Power Take Off (PTO) Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

Power Take Off (PTO) Market size was valued at USD 410.0 billion in 2021, growing at a CAGR of 6.2% from 2022-28. A PTO enables the hosting energy source to provide power to extra equipment that lacks its engine or motor. For example, A PTO allows a tractor engine to power a jackhammer. Agriculture equipment, trucks, and commercial vehicles all employ PTOs. Power take-off works by removing power from a running engine, shaft, or gear and passing it to a different machine or an associated implement. In many fields, various types of PTOs are used. For example, Semi-permanently installed power take-offs are commonly utilized to extract power from industrial and marine engines. Typically, these applications used a drive shaft and bolted joint to send power to a secondary tool or accessory. Such drive shafts could also power fire pumps in a marine application. The capacity to apply across a wide range of machinery types is driving the PTO market demand. The increasing number of Power Take-Off (PTO) market participants across geographies will likely fuel market expansion. Moreover, key vendors are likely to increase their production capabilities and company expansion investments during the research period. Many market participants are discovering attractive prospects in growing economies, where enormous populations are combined with innovative developments in various industries. Power Take Off 8-Bolt type is expected to expand at a healthy compound annual growth rate of 6.8% from 2022 to 2028. The market for the 8-bolt type accounted for a larger revenue share in 2021 and is projected to reach USD Million by 2025. These PTOs are widely used for high torque applications such as pneumatic blowers, large winches, and vacuum pumps.

Recent Market Developments:

In May 2022, ZF announced joining forces with Mercedes-Benz Trucks to equip its electric trucks with eWorX, ZF’s electrified Power Take-Off (PTO) system.

In May 2022, Ocean Harvesting has successfully completed the testing of a prototype in scale 1:10 of the power take-off (PTO) and the control system for the wave energy converter InfinityWEC, part of a project co-financed by the Swedish Energy Agency.