The industrial chain drives market is segmented by end-user (industrial sector and agricultural sector) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The rise in M&A is the major industrial chain drives market trend which will positively influence the market value.
The industrial chain drives market share will value over USD 824.75 million by 2027
It is estimated to expand at a CAGR of 3.59% from 2022 to 2027
The industrial chain drives market size will witness a YOY growth rate of 3.27% in 2023
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M&A and market alliances between vendors will provide considerable market growth for industrial chain drives during the forecast period. Some international vendors are establishing strategic alliances and partnerships with local vendors to explore domestic markets. These successful partnership by key players in the global industrial chain drive market are likely to increase during the forecast period and strengthen market growth.
Growing end-user investments in APAC are a key factor driving the market growth along with the demand for industrial chain drives in APAC has increased due to the growing investments in end-user industries. The growing number of projects in end-user industries helps the industrial chain drive manufacturers in APAC gain or retain their competitive edge in the global industrial chain drives market.
Some of the major industrial chain drives market vendors are:
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The high costs with regard to lubrication and related services are the major hindrance for market players
The industrial chain drives market structure is fragmented in nature.
64% of industrial chain drives market growth will develop from APAC.
The market growth by the industrial segment will be significant during 2023-2027.