The latest market research report by Technavio on the global chains and sprockets market in material handling equipment predicts a CAGR of around 4% during the period 2018-2022.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180123005810/en/
Technavio has published a new market research report on the global chains and sprockets market in material handling equipment 2018-2022 under their industrial automation library. (Photo: Business Wire)
The report segments the global chains and sprockets market in material handling equipment by product (chains and sprockets), by end-user (heavy industry, automotive industry, electronics, and semiconductor industry, machine tools industry, and construction industry), and by geography (the Americas, APAC, and EMEA). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global chains and sprockets market in material handling equipment, according to Technavio industrial automation researchers:
- Growth in revenue due to increased replacement activities: a major market driver
- In 2017, the chains segment dominated the market by occupying almost 58% share
- APAC dominated the global chains and sprockets market in material handling equipment with 41% share in 2017
- Regal Beloit, Renold, Rexnord, Timken, and TSUBAKIMOTO CHAIN are the leading players in the market
Save more with Technavio. Buy 2 reports and get the third for free:View Technavio’s latest discounts and promotions
Growth in revenue due to increased replacement activities: a major market driver
Growth in revenue due to increased replacement activities is one of the major factors driving the global chains and sprockets market in material handling equipment. These components require frequent replacement, due to extensive and long-duration operations. Manufacturers of chains and sprockets have the added advantage of generating additional revenue through servicing and replacement activities.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
APAC: largest global chains and sprockets market in material handling equipment
Technavio researchers anticipate high growth for the global chains and sprockets market in material handling equipment in APAC due to the increasing demand for energy and petrochemicals from its large population.
According to a senior analyst at Technavio for research on automation, “APAC is home to a large population that has diverse requirements. The growing demand for energy and petrochemicals is one such factor which has led to a rise in exploration activities in the region.”
Competitive vendor landscape
The chains and sprockets market in material handling equipment is fragmented with the presence of many vendors. Manufacturers focus on offering low-priced products with high quality that are regulatory compliant. Moreover, the chains and sprockets market in material handling equipment is also expected to witness technological innovations such as wear indicators and customized chains and sprockets to ensure optimum use.
Get a sample copy of the global chains and sprockets market in material handling equipment report free of cost
Access Technavio’s continuously growing automation research library and find expert analysis on hundreds of markets.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180123005810/en/
