The new power transmission seals market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Power Transmission Seals Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the power transmission seals market.
"One of the primary growth drivers for this market is the Rising Demand for Power Transmission Seals in Heavy Vehicles and Machinery," says a senior analyst for the Industrials industry at Technavio.
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 grow during 2020-2024.
As the markets recover Technavio expects the power transmission seals market size to grow by USD 457.61 million during the period 2020-2024.
Power Transmission Seals Market Segment Highlights for 2020
The power transmission seals market is expected to post a year-over-year growth rate of -6.00%.
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.
52% of the growth will originate from the APAC region.
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.
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.
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
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The power transmission seals market size is expected to accelerate at a CAGR of about 2% during the forecast period.
The power transmission seals market is segmented by Product (Radial shaft seals, Axial clamp seals, Metal face seals, Cassette seals, and Others), Geography (APAC, Europe, North America, MEA, and South America), and End-user (heavy industry, automotive industry, machine tools industry, and others).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report 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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