Global Power Transmission Seals Market, By Type (Radial Shaft Seals, Metal Face Seals, V-Ring Seals, Axial Clamp Seals, Cassette Seals, And Track Pin Seals), By Application, (Heavy Machinery Industry, Machine Tools Industry, And Automotive Industry) And Opportunities And Forecast 2020-2027.
Power Transmission Seals Market Overview
The Power Transmission Seals market is projected to witness a significant growth during the forecast period. Rapid developments in the automotive industry is the major factor driving the growth of the Power Transmission Seals market. Moreover industrial scenario drives the demand for equipment and machinery and fuel the growth of power transmission seals market in this region.
Additionally, the demand for new and improved vehicles is also growing globally as the spending capacity of the people here is growing exponentially. These factors are likely to drive the demand for power transmission seals market.
However, price volatility, and stringent regulatory barriers are likely to hinder the growth of the Power Transmission Seals market during the forecast period..
Covid-19 Impact on Power Transmission Seals Market:
The intensity of COVID-19 impact on the construction and manufacturing sector is immense compared to other sectors. With the immediate actions taken to curb the spread of the infection, restrictions were imposed on manufacturing, personnel transport, and construction activities. These restrictions caused huge losses to the sector. As most construction sites in several countries shut down and many sites that reopened have faced disrupted supply chains and operational restrictions. A recently published stats show the overall construction and manufacturing industry is about to drop by 15 to 35% which is going to directly affect nations GDP.
Power Transmission Seals Market Segment Overview
By type, the global power transmission seals market is segmented into radial shaft seals, metal face seals, v-ring seals, axial clamp seals, cassette seals, and track pin seals. The Radial Shaft Seals segment is expected to dominate the market by holding largest market share in 2019. Increase in usage and rapid development is the major factor driving the growth of Radial Shaft in the Power Transmission Seals market.
By application, the global power transmission seals market is segmented into heavy machinery industry, machine tools industry, and automotive industry. The Heavy Machinery Industry segment is expected to dominate the market by holding largest market share in 2019. The growth is attributed to the increasing automotive industry, growing demand for heavy machinery and increasing awareness of maintaining these heavy machinery are some of the additional factors driving the demand for power transmission seals globaly.
Market Analysis, Insights, and Forecast – By Application
· Heavy Machinery Industry · Machine Tools Industry · Automotive Industry
Power Transmission Seals Market Regional Overview
The regional analysis include adoption of Power Transmission Seals products across North America, Europe, Asia-Pacific (APAC), Latin America Middle East & Africa (MEA). In 2020, Asia-Pacific dominated the market and is expected to grow with the highest CAGR in the forecasted period. Asia-Pacific is one of the lucrative markets that provide significant growth opportunities to the emerging as well as established players operating in the power transmission seals market. The industrial sector in this region growing at a rapid pace which has increased the demand for products that would help protect the small and big equipment and machinery that maintains the efficiency of the manufacturing process.
Additionally, various players are expanding their presence in this region as this region is a hub for manufacturing sector and also has low cost labor available to increase the production capacity.
Power Transmission Seals Market, By Geography
· North America (US & Canada) · Europe (UK, Germany, France, Italy, Spain, & Rest of Europe) · Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific) · LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Power Transmission Seals Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Power Transmission Seals are highlighted below.
· In June 2019, Freudenberg Sealing Technologies introduced several new materials and sealing innovations at the 2019 International Paris Air Show.