How Is The Mechanical Power Transmission Equipment Market Segmented?
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
Mechanical Power Transmission Equipment Market Driver: Renewable Energy Industry Surge Drives Demand For Mechanical Power Transmission Equipment
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.
Mechanical Power Transmission Equipment Market Driver: Government Initiatives To Drive Global Demand For Electric Vehicles And Boost The Mechanical Power Transmission Equipment Market
Government initiatives that followed the Paris Agreement on climate change are expected to increase the global demand for electric vehicles in the forecast period, driving demand for mechanical power transmission equipment. For instance, China plans to have at least 20% of the vehicle production be represented by electric and hybrid vehicles by 2025, Norway’s share of sales of electric vehicles among other types of vehicles is expected to increase to 100% by 2025, and California’s plan to sell green vehicles representing 35% of the total sales by 2025 was signed by nine USA states. The expected increase in the production of green vehicles supported by governments’ initiatives will encourage a significant proportion of the population to invest in electric vehicles and replace their existing automobiles that are running on fossil fuels, thereby driving the mechanical power transmission equipment market in the forecast period, a major supplier of metal automobile components to automobile manufacturers.
Global Mechanical Power Transmission Equipment Market Major Players
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.
Global Mechanical Power Transmission Equipment Market Trend: Innovative Products Driving Competitive Advantage In The Market
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.
Global Mechanical Power Transmission Equipment Market Trend: Revolutionizing Mechanical Power Transmission With Magnetic Gears
Magnetic gears are being increasingly adopted in the mechanical power transmission equipment industry. Magnetic gears are physically contactless, which enable efficiencies up to 99% or more. The magnetic gears eliminate the need for any transmission oil. With the nature of a contactless operation, the gears are highly reliable and require minimal maintenance. The technology also helps prevent damage in the event of a torque overload by auto-slipping. For instance, when the overload torque is removed, the gears also re-engage automatically.
Regional Outlook For The Global 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.
The countries covered in the mechanical power transmission equipment market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
What Defines the Mechanical Power Transmission Equipment Market?
The mechanical power transmission equipment market consists of sales of shaft couplings, chain drives, gear drives, belt drives, and power screws. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Mechanical Power Transmission Equipment Industry?
The mechanical power transmission equipment market research report is one of a series of new reports from The Business Research Company that provides mechanical power transmission equipment market statistics, including mechanical power transmission equipment industry global market size, regional shares, competitors with a mechanical power transmission equipment market share, detailed mechanical power transmission equipment market segments, market trends and opportunities, and any further data you may need to thrive in the mechanical power transmission equipment industry. This mechanical power transmission equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
