Sprockets Market Industry Development Scenario and Forecast to 2027

From: Factmr
Published: Tue Apr 30 2019

Asia Pacific is expected to contribute major revenue growth of the Sprockets Market owing to rapid industrial growth coupled with increasing motorcycle production. Rising utilization of sprockets in various industries including oil & gas, food & beverages, and mining industries is expected to drive the market growth in the Asia Pacific region. Presence of large number of population with varying requirements and increasing demand for petrochemicals and energy in the region will possibly fuel the growth of sprockets market. Further, increasing servicing and replacement activities for material handling equipment is likely to propel the growth of sprockets market.

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Sprockets, used to transmit rotary motion between two shafts or to impart linear motion to a track, find application in bicycles, motorcycles, tracked vehicles and other machinery. Sprockets are also increasingly used in machine tools or material handling equipment for mining and construction industries due to their significant attributes including superior durability in extreme conditions, high-load capacity, low, vibrations, and providing noiseless operations in industries. These factors are likely to favor major growth of the global sprockets market. Sprockets are generally made from non-corrosive and robust materials which ensure a long product life even in harsh industrial environment which in turn increase their demand.

Sprockets, toothed wheels designed for engaging with components such as chains and belts to pull over the wheel, typically seek adoption in motorcycles. Size of the sprockets are reduced or increased to comply with different gearing of motorcycles, enabling drivers to make their movements efficient and powerful. Sprockets also seek adoption in various other types of motorized vehicles.

An influx of household in cities of industrializing countries coupled with elevating GHDI of consumers in these countries has been reflecting on demand for motorcycles over the past few years. The global motorcycle industry witnessed a slack owing to intensified import competition in the recent past, which led several manufacturers to relocate their production plants to emerging markets, where demand has been rising significantly. However, remarkable opportunity exists for growth of the global motorcycle industry in the upcoming years, wherein overall supply chain participants in the industry are emphasizing on integration and incorporation of business intelligence and advanced analytics.

Industry participants are taking efforts to counteract the past slack by increasing efficacy of their production facilities, meanwhile tapping the demographic segments other than Baby Boomers such as young, female and minority population, with attractive marketing strategies such as celebrity endorsements. Such efforts will reflect on the growing demand for motorcycles, thereby fuelling growth of the sprockets market.

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Sprockets form an integral component of various material handling equipment that seek adoption across most industrial sectors including construction, mining, oil & gas, and machine tools. Superior durability even in extreme operating conditions, noise-free operations, high-load capacity, and low vibration are key attributes of sprockets that make their use in material handling equipment lucrative. Future of material handling is foreseen to be smart, with growing interconnection between technologies and equipment, also known as "Industrial Internet of Things (IIoT)".

Smart manufacturing enterprises are focusing on maximizing their efficiency and safety via intuitive collaboration and networking with their customers. The overall manufacturing floor – from picking & sorting systems to conveying systems - are witnessing evolution for accommodating more flexible business requirements and predictive planning. Abreast these evolvements, demand for various innate material handling components such as sprockets is likely to gain an uptick in the near future.

Industrial robotics imparts myriad benefits in terms of operational precision, quality, and productivity, and its deployment in industrial sectors entails the need for high-degree precision control. Advancements in robotic vision has significantly fuelled the efficiency of industrial processes since the recent past. Growing popularity of artificial intelligence (AI), along with evolution of technologies incorporated in robotics have led toward the development of advanced robots with improved vision capabilities.

This has created high demand for components such as gears, drives and sprockets for ensuring better precision control and flexibility of robots during their deployment. With components such as sprockets assisting robots to control directional and rotational motion, and cascading effect of demand for customized robots is likely to prompt vendors of sprockets to improve their design capabilities and develop new technology.

For example, Pitsco, Inc. has recently introduced its TETRIX®MAX Sprockets, which are manufactured from heavy-duty aluminum, designed for competitive and tough robots, and offer high performance even in heavy load operations. Product variants of the lightweight yet sturdy TETRIX®MAX Sprockets include 16-tooth, 24-tooth, and 32-tooth sprockets with 3-D animation.

This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters.

Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.

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