What is Chains and Sprockets Market?
The technological innovation and up gradation in the Chains and Sprockets will help to trigger global Chains and Sprockets market. A sprocket is a toothed wheel that is used to transmit motion and torque from one shaft to another. Chains that are used to transmit motion and force from one sprocket to another are called power transmission chains. The growing demand in various end-user industries including the automotive industry, electronics, and semiconductor industry, machine tools industry and construction industry. The increasing demand for customized chains & sprockets is a driving factor of the global market.
Highlights from Chains and Sprockets Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Regal Beloit (United States), Renold (United Kingdom), Rexnord (United States), Timken (United States), TSUBAKIMOTO CHAIN (Japan), ABB (Switzerland), Allied Locke Industries (United States), Bea Ingranaggi (Italy), Chiaravalli Group (Italy) and Diamond Chain Company (United States) |
The companies in these industries are seeking ways to reduce costs, improve product quality and production efficiency. The focus is on improved productivity and reduced production cost structure. Smart production technology has provided with ample technological solutions for small and medium-sized companies and its users with connected supply chains. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Chains and Sprockets market throughout the forecasted period.
Regal Beloit (United States), Renold (United Kingdom), Rexnord (United States), Timken (United States), TSUBAKIMOTO CHAIN (Japan), ABB (Switzerland), Allied Locke Industries (United States), Bea Ingranaggi (Italy), Chiaravalli Group (Italy) and Diamond Chain Company (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Cross & Morse (United Kingdom), Fastenal (United States), Industrias YUK (Spain), John King Chains (United Kingdom) and Martin Sprocket & Gear (United States). Chains and Sprockets Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Heavy Industry, Automotive Industry, Electronics and Semiconductor Industry, Machine Tools Industry and Construction Industry |
Type | Chains and Sprockets |
Distribution Channel | Online,Offline |
On the basis of geography, the market of Chains and Sprockets has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Demand for self-lubricated chains and Increasing Demand due to Various Applications of Chains and Sprockets Across Industrial Applications
Market Growth Drivers:
Growing Automotive Industry Worldwide and Interesting Demand From Emerging Market
Challenges:
Increasing Motorcycle Manufacturing
Restraints:
High Costs with Regard to Lubrication and Related Services
Opportunities:
High Demand for Customized Chains and Sprockets and Wear Indicator technology in Sprockets
Key Target Audience
Chains and Sprockets MAnufactures, Chains and Sprockets Suppliers, Chains and Sprockets Distributors, Government Regulatory Bodies, Private Research Organizations, Government Research Organizations and Others
Market Leaders & Development Strategies
On 1st April, The Timken Company, a world leader in engineered bearings and power transmission products, has acquired The Diamond Chain Company from Amsted Industries. The deal is established for 40 million dollars.
In July 2022, SKF and ABB signed a memorandum of understanding to explore the possibility of cooperation in the field of automation of manufacturing processes. The MoU was signed by SKF CEO Rickard Gustafson and ABB CEO Björn Rosengren at ABB's Robotics Experience Center in Västerås, Sweden.