Chain drives are is the mechanical system that uses various types of chains for their applications to transmit the power or movement of heavy loads. These drives have the ability to operate smoothly at considerably higher temperatures and can withstand operating with chemicals and under abrasive conditions further making them suitable for numerous end-user industries including construction, oil and gas, automotive, and agriculture among others. Significant growth of these industries is anticipated to be a key factor bolstering the global chain drives market growth during the next five years. Furthermore, the application of chain drives further does not incur any loss of power and are considered more efficient than belt drives making them suitable for various high-speed manufacturing activities.
The global chain drives market is projected to show decent growth over the course of the next five years. The major factors that are supporting the growth of the market include a rapid increase in the manufacturing and construction activities around the globe on account of urbanization and rapid industrialization. Furthermore, booming initiatives towards infrastructural development in many developing economies is further driving the demand for chain drives for lifting and shifting of heavy loads, thereby positively impacting the market growth during the coming years.
Furthermore, the inclination of industries towards industrial automation is also anticipated to be a major factor augmenting the opportunities for the global chain drives the market to grow in the near future.
However, the market may be restrained by the fact that the recent outbreak of the novel coronavirus disease has led a halt in the industrial activities in major countries as numerous government measures have further led to a temporary shut down in the operations of major end-user industries such as automotive and construction among others. This, in turn is projected to inhibit the demand for these solutions or systems during the period on the next eight to ten months and thereby moderately hamper the market growth.
Growing automation across the industries
One of the major factors driving the global chain drives market growth is the growing adoption of automation solutions across the various industries including manufacturing, automotive, and food and beverage among others. The primary application of these drives is for handling the materials across these industries. A rapid adoption of automation solutions will further positively impact the demands for chain drives and thereby add up to the market growth. As the global industry scenario is getting complicated and is urging the industries to increase their efficiency, reduce their overall operational costs, and decrease the time requires to complete a process. There is a burgeoning demand for various automation solutions from various industries in order to maximize their productivity, increase profits and gain a competitive edge over the other players, thus driving the growth of the market over the forecast period. In addition, the burgeoning demand from the electronics industry in China and the automobile industry in counties of the Asia Pacific region like India coupled with evolving industries of other regions is bolstering the demand further over the forecast period.
Industry 4.0 is the trend towards industrial automation involving various solutions and systems among other technologies related to manufacturing and other industries. These drives hold the potential to enhance the production and performance of different industries such as automotive, manufacturing among others owing to the fact that they can aid in smooth manufacturing, reducing costs, and increasing operational efficiency. Moreover, the booming initiatives by the government of various developing countries towards the adoption of Industry 4.0 with an aim towards the preparation of a globally competitive industry is also driving the demand for various automation solutions for the improvement of the operational efficiencies of the industries is also considered to be a major factor opportunity for the market to surge in the near future. For example, in April 2018, The Ministry of Industry Indonesia launched the ”Making Indonesia 4.0”, an initiative in order to accelerate the growth of the five major focus sectors mentioned in this initiative which are automotive, food and drinks, textile, electronics, and chemicals. This initiative was launched in order to boost the country’s global position and to measure and asses the progress, the index “INDI 4.0” was launched. Similarly, in Germany, the megatrend of smart manufacturing i.e. the Industrie 4.0 is also one of the major factors considered to propel the market for chain drives as the growth of smart manufacturing is anticipated to augment the demand for these systems.
Asia Pacific to hold a noteworthy share
Geographically, the global chain drives market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The Asia Pacific region is projected to hold a notable share in the global market owing to the presence of a vast manufacturing base in major countries like India, China, and Vietnam among others. The impressive economic growth and government initiatives towards uplifting the infrastructure in the developing economies of the region is also considered to be a major factor bolstering the chain drives the market growth in the APAC region. North America and Europe will further show robust growth owing to the high adoption of automation solutions in the industries across these regions coupled with the rapid integration of Industry 4.0 in countries like the United States and Germany among others.
ABOUT THE AUTHOR:
Rachit Gulati is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from automation to food and beverages, with a special knack for automotive and healthcare. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.