The report forecasts the global chains and sprockets market for MHE to grow at a CAGR of 3.02% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The strict legislation enacted in various countries, especially in the chemical and food and beverage sectors, should act as a major driver for the market in the future. Major food and beverage manufacturers are looking at robotics as the solution to comply with norms and adhere to strict regulatory guidelines.
According to the report, conveyor manufacturing units are going in for miniaturization of products because of the demand for advanced conveyors that are small yet efficient. Many companies are building small and smart material handling systems. Miniaturization reduces the total cost of machinery installed. Compact MHE makes it simpler for operators to monitor and optimize the process. This is a dominant driver, and has a positive impact on the global chains and sprockets market for conveyors and elevators.
Further, the report states that the recent economic downturn in China will have an adverse effect on the chains and sprockets market.