According to the latest report by IMARC Group, titled “Chain Drives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global chain drives market reached a value of US$ 5.1 Billion in 2022. Chain drives, also known as transmission chains, are mechanical devices that have chain links meshed with the teeth of a sprocket gear. They are widely utilized for transmitting mechanical power and rotating the camshaft in internal combustion engines and various gears. Chain drives work smoothly and efficiently at a high velocity, even in extreme weather conditions. Apart from this, they are easy to install, and resistance against oil, water, sunlight and chemicals. Owing to these advantages, they are utilized in different industrial applications for rigging and moving heavy materials and operating conveyor belts.
Global Chain Drives Market Trends:
The market is currently experiencing growth on account of the increasing construction activities across the globe. This can be accredited to urbanization and the rapidly growing global population. Apart from this, advancements in the automotive industry, in confluence with the introduction of innovative designs and technologies, are boosting the overall sales of chain drives worldwide. Furthermore, prominent vendors operating in the industry are opting for mechanical units with basic chain drives to ensure optimum utilization of resources and smooth operations. They are also expanding their existing budget for research and development (R&D) projects to introduce innovation in the product. Other factors that are anticipated to drive the market in the upcoming years include the easy availability of inexpensive raw materials and the increasing application of inverted tooth drive chains. Owing to this, the market value is projected to grow at a CAGR of 3.69% during the forecast period (2023-2028).
- Based on the product type, the market has been segmented into roller, silent, leaf and other chains.
- On the basis of the end user, the market has been segregated into the industrial, heavy equipment, agricultural equipment and other industries.
- Region-wise, the market has been classified into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Regal Beloit Corporation, Renold PLC, Rexnord Industries, LLC, AB SKF, The Timken Company, Tsubakimoto Chain Group, Brammer PLC, John King Chains Ltd., Diamond Chain Company, Inc., Kraftmek Oy, Ramsey Products Corporation and Rambo Chain.
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