Research Nester published a report titled “Global Industrial and Automotive Power Transmission Products Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global industrial and automotive power transmission products market in terms of market segmentation by product category, application, and by end-user.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The growing industrialization has led to an upsurge in the production, technological developments and setup of cutting-edge machinery in various verticals like manufacturing, automotive, electronics, among others. Due to the rapid pace of industrialization coupled with technological advancements there has been significant growth in deployment of mechanical power transmission products in various end-use sectors including industrial and automotive sectors. This is projected to propel the market growth significantly in the coming years. In 2019, the global industrial and automotive power transmission products market garnered USD 219,744.7 Million and by 2028, the market is estimated to touch USD 342,704.8 Million by growing at a CAGR of 9.9% over the forecast period, i.e., 2020-2028. On the basis of application, the global market is divided into industrial and automotive, out of which, the industrial segment is estimated to grow with highest CAGR throughout the forecast period.
Regionally, the global industrial and automotive power transmission products market is segmented into five major regions comprising North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market accounted for highest market value (USD 82,548.7 Million) in 2019 and is further projected to grow significantly during the forecast period on the back of emergence of new technological advancements in the automotive industry which has resulted in the integration of advanced features, This is expected to increase the production and sales of vehicles in this region.
Increase in Adoption of Magnetic Gears in the Mechanical Power Transmission Products Industry to Boost Market Growth
The increasing adoption of magnetic gears in the mechanical power transmission products industry is due to the use of a permanent magnet to transmit torque between an input and output shaft without mechanical contact. Therefore, these gears are highly dependable and entail minimal maintenance and allowing for efficiencies of up to 99% or more. Unlike mechanical gear transmission, there is no noise, vibration, and friction with magnetic gears, thus eliminating the need for lubrication. These factors push the demand for magnetic gears, which positively impacts the growth of the automotive and industrial power transmission products market.
However, the lack of periodic testing and inspection pertaining to power transmission equipment are estimated to negatively affect the growth of the market in the upcoming years.
This report also provides the existing competitive scenario of some of the key players of the global industrial and automotive power transmission products market which includes company profiling of ABB (SWX: ABBN), B & R Machine and Gear Corporation, ZF Friedrichshafen, Schaeffler AG, Aisin Seiki (TYO: 7259), Eaton Corporation PLC (NYSE: ETN), Nordex, Inc., AB SKF (STO: SKF-B), BorgWarner Inc. (NYSE: BWA), Continental AG (ETR: CON), Andantex USA Inc., and Tsubakimoto Chain Co (TYO: 6371). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global industrial and automotive power transmission products market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.