Press release
Modular Chain Drive Market Reflecting a CAGR of 8.0% by 2025
Modular Chain Drive Market
The Modular Chain Drive Market is expected to experience significant growth over the forecast period, with a compound annual growth rate (CAGR) of nearly 8% by 2025. Modular chain drives are an efficient way to transmit power between two or more rotating shafts, and they have gained immense popularity among various industrial sectors.
Modular chain drives can be used to transfer mechanical power from one rotary shaft to another. It maintains a positive speed ratio between the drive sprocket and the engine and produces a positive power transmission in terms of speed and torque ratio. The automotive and manufacturing industries often use modular chain drives.
Compared to belt drives, modular chain drives have several advantages: they are more compact, offer good performance at high temperatures, can operate in wet conditions, and can be used as reversing devices. They are more efficient than belt drives because there is no power loss due to slippage.
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Modular Chain Drive Market: Dynamic
The major driving factor for the global modular chain drive market is the massive investment in innovation of modular chain drive to add more features to make the modular chain drive more efficient. Another driving force for the global modular chain drive market is the growing automotive industry due to high demand for vehicles. The manufacturing industry is one of the major drivers of the modular chain drive market across the globe, owing to the growing demand for automation in the manufacturing industry.
Increasing demand for flat top chains due to their long service life combined with high strength is the driving force behind the global market for modular chain drives. Increasing output in the bakery and cheese industry due to the introduction of modular chains for the production of bakery and cheese products will help boost the modular chain drive market globally.
Another significant factor driving the global modular chain market is the growing agricultural sector owing to the high demand for modular chains in harvesters. Rapid growth in the beverage industry owing to high demand for modular chain drive conveyors in the bottling process is driving the growth of the modular chain drive market globally.
The major limiting factors for global modular chain drives are high maintenance costs and frequent greasing. Another factor limiting the growth of the global modular chain drive market is the high cost and standards of the modular chain drive market. Key players in the modular chain drive market are focusing on business growth by opening new facilities in North America, and increasing mergers and acquisitions with domestic manufacturers is a major trend in the global modular chain drive market.
Modular Chain Drive Market - Segmentation
Consumer goods industry
• Automotive
• Pharmaceuticals
• Food & Beverages
• Agriculture
• Mining
• Defense
• Logistics
• Packaging
Material type
• Plastic
• Metal
Product type
• Spiral
• Straight
• Radius
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Modular Chain Drive Market: Regional Outlook
On the basis of region, the modular chain drive market is segmented into seven regions, including Western Europe, North America, Latin America, Eastern Europe, Japan, Asia Pacific ex Japan, and Middle East and Africa. Among the above regions, North America has a high market share in the global modular chain drive market, followed by Western Europe due to high demand for modular chains in agriculture and pharmaceutical industries, with fast-growing automotive and manufacturing industries in Western Europe. It is expected to have a high occupancy rate over the period. Records record growth in the modular chain drive market.
The North American modular chain drive market is expected to witness high growth rates during the forecast period, owing to significant investments in R&D of modular chain drives for agricultural systems. In the Asia-Pacific region, positive growth is expected in the global modular chain drive market due to high industrial demand in emerging markets such as China and India. Japan will see great growth in modular chain drives due to high demand from the automotive industry.
Some of the prominent players in the modular chain drive market include:
• TSUBAKIMOTO CHAIN CO.
• Haberkorn Ulmer s.r.o.
• KONE NEW ZEALAND
• Habasit AG
• Regal Beloit Americas, Inc
• Wippermann jr. GmbH
• GEPPERT-Band GmbH
• Interroll (Asia) Pte. Ltd.
• Pro Handling Solutions
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