The analysts forecast global chain drives market to grow at a CAGR of 3.02% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global chain drives market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of chain drives, maintenance, and services for calculating market value in the above-mentioned end-user segments.
The following companies are the key players in the global chain drives market: Chiaravalli Group, Renold, Rexnord, Timken, and Tsubakimoto Chain. Other Prominent Vendors in the market are: Brammer, Diamond Chain, Ewart Chain, FB Ketjutekniikka, John King Chains, KettenWulf, Ramsey Chain, Rockman Industries, Rombo Chain, TIDC India, US Tsubaki, Webster Industries, and Wippermann.
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According to the chain drives market report a key growth driver for the chain drives market is the growing demand from APAC. The demand for chain drives in APAC has increased due to the manufacturing facilities that require them. Continuous availability of raw materials, a large labor pool, favorable demographic conditions, high demand for industrial products, and low manufacturing costs have led major discrete and process industries to set up manufacturing facilities in countries such as China, India, Indonesia, Thailand, Philippines and Taiwan. There is a significant demand for belt and chain drives in these countries, which has prompted many vendors in the Americas and EMEA to set up manufacturing facilities in APAC.
The global chain drives market analyst said one trend that will propel market growth is the increased focus on innovation. Product innovation is the need of the hour as the chain drive system represents old and obsolete technology. Manufacturers in this market are innovating and working toward adding new features and creating new product types in chain drives in a bid to extend the utility of such products. One such addition is the inverted-tooth chain, which operates smoothly, and is known in the industry as a silent chain. This chain comprises a series of toothed link plates, which are assembled on joint components, and is designed to transfer high loads in small spaces.
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Global Chain Drives Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Motors and turbines consume energy to generate rotational mechanical motion in industrial facilities. Chain drives and sprockets among other tools are used to transmit this motion to various components of the machines and machinery. Chain drives comprise chain links, which are connected to each other through toothed sprockets. Such drives perform useful industrial functions such as transmitting power, conveying materials, and synchronizing machinery movements.
Further, the report states that one challenge that could restrict market growth is the slowdown in major economies of the world.
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