Stratview Research has published a new report on the Industrial Power Transmission Market, segmented by Transmission Type (Belt and Chain), by Application Type (General Industries, Energy & Others, Construction Materials, Food & Beverage, Warehouse & Distribution, Lumber & Aggregates, and Agriculture), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global artificial intelligence as a service market.
Market Highlights
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.
To know more about the covid impact on the market, click here: https://www.stratviewresearch.com/Request-Sample/2377/industrial-power-transmission-market.html#form
Covid Impact
Covid-19 has impacted the market dynamics, competition, and global supply chain of every possible market one can think of. The revenues for many, have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operations and strategy will sustain and beat the competition.
Segmentation –
This report studies the Industrial Power Transmission Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
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 the following factors-
· development of new technologies
· increasing imports & exports
· 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.
Following are the key players in the Industrial Power Transmission Market:
· 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
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