NEW YORK, Jan. 4, 2023 /PRNewswire/ — As per Zion Market Research study, The global industrial roller chain drives industry size was nearly USD 2.85 billion in 2021 and is set to increase to about USD 4.48 billion by 2030 with a compound annual growth rate (CAGR) of nearly 3.7% between 2022 and 2030.
Industrial Roller Chain Drives Market: Overview
Industrial roller chain drive is utilized for the transmission of machine-driven power to bicycles, conveyors, motorcycles, and printing presses. Moreover, industrial roller chain drive finds applications in food processing equipment, material handling instruments, and manufacturing devices. In addition, these products are easy to maintain and cost-efficient. Furthermore, in the manufacturing sector, the roller chain plays a major role in proficient energy transmission between various machine components, thereby ensuring less power loss at the time of gear shifting.
Apart from this, the industrial roller chain drives are utilized in heavy-duty and domestic equipment in various industries and agricultural instruments owing to their outstanding power-to-weight ratio during transmission of torque over a larger distance. Moreover, industrial roller chain drives help in enhancing the output along with reducing friction between machine components, thereby leading to the minimization of wear & tear. This also results in cost savings on repairs of equipment parts in the manufacturing sector.
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Key Industry Insights & Findings of the Industrial Roller Chain Drives Market Reports:
- As per the analysis shared by our research analyst, the global industrial roller chain drives market is estimated to expand annually at a CAGR of around 3.7% over the forecast period (2022-2030)
- In terms of revenue, the global industrial roller chain drives market was valued at nearly USD 2.85 billion in 2021 and is anticipated to USD hit 4.48 billion by 2030
- The market is projected to expand at a significant rate due to the escalating application of industrial roller chain drives in the cement, metals, chemical & petrochemical, mining, and oil & gas industries
- Based on application segmentation, the power transmission segment accounted for the largest market share in the year 2021
- Based on type, the single-strand chain was the leading segment in 2021
- In terms of the end-user industry, the mining segment is predicted to register the highest CAGR during the forecast timeline
- On the basis of region, the Asia-Pacific region was the leading revenue generator for the global market in 2021
Zion Market Research published the latest report titled “Industrial Roller Chain Drives Market By Type (Single Strand Chain, Multi Strand Chain, Double Pitch Chain, and Others), By Application (Conveyor and Power Transmission), By End User Industry (Mining, Manufacturing, and Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.“ into their research database.
Industry Dynamics:
Industrial Roller Chain Drives Market: Growth Drivers
- Escalating Demand for Automation Devices To Enhance Industrial Roller Chain Drive Sales.
Growing industry 4.0 revolution trends and the rise in automation has resulted in humungous demand for automation equipment, thereby proliferating the expansion of the global industrial roller chain drives market. In addition, the massive use of industrial roller chain drives over belts owing to their operational efficiency and durability even in extreme environments has created a high preference for industrial roller chain drives. The growing inclination of customers towards consumer goods and industrial products including consumer durable goods and metals will boost global market trends.
Escalating the use of industrial roller chain drives in the mining sector and a rise in the penetration of industrial roller chain drives in agricultural equipment will prop up the global market revenue. In addition, the wide use of industrial roller chain drives in cement, chemical & petrochemical, and oil & gas industries will embellish the expansion of the global industrial roller chain drives the market. Large-scale application of industrial roller chain drives in oil & gas drilling activities, foundry works, and die casting will enlarge the scope of expansion of the global market in years to come.
Industrial Roller Chain Drives Market: Restraints
- Easy access to imitated and duplicate products to hinder global market expansion.
The availability of imitated and fake products has proved to be the major hindrance for the global industrial roller chain drives market growth. Apart from this, the growing penetration of the internet across the globe has resulted in the entry of duplicate products into the global market. This, in turn, has posed a threat to the expansion of the industrial roller chain drives industry.
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Industrial Roller Chain Drives Market: Opportunities
- Supportive government regulations to open new growth avenues for the global market.
Favorable government initiatives supporting the expansion of small enterprises in developing nations will open lucrative avenues of growth for the global industrial roller chain drives market. The surge in technological breakthroughs for producing more industrial roller chain drives will create new growth horizons for the global market.
Industrial Roller Chain Drives Market: Challenges
- Improper lubrication practices pose a challenge to market expansion.
Improper lubrication is one of the major causes of premature failure in industrial roller chain drives. For the record, improper lubrication causes nearly 60% of such premature failures of the product. This is the biggest challenge faced by the firms in the industrial roller chain drives. Apart from this, roller chains have less loading capacity in comparison to gear drives, thereby proving to be a major challenge for the surge of the global market.
Global Industrial Roller Chain Drives Market: Segmentation
- The global industrial roller chain drives market is divided into application, type, end-user industry, and region.
On basis of type, the global industrial roller chain drives market is divided into double-pitch chains, single-strand chains, multi-strand chains, and others. Moreover, in 2021, single-strand chains dominated the global market in terms of revenue. The surge in the segment can be attributed to the cost-efficacy of the single-strand chain and its easy repairability feature.
In terms of application, the global market is sectored into power transmission and conveyor segments. Furthermore, the power transmission segment accounted for the major revenue share of the global market in 2021. The segmental growth can be credited to massive energy demand from the commercial, residential, and industrial sectors. Apart from this, the launching of off-shore and on-shore projects by various governments across the globe for increasing power generation to fulfill the power requirements of the surging population has contributed major towards the segmental surge.
Based on the end-user industry, the global industry is segmented into manufacturing, mining, and others. In addition, the mining segment is predicted to register the highest compound annual growth rate (CAGR) during the forecast timeline. The segmental expansion over the assessment period can be attributed to the massive use of industrial roller chain drives in mining activities due to its corrosive environment and high temperatures.
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List of Key Players in Industrial Roller Chain Drives Market:
- Ewart Agri Services Ltd.
- PEER chain
- KettenWulf Betriebs GmbH
- AB SKF
- Regal Rexnord Corporation
- iwis engine systems India Pvt. Ltd.
- Allied-Locke Industries Inc
- Diamond Chain Company Inc.
- Tsubakimoto Chain Co.
- HKK Corporation
- Ramsey Products Corporation
- John King Chains Ltd.
- Martin Sprocket & Gear Inc.
- Renold PLC
- Rubix Company
- Tripcon Engineering Pvt. Ltd.
- Wippermann junior GmbH.
Key questions answered in this report:
- What are the growth rate forecast and market size for Industrial Roller Chain Drives Market?
- What are the key driving factors propelling the Industrial Roller Chain Drives Market forward?
- What are the most important companies in the Industrial Roller Chain Drives Market Industry?
- What segments does the Industrial Roller Chain Drives Market cover?
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Recent Developments
- In 2019, The Timken Company, a key manufacturer of bearings & power transmission products, made the acquisition of The Diamond Chain Company, a major producer and supplier of the highest quality roller chains to various industries. The acquisition will help the firm in expanding its power transmission portfolio and will help it in making a strong brand across the industrial roller chain drives business.
Regional Dominance:
- Asia Pacific region to lead the global market during the forecast period.
The Asia-Pacific region is predicted to account majorly for the global industrial roller chain drives market share by 2030. The growth of the regional market can be attributed to the presence of a large number of industrial roller chain drives manufacturers in the countries such as China, India, and Japan.
In addition to this, industry players in China are trying to expand their production capacities owing to large-scale demand for industrial roller chain drives from a slew of end-use industries in the country. This is one of the major factors driving the growth of the industrial roller chain drives industry in the Asia-Pacific region.
Furthermore, massive utilization of the product in material handling, transport & logistics, industrial manufacturing, and construction sectors will open new vistas for the industrial roller chain drives industry in the Asia-Pacific zone.
Global Industrial Roller Chain Drives Market is segmented as follows:
Industrial Roller Chain Drives Market: By Type Outlook (2022-2030)
- Single Strand Chain
- Multi Strand Chain
- Double Pitch Chain
- Others
Industrial Roller Chain Drives Market: By Application Outlook (2022-2030)
- Conveyor
- Power Transmission
Industrial Roller Chain Drives Market: By End User Industry Outlook (2022-2030)
- Manufacturing
- Mining
- Others
Industrial Roller Chain Drives Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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