3 Trends Transforming Power Transmission Products
Innovation in the world of power transmission continues to plow ahead with increasing demand and technological advancements. In fact, the market for mechanical power transmission – with a market size of $65.25 billion in 2022 – is expected to reach a valuation of $108.3 billion by 2032. A global CAGR (compound annual growth rate) of 5.2%.
23.1% of that market is right here in North America.
So what is changing? What can we expect to see in the coming years?
Customized is on the Rise
Demand for custom power transmission solutions is on the rise. Facility managers increasingly want equipment that is more catered to their application and environment, as well as more efficient and easier to maintain.
According to Daniel Zachacki, product manager at Mitsubishi Electric Automation, end users actively engaged in those kinds of decisions are still just a small fraction, but those numbers are increasing:
““Less than 5% are anywhere nearly fully engaged. Probably 15% to 20% are on the path.”
The Answers Are in the Cloud
It is an increasingly digital world, and performance data for power transmission equipment is no exception. While another trend shows a decentralization shift away from a single control cabinet, other trends show that control moving to the cloud, where managers can collect data from every power transmission product in the facility and visualize the performance at a higher level.
This shift both for decentralization and toward a cloud interface is especially impactful regarding maintenance. Not only is improved data collection and visualization vital in quickly identifying issues when they occur, but it allows for analysis which takes preventive and predictive maintenance to a new level; further reducing downtime, loss of production, and costs associated with repairs and replacements.
Sustainability is the Name of the Game
Sustainability is, and will always be, trending in the power transmission industry as companies are always on the lookout for increased efficiency and reduced waste (whether that is wasted energy, man-hours, or replacement components).
However, with more recent developments such as government initiatives on climate change following the Paris Agreement, demand for both the power transmission products themselves as well as the products they help produce to be more efficient is on the rise. Several states and countries have put specific goals in place for electric vehicle production, for example, which will require an increase in mechanical power transmission equipment.
As this market continues to grow, MDS will be there to help you find the solution that is right for your business. If you need a hand navigating these trends, support is only a click or call away.
