Globally, the size of the Power Transmission & Motion Control Market is expected to reach USD 255 Billion by 2027 at a CAGR of 30% driven by, increasing the efficiency of automation and the productivity of factories.
Power transmission and motion control is an eco-friendly technology. The power transmission concept increases efficiency. Power transmission is essential in today’s world. It is a process of transferring power to a location for high-end applications. Further, there are plenty of end-users in the power transmission and motion control market. The automotive industry is the key end-user of the power transmission and motion control market. The growth rate of this market is massive in the forecast period. As per the Power Transmission & Motion Control Market Analysis, the market value is projected as USD ~255 Billion. Also, the Power Transmission & Motion Control Market Size is estimated as 30%. The overall power transmission market has three crucial segments. The power transmission and motion control market has three main segments such as services and solution. Also, the key end-users are the automotive industry, aerospace, defence, power generation, oil and gas industry.
Covid 19 has destructive impacts on plenty of global industries. The supply chain disruptions are massive due to the pandemic. The global Motion Control & Power Transmission market is facing a decline in demand during this period. The power transmission and motion control market is facing several limitations due to covid 19. Also, the decline in production is affecting the profitability of the market. The shortage of raw material is another drawback in power transmission and motion control market. Due to this, the growth rate is declining every year. However, the post covid growth of the market looks promising. In the next few years, the power transmission and motion control market is expected to recover and increase productions.
The power transmission and motion control market provide power efficiency in factories. The power transmission offers high precision for automated technologies. Also, by increasing the efficiency of automation the productivity of factories is rising. Further, the product life cycle costs are lower due to the use of power transmission and motion control. The adoption rate of power transmission is the crucial driver for this market. The end-users adopting power transmission is electronics, automotive, food-beverage and chemical industries. Due to these crucial drivers, the power transmission and motion control market demand is increasing at an exponential pace. Also, power transmission is safe energy. It is also known as an eco-friendly energy transmission method. Also, it is a high performance and high-quality energy solution. The requirement for eco-friendly energy transmission is a crucial driver for the market. These two market drivers will intensify in the upcoming years. The crucial driver so the markets are responsible for the massive growth of the market in the forecast period.
Industry 4.0 is a concept that offers massive growth opportunities for the power transmission and motion control market. Industry 4.0 is all about adopting automation in industries. Also, industry 4.0 is known for implementing the computerization of the manufacturing process. The 4.0 Industry is enhancing motion control systems. It enables flexible control systems that enhance the overall effectiveness of the machines. Several market players such as North America and Europe are adapting to industry 4.0 at a rapid pace. It is ultimately offering more growth opportunities for the overall power transmission market. The up-gradation of technology and the need for efficient technologies are expanding the growth opportunities for the market. As per the Transmission & Motion Control Market Research, growth opportunities will increase the profitability and demand for the market.
The machinery becomes obsolete and it is has an age cycle. The repair and up-gradation cost for machinery cost more. The use of a motion control system is an expensive process. The cost of using motion control is the major restraint in this market. The cost of replacement and the cost of up-gradation is the restraining factor. It increases the overall cost of the motion control system. The price is a crucial factor that can have a major effect on the market. Most of the end-users require effective technology that comes with cost-efficiency. However, due to the high cost, the end-users become hesitant to purchase the use of the motion control system. Also, the components required to use the motion control system is high. It hikes the inventory cost of the technology. In the forecast period, the price factor may adversely affect the market.
Due to covid 19, the power transmission market is facing severe supply chain disruptions. The ongoing pandemic has reduced the production of motion control. Also, there are plenty of governmental rules that hamper the use of power transmission. It is a significant challenge to this market. Due to the supply chain disruption, there is a shortage of raw materials in the power transmission ad motion control market. The shortage of raw materials can restrict the demand and supply of power transmission and motion control market. These factors will curb the overall demand and growth of the motion control market.
The power transmission and motion control market has a decent growth rate in the forecast period. However, there are plenty of limitations in the market due to covid 19. The cost of spare parts to use a motion control system is a significant market restraint. Also, the disruption in the supply chain of the market will slow down the production and demand in the forecast period. However, the market is resuming its productions. Therefore, the supply chain disruptions are temporary. The market has exceptional growth opportunities in 2027. The shortage of raw material is another drawback in this market. However, the overall growth of the market looks positive during the forecast period.
The global power transmission and motion control market is segmented into Asia Pacific, Europe and North America. North America is a major contributor to the global market. The well-established power transmission & motion control manufacturers have powerful markets in this region. Also, the adoption of technology in America is higher than in any region. Adoption of 4.0 technologies is happening exponentially. Further, most of the industries already use high-end technologies. The market growth rate in this region will remain uniform in this region. Also, North America holds the maximum Power Transmission & Motion Control Market Share. Further, the market growth opportunities are high in this region. During the forecast period of 2027, North America will witness the highest profitability.
North America is the wide market for power transmission and motion control system. The number of automated systems is high in this region. Also, there are plenty of end-users in this market. Especially, the aerospace and automotive industry has high requirements for power transmission in the motion control system. These factors will continue to propel the market growth in the forecast period. Europe is the second-largest power transmission and motion control market. The oil and gas industry and the automotive industry have a high demand for this market. The governmental initiative to use eco-friendly power generation methods will fuel the market growth in the forecast period. The Asia Pacific is the fastest-growing transmission and motion control market. This emerging market has plenty of growth opportunities. The adoption of industry 4.0 is happening at a potential pace in the forecast period. There are plenty of key players in the Asia Pacific region. All these factors will expand the power transmission market in Asia pacific.
The key player in the market is establishing new strategies in the forecast period. The market expansion and new partnerships are happening in the competitive land space. Also, the key players are trying to take cost-cutting measures in the forecast period.
The key players of the market are Applied Motion Products Inc., Altra Industrial Motion Corporation, NMB Technologies Corporation, Cangro Industries, Inc, Servo2Go.com Ltd, Forbes Engineering Sales, Inc, E&E Special Products LLC, C-Flex Bearing Co., Poklar Power Motion, Inc and Plastic PowerDrive Products, LLC.
The growth rate of this market during the forecast period is 30%.