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 sales of 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.
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Fact.MR’s study on the conveyor sprockets market offers information divided into four key segments — product, material, end use, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
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“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.
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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.
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.
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.
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