LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global industrial roller chain drives market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Raghav Bharadwaj Shivaswamy, a lead analyst from Technavio, specializing in research on automation sector, says, “The global industrial roller chain drives market is growing steadily with growth across developing economies. Rapidly growing markets in Asia and Latin America offer potential growth for the global industrial roller chain drives market.”
Vendors need to constantly establish their presence with advanced and new products to the market to consolidate their existing market shares. Vendors in the mature markets of Europe and the Americas face stiff competition from their APAC counterparts, primarily due to cost competitiveness of the latter. EMEA will drive the market for industrial roller chain drives, owing to the growth of the industrial sector in the region during the forecast period.
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The top three emerging trends driving the global industrial roller chain drives market according to Technavio research analysts are:
Rise in mergers and acquisitions
M&A and market alliances by leading vendors are trends that will gain considerable momentum during the forecast period. Vendors are trying to diversify their businesses through increased investments in new avenues to sustain a competitive power. The purpose is to intensify revenue growth and prevent dependence on a single segment of chain drives.
“Many manufacturers are also enhancing their current product portfolio through M&A. Some international vendors are establishing strategic alliances and partnerships with local vendors to explore the indigenous market,” according to Raghav.
Evolution of mid-sized excavators
The role of machines has been expanded, which will directly impact the global industrial roller chain drives market. These excavators are mostly used in the mining, construction industry, and onshore oil and gas industry. The heavy-weight excavators can be driven for small distances only, and they are difficult to repair due to their large size and big moving parts.
The reduced tail-swing design is creating a big demand in the applications of urban, road, bridge, and construction projects. This type of excavators reduces a lot of barriers and provides a comfortable working environment.
Growing R&D and innovations
Industrial roller chain drives product development, modernization, and innovation is the need of the hour as the chain drive system represents obsolete technology. Key manufacturers in the global industrial roller chain drives market are innovating and working toward adding innovative features and making new product types in chain drives in a bid to extend the utility of such products.
The key vendors are as follows:
- Iwis
- Renold
- Rexnord
- Tsubakimoto Chain
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