“Replacement activities enable chain drive vendors to communicate and interact with their customers and develop new and better customized drives. This enhances their relationship, and helps maintain loyalty towards the brand,” added Bharath.
The global chain drives market in the industrial sector was valued at USD 2.16 billion in 2015. The US is at the forefront in terms of consumption growth. The country’s cement consumption increased more than 5% in 2015 compared to 2014, and prices grew by more than 7% during the same period. Countries such as India and Indonesia are also on the verge of a major industrial boom due to the support extended by new legislations and the improving economy. Demand from the housing sector and expenditure for new roads is also on a high thereby further increasing cement consumption. This trend will likely contribute to the overall growth of the market during the forecast period.
The global chain drives market in the heavy equipment industry was valued at USD 834.2 million in 2015. The global mining equipment market size is expected to reach USD 86.23 billion by 2020. The global rise in mining activities during the forecast period is a key driving factor for this market. Mineral extractions are augmented by a growing demand from the US, South Africa, Argentina, Brazil, Chile, Colombia, and from APAC countries such as China, India, Indonesia, and Australia. APAC dominated the market with a stake of more than 60% in 2015 and is likely to further increase its share during the forecast period. Also, various iron ore projects are being planned in Brazil, Russia, and Africa, which boost the demand for mining equipment.
The global chain drives market in the agricultural equipment industry was valued at USD 671.2 million in 2015. Roller chains, engineering-class chains, and a variety of sprockets are used in many agricultural machinery and equipment, such as balers, tractors, power tillers, combines, binders, harvesters, stackers, and planters, to increase productivity and efficiency.
Materials used for roller chains, engineering-class chains and sprockets will witness strong growth as these are resilient to withstand water stress, wear and tear, heavy loads, and shocks. The global agricultural and farming equipment market is expected to reach USD 215.6 billion in 2020, and it will augment the demand for agricultural equipment during the forecast period.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.