechanical Power Transmission Equipment Market Size?
The mechanical power transmission equipment market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant surge in the size of the mechanical power transmission equipment market. The sector, valued at $66 billion in 2024, is projected to increase to $71.59 billion in 2025, representing a compound annual growth rate (CAGR) of 8.5%.
Factors such as the advancement and growth of industrialization and manufacturing, the expansion of the automotive industry, complexity in global supply chains, an uptick in the automation of manufacturing processes, and the demand for agricultural machinery have contributed to the growth observed in the historical period.
What is the Forecasted Market Size and CAGR for the Mechanical Power Transmission Equipment Market?
The mechanical power transmission equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the mechanical power transmission equipment market is expected to witness significant growth, escalating to $96.39 billion by 2029 with a compound annual growth rate (CAGR) of 7.7%.
This anticipated expansion in the forecast period can be linked to environmentally friendly practices, emphasis on predictive upkeep, incorporation of renewable energy, global realignment of manufacturing centres and concentration on lightweight, compact designs. Noteworthy trends throughout the forecasted period encompass smart sensors and Internet of Things (IoT) fusion, adaptability and modular configuration, incorporation of high-tech materials, partnerships in transmission system planning, and interaction with robotics and cobots.
What Main Forces Are Fueling Expansion In The Mechanical Power Transmission Equipment Market?
The expansion of the renewable energy sector, encompassing wind and solar energy production, is anticipated to drive the mechanical power transmission equipment market's growth. Renewable energy is defined as energy sourced from naturally replenishing resources that can be utilized without exhausting over time. The production of renewable energy depends on mechanical power transmission systems to transform rotational energy into electricity, thereby boosting the need for specialized equipment such as gearboxes and drive systems. For example, the National Renewable Energy Laboratory (NREL), a US-based research institution committed to the development of renewable energy and energy efficient technologies, revealed in a report in April 2023 that global photovoltaic (PV) installations had reached 231 gigawatts of direct current (GWdc), accumulating to 1.2 terawatts of direct current (TWdc) in 2022. China's yearly PV installations had a substantial growth of 57%, accounting for 42% of global demand, predominantly driven by distributed PV. The annual installations are predicted to cross 300 GW by 2023 and exceed 400 GW by 2025. Consequently, the development of the renewable energy sector, including wind and solar power production, will stimulate the mechanical power transmission equipment market.
What Are The Principal Market Segments In The Global Mechanical Power Transmission Equipment Healthcare Industry?
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 Emerging Market Trends Are Altering The Mechanical Power Transmission Equipment
Creating cutting-edge products like synchromotion polyurethane (PU) timing belts is key to gaining a competitive edge in the market for dominant companies. Synchromotion is a polyurethane (PU) timing belt built to ensure reliable power transmission, and it features a strong, wear-resistant PU material that requires minimal upkeep due to its high-tensile-strength steel cord tension member. It's particularly effective in challenging power transmission situations. For example, in February 2023, a new generation of polyurethane (PU) timing belts, known as Synchromotion, was introduced by Continental AG, a German manufacturer of sustainable energy components. Its Truly Endless product line includes these steel-cord-reinforced polyurethane belts, which are known for their excellent flexibility, resistance to wear, and longevity. The efficiency of power transmission is significantly improved by the polyurethane coating, outperforming other materials.
Who Are the Key Players 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.
What are the Regional Insights into the Mechanical Power Transmission Equipment Market?
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.
