The global conveyor sprockets market is likely to exhibit at a CAGR of 3.3% through the period of assessment 2020 to 2030. Industrial automation has continued as a flourishing domain, providing automation machinery to various end-use sectors, comprising food & beverages, electronics, and automotive.
Furthermore, technology integration with material handling systems is offset to emerge as the worldwide trend in conveyor systems. However, conveyor sprockets demand will be impacted all through 2020, due to the stoppage of manufacturing during the COVID-19 outbreak.
Conveyor Sprockets Market – Key Takeaways
- The global conveyor sprockets market is anticipated to reach $940 Million by 2030.
- By product, roller chain sprockets will grow at a 2.8%value CAGR and grow by 1.3X as compared to their 2020 value
- By end-use, packaging & warehouse distribution will expand at a 2.5% value CAGR, to generate an absolute dollar opportunity of US$ 52.0 Mn through 2030.
- East Asia will emerge as one of the leading markets for conveyor sprockets, accounting for a value of US$ 160 Mn by 2030.
Conveyor Sprockets Market – Driving Factors
- Adoption of technology will be a key focus area for conveyor sprockets market players.
- Increasing demand for conveyor belts in several end-use sectors such as electronics and automotive will be a key driving factor.
- Increased automation of material handling equipment is projected to impel the conveyor sprockets market.
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Conveyor Sprockets Market – Constraints
- The need for frequent lubrication to avert rusting can hinder the market growth.
- The higher cost associated with the initial investments can impact the growth of the conveyor sprockets market.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic has impacted the conveyor sprockets market.
Manufacturing plants have halted their warehouse automation and nationwide lockdowns are enforced to contain the spread of the virus.
Although, Fact.MR’s recently published report estimates that the conveyor sprockets market trends are likely to begin exhibiting optimistic signals towards 2020 end, due to an assuring outlook from e-Commerce as well as projects growth in distribution and warehouse activities.
Leading players identified in the conveyor sprockets market include Tsubakimoto Chain Co., Rexnord Corporation, FB Ketju, Senqcia Corporation, KettenWulf Betriebs GmbH, Allied-Locke Industries, Regal Beloit Americas, Inc., Martin Sprocket & Gear, Inc., and Renold PLC.
Players are focusing on building up new products to maintain their market share.
For instance, US Tsubakimoto Power Transmission launched pre-set up torque regulator sprockets.
End-use sectors could set up the torque limit, set the fully-assembled unit to the shaft, and go ahead with operations.