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Industrial Power Transmission Market Analysis | 2022-2027
Industrial Power Transmission Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Industrial power transmission means the transfer of energy so that it can be transmitted to the desired application with the appropriate power, speed, and torque. Due to the increasing modernization of existing infrastructure all over the world, the industrial power transmission market is expected to grow significantly. Moreover, considerable R&D investments are pushing the global use of technologically advanced equipment.
Due to increased awareness regarding the reduction of energy loss, manufacturers are focussing on cost-effective and energy-efficient equipment. A favorable business environment has also been created by increased manufacturing operations, especially in developing economies. In 2020, With the abrupt breakout of the COVID-19 pandemic, the market for industrial power transmission suffered a considerable fall of -7.2%. Companies have suffered significant losses as a result of the entire lockdown paired with a labor shortage and temporary shutdown of manufacturing plants.
The market is predicted to progressively improve in the coming years, primarily due to rising consumer acceptance. Other factors that will drive the market growth are rising investments for technological advancements, favorable regulatory changes and supporting industrial reforms.
Overall, in the long run, the industrial power transmission market is expected to grow at a respectable CAGR of 3.4% to be reaching a value of US$ 11.0 billion in 2027.
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Based on the transmission type, the industrial power transmission market is segmented as belt and chain. Chain is expected to remain the larger transmission type in the market during the forecast period. The wide usage of transmission chains in the chemical, agriculture, oil & gas, pharmaceutical, mining, and construction industries is one of the primary drivers of market expansion.
Material handling, manufacturing, and agricultural & food processing equipment are just a few of the applications for industrial roller chains. Roller chains provide machine-driven power to a variety of industrial machinery. It is observed that the industrial belts are replacing industrial chains in some applications, owing to certain advantages of belts over chains, such as no requirement of frequent lubrication and reduced noise.
Based on the application type, the market is segmented as general industries, energy & others, construction materials, food & beverage, warehouse & distribution, lumber & aggregates, and agriculture. Warehouse & distribution is expected to be the fastest-growing application type in the market during the forecast period. The warehousing & distribution business is anticipated to grow significantly due to development of new technologies; increasing imports & exports and rapidly expanding e-commerce industry. A boom in commercial activity in rising economies, such as China, India, Indonesia, Russia, and Brazil, is further substantiating the warehousing & storage business.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant segment of the market during the forecast period. Old chains and belts must be replaced to smooth operations as well as to save manpower, energy, and cost. Manufacturers are switching to new and technologically advanced products.
In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for industrial power transmission during the forecast period. The market of industrial power transmission will grow significantly due to rapid industrialization in developing nations like China, India, and other South-East Asian countries. Other key factors responsible for the market growth are rising energy consumption in emerging economies and rising investments to incorporate sustainable and efficient infrastructure.
The industrial power transmission market is segmented into the following categories.
The following are the Top players in the industrial power transmission market-
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s industrial power transmission market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
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The industrial power transmission market size is expected to reach US$ 11.0 billion in 2027.
Some of the factors driving the growth of industrial power transmission market are increasing modernization of existing infrastructure all over the world, rising consumer acceptance, rising investments for technological advancements, favorable regulatory changes and supporting industrial reforms.
The industrial power transmission market is expected to grow at an impressive CAGR of 3.4% during 2022-2027.
AB SKF, Bando Group, Continental AG, Dayco Corporate, Gates Corporation, Optibelt GmbH, Regal Rexnord, Regina Catene Calibrate Spa, Schaeffler Group, The Morse Chain, The Timken Company are among the top players in the market.
North America is expected to be the largest market during the forecast period.
Chain is expected to be the larger segment in the market during the next five years.
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