Chains and sprockets in MHE: Key market research findings
- Adherence to strict regulatory guidelines
- Growth of automated material handling
Technavio has released a new market research report on the the global chains and sprockets market for MHE, which is expected to grow at a CAGR of 3% between 2016 and 2020. Owing to advances in technology, the end-users are increasingly adopting new chains and sprockets and replacing the old ones. The largest end-user of chains and sprockets market for conveyors is the durable goods manufacturing sector. Asia is expected to be the fastest growing region in the global chains and sprockets market for material handling equipment, in terms of revenue. Much of this region’s growth comes from the growing demand for chains and sprockets for conveyors and elevators from the manufacturing, logistics, and warehousing industries.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Increased automation of the material handling equipment in chemical and food and beverage sectors are expected to propel the chains and sprockets market for conveyors and elevators. Major food and beverage manufacturers are looking at robotics as the solution to comply with norms and adhere to strict regulatory guidelines. Ratings like the IP65 and IP67 for robots are essential for handling food items like meat by the robots, as they signify that the robots are fit to handle materials directly,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
By automating industrial processes, manufacturers enjoy advantages, such as consistency in output quality, accuracy in production, low maintenance costs, reallocation of skilled workers to other areas in the production line, and faster work, as robots can work 24/7. Automation in material handling is one of the fastest growing fields, which has changed the way different companies operate. The global automated material handling market is expected to double over the next eight years.
The major vendors in the chains and sprockets market in MHE are Chiaravalli Group, Renold, Rexnord and Tsubakimoto Chain. This market is characterized by the presence of a diverse group of global and local vendors. Several vendors are developing innovative technologies to provide support services and customize chains and sprockets based on end-user requirements. Vendors in the chains and sprockets market in MHE are focusing more on the APAC nations as the durable goods manufacturing, non-durable goods manufacturing, and other segments are growing at a faster pace than the rest of the regions.
A more detailed analysis is available in the Technavio report, Global Chains and Sprockets Market for MHE 2016-2020.
We can customize reports by other regions and specific segments upon request.
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