The high integration of the power transmission and motion control across industries is mainly due to its ability to provide high quality, high performance solutions enabling machinery to run efficiently and increase its recovery time. The global power transmission and motion control market is all set to reach by USD 255 billion while growing at 30% CAGR during the forecast period (2017-2023).
Market Research Future (MRFR) claimed it has potential to build a strong base across industries in their recently published report. On the other hand, its turn to a eco-friendlier business is allowing services incorporate the system into their plan more often.
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Companies showing interest in this power transmission and motion control market are quite a few in the global market. This is increasing all the time as companies have realized the growth potential of the market. MRFR in their report enlisted names like Forbes Engineering Sales, Inc. (U.S.), Altra Industrial Motion Corporation (U.S.), Cangro Industries, Inc. (U.S.), Custom Machine & Tool Co., Inc. (U.S.), Poklar Power Motion, Inc. (U.S.), E&E Special Products LLC (U.S.), Plastic PowerDrive Products, LLC. (U.S.), Servo2Go.com Ltd. (U.S.), C-Flex Bearing Co., Inc. (U.S), Applied Motion Products Inc. (U.S), NMB Technologies Corporation (U.S.), and others. The have also profiled these companies for better understanding of trends.
In June 2019, Kaman Industries decided to divest their distribution segment and pass it on to Littlejohn & Co LLC., a private equity investment company.
MRFR’s report segments the global Power Transmission And Motion Control Market by products, components, and applications. This sort of segmentation allows a closer perspective and increases the chance of realizing actual factors impacting the market.
Based on the product, the power transmission and motion control market can be segmented into motors, gearings, clutches & brakes, belts & chain drivers, hydraulics/pneumatics and others. Its usage in the automotive sector is quite extensive and in the coming years, this is expected to grow more.
Based on the components, the power transmission and motion control market encompass services, solutions, and others. The services segment is gaining notable mileage.
Based on the application, the power transmission and motion control market can be segmented into mining, automotive, aerospace & defense, power generation, pulp & paper, oil & gas, and others. The automotive segment is doing great in the global market. At the same time, the aerospace & defense sector is also witnessing substantial permeation of the system into the sector.
The component is segmented into services, solutions and others. The applications are segmented mining, automotive, aerospace & defense, power generation, pulp & paper, oil & gas and others.
On the basis of regional analysis of the power transmission and motion control market, MRFR studied various factors and segmented it into namely Asia pacific, North America, Europe and Rest of the World (RoW). This sort of identification of regions provides a closer look of the market dynamics and growth pockets.
North America has a substantial number of power transmission and motion control market takers as its robust infrastructure makes it easier for industries to integrate the system into their regular process. On the other hand, high investment capacity is also pushing companies ahead into experimenting with new business strategies and in taking steps that would be define the said market. Sectors like automotive, healthcare, mining, aerospace and others are creating substantial market potential and expansion scope.
In Europe, the growth of the power transmission and motion control market is expected to take substantial market lead. This is due to similar features like that of North America. The presence of significant market players is also helping the growth parameters. The APAC market is ready to gain more from China, Japan, and India. These countries are defined as emerging economies, except Japan. Their substantial investment in the market is expected to better the market situation.
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