NEW YORK, Nov. 15, 2022 /PRNewswire/ — The Global Industrial Chain Drives Market share is set to increase by USD 824.75 million from 2022 to 2027. Moreover, the market’s growth momentum will accelerate at a CAGR of 3.59% as per the latest market forecast report by Technavio. The market will also record a 3.27% YOY growth rate during the forecast period. To know more about the historic market size– Request a Free Sample Report!
Technavio categorizes the global industrial chain drives market as a part of the global industrial machinery market. The parent market, the global industrial machinery market, covers companies engaged in manufacturing industrial machinery and components, including presses, compressors, machine tools, elevators, escalators, insulators, pollution control equipment, roller bearings, pumps, and other metal fabrications. This market is expected to grow at a moderate pace. Technavio calculates the global industrial machinery market size based on combined revenue generated by manufacturers of machinery and components used in the industrial environment.
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The Global Industrial Chain Drives Market is fragmented, and the five forces analysis by Technavio gives the accurate vision –
- Bargaining Power of Buyers
- The threat of New Entrants
- Threat of Rivalry
- Bargaining Power of Suppliers
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- The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence.
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Geography Segment Overview
Technavio’s market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Industrial Chain Drives Market as per geography is categorized into North America, EuropeAPAC, South Americaand the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Global Industrial Chain Drives Market size and actionable market understandings.
- APAC is the fastest-growing region in the global industrial chain drives market compared to other regions. 64% growth will originate from this region. APAC is experiencing rapid economic growth. India and China are the key countries for the growth of the industrial chain drives market in APAC. SMEs in Asian countries will play a vital role in increasing the demand for industrial chain drives, along with the growth of cost-effective industrial chain drive products.
Type Segment Overview
- The Global Industrial Chain Drives Market as per end-user segmentation is categorized into Industrial Sector and Agricultural Sector.
- Revenue Generating Segment – The industrial chain drives market share growth by the industrial sector segment will be significant during the forecast period. The industrial sector covers industrial chain drives that are used in industrial machinery. These include those that are used in mobile and non-mobile applications. The industries covered under the industrial sector are chemical and petrochemical, oil and gas, metals and mining, food and beverage, cement, paper and pulp, and fertilizer.
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Major Driver Boosting the Market
- Growing end-user investments in APAC are driving the global industrial chain drives market growth.
- The availability of low-cost raw materials, demographic conditions, the easy availability of labor resources, high demand for industrial products, and low manufacturing costs are driving market growth in Asia. Moreover, low manufacturing costs in Asia have encouraged end-users from developed regions to invest in new projects. The growing number of projects in end-user industries helps manufacturers in APAC gain a competitive edge.
Major trends influencing the growth of the market
- The rise in M&A is a key trend in the global industrial chain drives market.
- Industrial chain and sprocket manufacturers are expanding their businesses in developing countries through investments in new ventures to enhance revenue growth and provide advanced chain drives.
- Some international vendors are entering into strategic alliances and partnerships with local vendors. Such partnerships are expected to increase during the forecast period and strengthen market growth.
Major Challenges interrupting the market growth
- The high costs related to lubrication and related services are challenging the global industrial chain drives market growth.
- In addition, improper chain lubrication can lead to an increase in friction and link wear, which, increases energy consumption and leads to breakdowns, thus resulting in production losses.
- Thus, cost and physical challenges, especially those related to lubrication for chains, are high in offshore oil and gas and mining applications. The high cost of servicing or replacing damaged chains and the long maintenance hours increase costs and reduce the profits of end-users .
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19-impacted market research reports.
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- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist industrial chain drives market growth during the next five years
- Estimation of the industrial chain drives market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the industrial chain drives market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of the industrial chain drives market vendors
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