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).
Learn More On The Mechanical Power Transmission Equipment Market:
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.
Get A Free Sample Of The Report (Includes Graphs And Tables):
https://www.thebusinessresearchcompany.com/sample.aspx?id=2898&type=smp
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:
- Hitachi Ltd
- Siemens AG
- General Electric Company
- Mitsubishi Heavy Industries Ltd
- ABB Ltd
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
The Business Research Company’s latest report Mechanical Power Transmission Equipment Global Market Report 2020 covers Mechanical Power Transmission Equipment market drivers, Mechanical Power Transmission Equipment market trends, Mechanical Power Transmission Equipment market segments, Mechanical Power Transmission Equipment market growth rate, Mechanical Power Transmission Equipment market major players, and Mechanical Power Transmission Equipment market size.
The report provides in-depth analysis of the impact of COVID-19 on the Mechanical Power Transmission Equipment industry, along with revised market numbers due to the effects of the coronavirus.
View Complete Report:https://www.thebusinessresearchcompany.com/report/mechanical-power-transmission-equipment-global-market-report-2020-30-covid-19-impact-and-recoveryMechanical Power Transmission Equipment Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.
Request for the sample now:https://www.thebusinessresearchcompany.com/sample.aspx?id=2898=smp The global mechanical power transmission equipment market is expected to decline from $57.3 billion in 2019 to $54.2 billion in 2020 at a compound annual growth rate (CAGR) of -5.4%.
The Business Research Company published its Mechanical Power Transmission Equipment Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global Mechanical Power Transmission Equipment market.
The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.The report covers the mechanical power transmission equipment market’s segments- by type: plain bearings, joints, clutches, couplings, pulleys, chains and sprockets, others - mechanical power transmission equipment, by end-user industry: automotive, aerospace & defense, power industry, other, and by sales channel: OEM, aftermarket.
View Complete Report:https://www.thebusinessresearchcompany.com/report/mechanical-power-transmission-equipment-global-market-report-2020-30-covid-19-impact-and-recoveryMechanical Power Transmission Equipment Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it.
The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $66.5 billion in 2023.Many machine manufacturing companies are using robotics and automation to improve assembly and warehouse operations efficiency.
The Business Research Company published its Mechanical Power Transmission Equipment Manufacturing Global Market Report 2019 which provides strategists, marketers and senior management with the critical information they need to assess the global mechanical power transmission equipment manufacturing market.
The report covers the mechanical power transmission equipment manufacturing market’s segments- plain bearings, joints, clutches, couplings, and others - mechanical power transmission equipment manufacturing.View Complete Report: https://www.thebusinessresearchcompany.com/report/mechanical-power-transmission-equipment-manufacturing-global-market-reportMechanical Power Transmission Equipment Manufacturing Global Market Report 2019 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 50+ geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It covers all the regions, key developed countries and major emerging markets.
The major regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.Many machine manufacturing companies are using robotics and automation to improve assembly and warehouse operations efficiency.
Sensors are being used in various machines to access invaluable data for improving efficiencies and reduce potential breakdowns.
