Chain drives: Key market research findings
- Replacement activities are the primary venue generators for the market
- The industrial sector accounts for majority of the market revenue
- Key vendors—Chiaravalli, Renold, Rexnord, Timken, and Tsubakimoto Chain
Technavio’s market research analysts estimate the global chain drives market to grow at a CAGR of more than 3% between 2016 and 2020. The market is primarily driven by the rise in revenue from the replacement activities. Vendors use replacement activities as a means to communicate and interact with customers and develop new and customized drives. Servicing and replacement are the key modes for revenue generation in the chain drives market globally. At present, APAC occupies a market share of over 42% to dominate the market. China’s transition to a consumer and services-driven economy, the rapidly developing construction sector in India and increased investments in the process industries are some of the factors that are likely to propel growth in the market by 2020.
The new market research report from Technavio presents a breakdown and analysis of the chain drives segments by end-users.
“Increasing focus on product innovation is the latest trend in the market. Manufacturers in the market are investing more in research and development in an attempt to add new features and create new product types in chain drives to extend the utility of these products. One such addition is the inverted-tooth chain that can operate in harsh operating conditions at high ambient temperatures,” says Bharath Kanniappan, Lead Analyst, Industrial Automation, Technavio Research.
In 2015, the industrial sector dominated the global chain drives market across the globe by holding around 59% of the overall market share. The cement industry is the primary user of chain drives due to the rapid growth of the construction sector. New technologies and modern plant equipment and machineries are being adopted across the cement industry in a bid to increase productivity and efficiency of plant operations and adhere to international safety legislations.
The key vendors in the global chain drives market include Chiaravalli, Renold, Rexnord, Timken, and Tsubakimoto Chain. Intense competition prevails in the market where vendors compete in terms of product features, prices, customized solutions, and the services offered. The established vendors are focusing on their geographical expansion, increasing production capacities, and upselling products by upgrading the existing ones. These key players are making huge investments in developing latest technologies for chain drives, which has led to the development of the modern chain drive system primarily designed to address and fulfil the needs of end-users.
A more detailed analysis is available on the Technavio report, Global Chain Drives Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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