Study finds global growth potential in belt, chain drives market
Rapidly expanding markets of Eastern Europe and Asia Pacific offer tremendous growth potential for manufacturers of belt and chain drives in North America. The challenge before manufacturers is to ensure a timely footprint in the emerging markets without losing focus on the established ones. Toward this end, proportionate allocation of resources in line with balanced growth strategy becomes imperative.
New analysis from Frost & Sullivan ( www.powertransmissions.frost.com ),
North American belt and chain drives market, reveals that revenue in this market totaled $2.09 billion in 2004 and projects to reach $2.79 billion in 2011.
Another crucial issue is the rapid commoditization of belt and chain drive products, which leads to adverse price pressures and compels manufacturers to lower product prices.
“Differentiation of the offerings in terms of better after-sales service and technological advancements can help mitigate the effects of price pressures,” says Frost & Sullivan power transmissions team leader Bhavdeep Virdee. “Participants stand to gain the competitive advantage if they build customer loyalty by providing efficient customer service.”
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey