The global industrial chain drives market size is expected to exceed a valuation of USD 4.6 billion in 2023. It is anticipated to attain a valuation of USD 6.5 billion by 2033. The market is foreseen to thrive at a CAGR of 3.6% from 2023 to 2033.
Projects to build infrastructure, such as roads, bridges, railroads, and ports, are becoming more common in many nations. Heavy equipment like cranes, excavators, and loaders used in infrastructure development and construction depend heavily on chain drives. The growth of the industrial chain drives market is currently facilitated by the rise of infrastructure projects around the globe.
Energy and power generation in the industrial chain is another key factor for market expansion. In power plants, wind turbines, and hydroelectric facilities, chain drives are frequently utilized to transfer electricity from turbines to generators. Chain drives are becoming more and more necessary as the demand for energy rises in response to growth in population and industrial development.
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Chain drives are widely used in the automobile industry for components like engines, power transmission systems, and steering mechanisms. The demand for chain drives is rising as a result of the expansion of the automotive sector, particularly in developing nations. The industrial chain drives the market growth in tandem with rising vehicle production and sales.
Specialty chains with specific characteristics and capabilities are required by certain sectors. For instance, there are strict standards for cleanliness, corrosion resistance, and accuracy in sectors like food processing, medicines, and electronics. The market for industrial chain drives is developing as a result of the rising demand for bespoke chains designed specifically for these sectors’ demands.
Manufacturers are introducing novel chain drive systems as a result of ongoing research and development activities. These solutions frequently come with better features, including higher customizability, lower noise levels, and improved durability. The market is expanding due to the availability of cutting-edge chain drives that meet certain industrial needs.
The industrial chain drives market is substantially influenced by North America, in particular the United States. The need for chain drives is fueled by the region’s sophisticated manufacturing sector, which includes industries including automotive, aerospace, and machinery production.
The region’s emphasis on technological development, automation, and process optimization in industries also contributes to the market’s growth. Its position in the industry is further aided by the existence of reputable manufacturers and suppliers in North America.
Key Takeaways from Industrial Chain Drives Market Report:
- The global industrial chain drives industry size developed at a CAGR of 4.4% from 2018 to 2022.
- In 2018, the global market size stood at USD 3.7 billion.
- The global market size stood at USD 4.4 billion in 2022.
- The double-pitch chain segment is projected to thrive at a CAGR of 3.4% from 2023 to 2033.
- The manufacturing end-user segment is slated to exhibit a CAGR of 3.2% from 2023 to 2033.
- China is predicted to showcase a CAGR of 3.5% from 2023 to 2033.
- Japan is anticipated to thrive at a 3.5% CAGR from 2023 to 2033.
- The market in the United States is predicted to expand at a CAGR of 3.5% from 2023 to 2033.
Key Players:
- AB SKF
- Chiaravalli Group Spa
- Cross Morse
- Daido Steel Co. Ltd.
- Ditton pievadkezu rupnica
- Dunbelt Bearings and Transmissions SA.
- Industrias YUK S.A.
- KettenWulf Betriebs GmbH
- LEWCO Inc.
- Martin Sprocket and Gear Inc.
- Ramsey Products Corp.
- Regal Rexnord Corp.
- Renold Plc
- Rubix Group Holdings Ltd.
- The Timken Co.
- Others
Industrial Chain Drives Market Segmentation:
By Type:
- Single-strand Chain
- Double Pitch Chain
- Multi-strand Chain
By End User:
- Manufacturing
- Mining
- Agriculture
- Construction
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa (MEA)
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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