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The power transmission seals market size has the potential to grow by USD 457.61 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by product (radial shaft seals, axial clamp seals, metal face seals, cassette seals, and others), end-user (heavy industry, automotive industry, machine tools industry, and others), and geography (APAC, Europe, North America, MEA, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including A.W. Chesterton Co., AB SKF, American High Performance Seals Inc., EagleBurgmann Germany GmbH & Co. KG, EnPro Industries Inc., Freudenberg SE, James Walker Group Ltd., LATTY International S.A., Parker Hannifin Corp., and Trelleborg AB.
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The market is fragmented with the presence of a number of vendors. Global vendors are trying to manufacture power transmission seals using the best raw materials, and regional use cost-effective for different end-users. A.W. Chesterton Co., AB SKF, and American High Performance Seals Inc. are some of the major market participants. Also, the market has various small players that focus on specific power transmission seals products. Although the increasing demand for power transmission seals in heavy vehicles and heavy machinery will offer immense growth opportunities, the shaft run-out damages power transmission seals will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this power transmission seals market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this power transmission seals market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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APAC was the largest power transmission seals market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the rise in construction and engineering activities will significantly drive power transmission seals market growth in this region over the forecast period.
52% of the market's growth will originate from APAC during the forecast period. China is a key market for power transmission seals in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Radial shaft seals, which are also known as lip seals, are used to seal rotary elements, such as a shaft or rotating bore. Radial shaft seals are used in most of the end-user industries as they are easy to install.
Therefore, the power transmission seals market share growth by the radial shaft seals segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the power transmission seals market size.
Technavio's research analysis on the global power transmission seals market identifies the rising demand for power transmission seals in heavy vehicles and machinery as one of the major factors that will have a positive impact on the market growth. Power transmission seals offer complete power transfer from one process to another by providing proper lubrication to the equipment. These seals are needed for heavy vehicles and heavy machinery due to the provision of increased protection from extreme conditions such as temperature and pressure changes. Moreover, power transmission seals allow high torque into engines or heavy machines and protect engines against leakage by reversing the direction of power flow and enabling equal power distribution. The rising demand for heavy vehicles and machinery will increase the need for power transmission seals during the forecast period. Our market research analysts predict that this market will register a CAGR of about 2% during 2020-2024.
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Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-user
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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