Mechanical Power Transmission Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030
Major companies in the mechanical power transmission equipment market include ABB; Altra; Timken; SKF and Gardner Denver. The global mechanical power transmission equipment market is expected to grow from $54.
New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mechanical Power Transmission Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009816/?utm_source=GNW
58 billion in 2020 to $56.91 billion in 2021 at a compound annual growth rate (CAGR) of 4.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $77.36 billion in 2025 at a CAGR of 8%.
The mechanical power transmission equipment market consists of sales of mechanical power transmission equipment and related services by entities (organizations, sole traders or partnerships) that produce mechanical power transmission equipment (except motor vehicle and aircraft), such as plain bearings, clutches, couplings, joints, and drive chains. The mechanical power transmission equipment market is segmented into plain bearings; joints; clutches; couplings; pulleys; chains and sprockets; and other mechanical power transmission equipment.
Asia Pacific was the largest region in the global mechanical power transmission equipment market, accounting for 50% of the market in 2020. Western Europe was the second largest region accounting for 29% of the global mechanical power transmission equipment market. Africa was the smallest region in the global mechanical power transmission equipment market.
Magnetic gears are being increasingly adopted in the mechanical power transmission equipment industry. Magnetic gears are physically contact-less, which make them enable efficiencies up to 99% or more. The magnetic gears obviate the need for using any transmission oil. With the nature of a contact-less operation, the gears are highly reliable and require minimal maintenance. The technology also helps prevent damage in case of a torque overload by auto-slipping, i.e. when the overload torque is removed, the gears also re-engage automatically.
Many developed and developing economies are imposing restrictions on free trade, which are expected to hinder the growth of the mechanical power transmission equipment market in the forecast period. Post Brexit, trade restrictions between the UK and other European countries are likely to increase, while the new trade agreement between the USA, Canada and Mexico, USMCA, imposed by the USA President Donald Trump, is expected to increase the prices of metal components imported from Mexico. The increase of tariffs on foreign steel especially from China by the USA government in 2018 to 25% has increased the production cost of the mechanical power transmission equipment. Therefore, reduction in the world free trade is expected to hinder the mechanical power transmission equipment market due to expected increase of the production cost and tariffs.
Government initiatives that followed the Paris Agreement on climate change signed in 2016 are expected to increase the global demand for electric vehicles in the forecast period driving demand for mechanical power transmission equipment. For example, China plans to have at least 20% of the vehicle production to 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 9 USA states. Expected increase in the production of green vehicles supported by governments’ initiatives will encourage a significant proportion of 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 the automobile manufacturers.
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