Stratview Research has launched a new report, titled Industrial Power Transmission Chain 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)
Covid-19 Impact Analysis:
Covid-19 has highly impacted the market dynamics, competition, and supply chain of almost all industries. The revenues have gone down in 2020 and are expected to resume an uptrend gradually from 2021 and continue to grow further. The report covers all the segments that were affected by the pandemic.
According to the report, 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 chain type, the market is segmented as roller chain, silent chain, and others. Roller chain is expected to remain the dominant chain type in the market during the forecast period. Roller chain has a number of benefits that ensure that they do not wear out over their service life in critical industrial environments. These chains are commonly used in industries with high temperatures, pressure, and corrosive conditions.
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 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
Frequently Asked Questions –
This report provides vital information and valuable insights, enabling the users to identify the strategic growth opportunities in the market. The report aims at answering the following key questions:
- What is the current and future market size of Industrial Power Transmission Chain Market?
- How has the COVID-19 pandemic impacted the market? How fast is it expected to recover?
- What will be the short and long-term effects of the pandemic?
- How are other market factors affecting the market dynamics?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the Industrial Power Transmission Chain Market competition?
- What are the key emerging trends and unmet needs in the present market?
- What are the strategic growth opportunities and key success factors?
Read the full report: https://www.stratviewresearch.com/2375/industrial-power-transmission-chain-market.html
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