LONDON--(BUSINESS WIRE)--The new industrial chain drives market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the industrial chain drives market.
"One of the primary growth drivers for this market is the rising end-user investments in APAC,” says a senior analyst for the industrials industry at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the industrial chain drives market size to grow by USD 753.18 million during the period 2020-2024.
Industrial Chain Drives Market Segment Highlights for 2020
- The industrial chain drives market is expected to post a year-over-year growth rate of 3.18%.
- Based on the end-user, the industrial sector saw maximum growth in 2019. Factors such as industrial chain and advanced industrial chain are driving the market growth.
- The growth of the segment will be significant during the forecast period.
- 47% of the growth will originate from the APAC region.
- The rapid economic growth will significantly influence the industrial chain drives the market growth in the APAC region.
- China and India are the key markets for industrial chain drives in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The industrial chain drives market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The industrial chain drives market is segmented by end-user (Industrial sector and Agricultural sector) and geography (North America, APAC, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Michelin Group, Regal Beloit Corporation, Renold plc, Rexnord Corporation, Rubix Group Holdings Limited, SKF, The Timken Company, TIDC India, Tsubakimoto Chain Co., and Wippermann
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