PUBLISHER: The Business Research Company | PRODUCT CODE: 1680420
PUBLISHER: The Business Research Company | PRODUCT CODE: 1680420
Mechanical power transmission equipment transfers mechanical energy between components or machines.
Primary types include plain bearings, joints, clutches, couplings, pulleys, chains and sprockets, among others. Plain bearings in this market are commonly used in agricultural machinery as slide bearings. Sales channels encompass OEM and aftermarket, serving industries such as automotive, aerospace and defense, the power sector, and others.
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.
The mechanical power transmission equipment market size has grown strongly in recent years. It will grow from $66 billion in 2024 to $71.59 billion in 2025 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 $96.39 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. 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 mechanical power transmission equipment market is anticipated to experience growth driven by the expanding renewable energy sector, specifically in wind and solar power generation. Renewable energy sources, which are naturally replenished, rely on mechanical power transmission systems, necessitating specialized equipment such as gearboxes and drive systems to convert rotational energy into electricity. As reported in April 2023 by the National Renewable Energy Laboratory (NREL), global photovoltaic installations reached 231 gigawatts of direct current (GWdc) in 2022, contributing to a cumulative total of 1.2 terawatts of direct current (TWdc). Notably, China led this growth with a 57% surge in annual PV installations, accounting for 42% of global demand. Projections indicate annual installations exceeding 300 GW by 2023 and surpassing 400 GW by 2025, highlighting the pivotal role of the renewable energy industry in propelling the mechanical power transmission equipment market.
Government initiatives aligned with the Paris Agreement on climate change are anticipated to drive global demand for electric vehicles, subsequently boosting the market for mechanical power transmission equipment. Countries such as China, Norway, and several U.S. states have set ambitious targets for the production and adoption of electric and hybrid vehicles by 2025. These initiatives aim to curb emissions and promote environmentally friendly transportation. Consequently, an increase in green vehicle production, supported by government policies, is expected to drive consumer adoption and fuel demand for mechanical power transmission equipment, a crucial supplier of metal components to the automotive sector.
Leading companies within the market are strategically focusing on the development of cutting-edge products, exemplified by the introduction of Synchromotion polyurethane (PU) timing belts, aimed at securing a competitive edge. Synchromotion, as a polyurethane (PU) timing belt, stands out for its reliable power transmission, featuring wear-resistant PU material and requiring minimal maintenance due to its high-tensile-strength steel cord tension member. Specifically designed for challenging power transmission environments, Synchromotion was unveiled in February 2023 by Continental AG, a Germany-based sustainable energy component manufacturing company. As part of its Truly Endless product line, these steel-cord-reinforced polyurethane belts are renowned for their outstanding flexibility, resistance to abrasion, and prolonged durability. The incorporation of a polyurethane cover enhances power transmission efficiency, surpassing alternative materials.
Major companies in the market are concentrating on developing innovative products like synchromotion polyurethane (PU) timing belts to secure a competitive edge. Synchromotion refers to a polyurethane (PU) timing belt that provides reliable power transmission, features wear-resistant PU material, and requires minimal maintenance due to its high-tensile-strength steel cord tension member, making it ideal for demanding power transmission applications. For example, in February 2023, Continental AG, a Germany-based manufacturer of sustainable energy components, launched Synchromotion, a new generation of polyurethane (PU) timing belts within its Truly Endless product line. These steel-cord-reinforced polyurethane belts are recognized for their outstanding flexibility, abrasion resistance, and long-lasting durability. The polyurethane cover enhances power transmission efficiency, exceeding that of other materials.
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.
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.
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.
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.
Mechanical Power Transmission Equipment Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on mechanical power transmission equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for mechanical power transmission equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mechanical power transmission equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.