Industrial Power Transmission Chain Market Is Likely to Experience a Strong Growth
Stratview Research delivers key insights on the global Industrial Power Transmission Chain Market. According to Stratview Research, the market is segmented by Application Type (General Industries, Energy & Others, Construction Materials, Food & Beverage, Warehouse & Distribution, Lumber & Aggregates, and Agriculture), by Chain Type (Roller Chain, Silent Chain, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
The report also covers the Covid impact on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.
Industrial power transmission chain is made up of chain links that interlock with sprocket gear teeth. Industrial power transmission chain provides a number of advantages, including smooth and efficient operation even in severe temperatures and resistance to corrosion and chemicals. They have a wide range of industrial applications, including lifting and moving large goods as well as operating conveyors.
The global market for industrial power transmission chains is mainly driven by an increase in industrial production, construction & mining activities, agricultural production, coupled with the advancements in technologies aiming to improve the efficiency of a production unit and ease the operational process. However, in 2020, the industrial power transmission chain market was severely impacted by the COVID 19 outbreak, witnessing a huge decline, owing to the shutdown of manufacturing facilities and halts in industrial activity.
Roller chain is most commonly employed in the manufacturing industry, but it is also widely used in other end-use industries like transportation, construction & mining, agricultural equipment, oil & gas, petrochemical, and logistics. Furthermore, Product advancements, such as the creation of advanced roller chains, and widespread use of inverted tooth chains are all likely to contribute to the market expansion. The industrial power transmission chain market is likely to rebound at a promising CAGR of 3.1% in the long run to reach US$ 7.3 Billion in 2027.
Market Segments' Analysis
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain the dominant segment during the forecast period because power transmission chains are susceptible to excessive wear and strain. As a result, chains in industrial equipment must be replaced after a period of time. Also, manufacturers prefer to switch to new advanced power transmission chains with the evolution of technology.
In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for industrial power transmission chains during the forecast period due to increased demand for power transmission chains in many end-use industries in countries like China, India, South Korea, Thailand, and Japan. Manufacturers of industrial chains are focusing on expanding in Asia-Pacific, particularly in China, to tap the growing demands. The Asia-Pacific region is being driven by an increase in automobile production and construction activities in developing countries, such as India and China, as a result of rising industrialization.
The following are some of the key players in the Industrial Power Transmission Chain Market:
· AB SKF
· Iwis antriebssysteme
· Regal PTS
· Regina Catene Calibrate Spa
· Renold Plc
· Rexnord Company
· Schaeffler Group
· The Morse Chain
· Timken Company
· Tsubakimoto Chain Group
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