FRA
The global mechanical power transmission market is expected to grow at a CAGR of 5.2% to reach a market cap of US$108.3 billion by 2032, says Fact.MR
Fact.MR, a provider of market research and competitive intelligence, says the global mechanical power transmission market would reach US$65.25 billion by 2022 and grow at a linear rate of 6% from 2022 to 2032. Fact.MR points out that automotive equipment is focusing on reducing vehicle weight to improve fuel efficiency.
This is actually increasing the demand for lightweight components and also contributing to the growth of several mechanical power transmission products such as chain drives and belt drives. As such, the global mechanical power transmission market is expected to reach USD 108.3 billion by 2032.
Mechanical Power Transmission Market Outlook (2022-2032)
Mechanical power transmission is the most essential movement at workstations because it ensures the execution of energy to the output and it transfers the energy from the point of energy generation. Mechanical power transmission is necessary in industries that manufacture products to run the process smoothly.
Mechanical power transmission equipment can change energy. The advantages of mechanical power transmission are in changing the rotational speeds, that it is well equipped to reverse the direction of rotation of the motor, and that it has elements that help to distribute and divide the energy sources.
There are different types of mechanical power transmissions such as power screws, brakes and clutches, chains and sprockets, shafts and couplings, belts, cables and pulleys.
What is the market growth for mechanical power transmission?
Since the design variables of mechanical power transmission products, such as bearing and gear diameters, are associated with certain confinements. Design strategies are being developed for optimal integrated design of mechanical power transmission systems. These new designs for mechanical power transmission systems include containments of each part to achieve an overall optimum for these systems.
Power is transmitted at a precise, consistent and efficient rate. Operating costs are minimized due to the long life of the products.
Any system that needs to transfer mechanical energy to keep machinery or product moving can easily use the equipment. The parts meet industry standards and are suitable for most system configurations. Sales of mechanical power transmission equipment have increased due to all of these causes.
Expertise in the design and manufacture of high efficiency, high torque mechanical power transmission systems is in high demand for high power electric vehicle design evolutions and motorsport applications. Better performing mechanical power transmission systems have been observed with improved finishing processes, resulting in longer component life, reduced gearbox temperatures and improved efficiency.
The emergence of high-end mechanical power transmission systems that operate without noise and vibration is likely to help industrial applications. The development of mechanical power transmission systems will continue to meet the needs of heavy industry, material handling, and water and wastewater treatment applications with their extensive knowledge and wide range of capabilities.
What strategies are companies adopting?
The task ahead for new entrants to the mechanical power transmission market is to produce high-quality equipment that requires less maintenance and consumes less energy.
The amount of equipment used in mechanical power transmission is large. Thus, bringing all the elements together is a significant task. However, with companies deploying custom components, the market is expected to see a big boost.
"Increasing use of products in industrial facilities and growing initiatives to improve power transmission are driving market expansion in North America and Europe"