The industrial power transmission market is expected to grow at an annual rate of 3.4 percent and reach a value of $11 billion in 2027, according to a new report from Stratview Research.
The report analyzed the market by transmission type (belt and chain), by application type (general industries, energy and others, construction materials, food and beverage, warehouse and distribution, lumber and aggregates, and agriculture), by end-user (OE and aftermarket), and by region (North America, Europe, Asia Pacific and rest of the world), trend, forecast, competitive analysis and growth opportunity between 2022 and 2027.
In 2020, the market for industrial power transmission suffered a considerable fall of –7.2 percent due to the COVID-19 pandemic. The lockdown, paired with a labor shortage and temporary shutdown of manufacturing plants, caused companies to suffer considerably. However, the market is expected to progressively improve in the coming years, primarily due to ris
