is 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).
Covid-19 Impact Analysis:
Covid-19 has highly impacted the market dynamics, competition, and supply chain of almost all industries. The revenues have gone down in 2020 and are expected to resume an uptrend gradually from 2021 and continue to grow further. The report covers all the segments that were affected by the pandemic.
According to the report, the market is predicted to progressively improve in the coming years, primarily due to rising consumer acceptance. Product demand will be boosted even more by rising investments for technological advancements. Furthermore, favorable regulatory changes and supporting industrial reforms will drive market growth. 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 2026.
Market Segments' Analysis
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 development of new technologies, increasing imports & exports, and the 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. Rising energy consumption in emerging economies as well as rising investments to incorporate sustainable and efficient infrastructure are the key factors responsible for the market growth.
The 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
Frequently Asked Questions –
This report provides vital information and valuable insights, enabling the users to identify the strategic growth opportunities in the market. The report aims at answering the following key questions:
- What is the current and future market size of industrial power transmission market?
- How has the COVID-19 pandemic impacted the market? How fast is it expected to recover?
- What will be the short and long-term effects of the pandemic?
- How are other market factors affecting the market dynamics?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the industrial power transmission market competition?
- What are the key emerging trends and unmet needs in the present market?
- What are the strategic growth opportunities and key success factors?
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