Jul 13, 2020
Conveyor Sprockets Market to Reach US$ 940 Mn by 2030; Slow Growth Due to COVID-19 Pandemic Affecting Manufacturing Prospects
by Team Fact.MR
Industrial automation has emerged as a prospering domain, supplying automation machinery to all end-use industries, including automotive, electronics, and food & beverages. Integration of technologies with material handling systems is beginning to crop up as the global trend in conveyor systems. Thus, adoption of technologies can gain sizeable traction for conveyor sprockets in the global market. Plastic sprockets are making inroads in several industries, and have become a viable alternative to metal sprockets in power transmission drive applications. However, Due to the COVID-19 pandemic, the manufacturing of automobiles, industrial equipment, and food & beverages has been hit due to lockdowns imposed by governments, which is affecting the global demand for conveyor systems.
As such, the global conveyors sprockets market is projected to witness growth at a CAGR of 3.3% and create an absolute $ opportunity of more than US$ 260 million by 2030, predicts Fact.MR.
Key Takeaways from Conveyor Sprockets Market Study
- By product, roller chain sprockets are projected to progress at a value CAGR of 2.8%, and be valued 1.3X more than roller conveyors by the end of 2020.
- East Asia is expected to emerge as the fastest growing conveyor sprockets market, and is projected to surpass a market valuation of US$ 160 million by the end of 2030.
- Packaging and warehouse distribution is projected to expand at a value CAGR of 2.5%, to create an absolute value opportunity of US$ 52.0 million by 2030.
“Demand for conveyor sprockets is likely to be impacted throughout 2020, owing to the slowdown of production amid the COVID-19 pandemic. However, increasing demand for industrial automation solutions is likely to propel the growth of the market during the forecast period,” says a Fact.MR analyst.
Consolidated Market Structure with Competitors Focused on Adding Attractive Features
Key players in the conveyor sprockets market are Rexnord Corporation, Tsubakimoto Chain Co., FB Ketju, KettenWulf Betriebs GmbH, Senqcia Corporation, Allied-Locke Industries, Martin Sprocket & Gear, Inc., Regal Beloit Americas, Inc., and Renold PLC, among others. Prominent manufacturers are focusing on developing new products to uphold there market share.
- In August 2019, Senqcia Maxco launched new Senqcia sprockets for its OEM customers. These sprockets feature single strand carbon steel 35-100 plain bores, finished bores, QD, and taper lock sprockets.
- In May 2020, US Tsubakimoto Power Transmission launched pre-assembled torque limiter sprockets. End-use industries can install the fully-assembled unit to the shaft, set the torque limit, and move forward with operations.
Find More Valuable Insights on Conveyor Sprockets Market
Fact.MR, in its new offering, brings to the fore an unbiased analysis of the global conveyor sprockets market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges compelling insights on the conveyor sprockets market based on product (roller chain sprockets, single & double pitch sprockets, drum sprockets, steel split sprockets, idler sprockets, and others), material (cast-iron, stainless steel, plastics, and others), and end use (packaging & warehouse distribution, textiles & paper, construction & mining, automotive & transportation, consumer electronics, food & beverages, and chemicals & pharmaceuticals), across six regions.
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed the industrial goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.