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The industrial belt drives market size is estimated to grow at a CAGR of 4.36% between 2022 and 2027. The market size is forecast to increase by USD 1,448.93 million. The growth of the market depends on several factors, such as the Growing demand for automated material-handling equipment, the growth of industrial machinery in developing countries, and the increase in replacement activities. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by end-user (material handling industry, industrial machinery sector, agriculture industry, mining and mineral industry, and others), product (industrial v-belt drives, industrial synchronous belt drives, and industrial pulleys), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Industrial Belt Drives Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Industrial players are increasingly focusing on post-manufacturing operations and exploring cost-cutting opportunities in material handling through lean management principles. In order to increase customer satisfaction, they are also focused on speeding up cash flow. This has necessitated the adoption of automated material handling equipment and is expected to impact various aspects of material handling, including loading.
Moreover, automated material handling equipment is a part of the material handling industry. The market is driven by the fact that the material handling industry contributes significantly to the global industrial belt, and the adoption of automated material handling equipment has increased the demand for industrial belt drives. Therefore, the growing demand for automated material handling equipment will drive the growth of the global industrial belt market during the forecast period.
Mechanization of agriculture and farm operations in developing economies will play an important role in the global industrial belt drives market. Industrial machines are to be adopted by developing countries, which have a high dependence on agriculture. The subsidization of farm equipment by governments is driving the adoption of farm equipment and related machinery in developing regions, which is positively influencing the respective markets.
However, the increase in investments in assets and improved cash flows among machinery owners will lead to the replacement of older equipment with new machinery. Therefore, such factors will drive the growth of the global industrial belt drives market during the forecast period.
Applications such as conveyors, metal-cutting machines, textiles, steel processing, and packing require high precision in rotor movement with high speed, hollow shaft, and low vibration. Unwanted noise can also be created by worn belts and the whole connected system may be irreparably damaged. Belt drives cannot provide the exact synchronization between two shafts due to slippage, though synchronized timing belts are available.
However, end-users prefer electric motor integrated drive systems. High-precision motors such as stepper and servo motors provide controlled torque and precision in angular movement. These motors eliminate problems caused by induction and brushed DC motors, so as to make applications run smoothly. Factors such as the inefficiency in high-precision applications and difficulty in operating in harsh environmental conditions will negatively impact the growth of the global industrial belt drives market during the forecast period.
The market share growth by the material handling industry segment will be significant during the forecast period. The material handling segment accounts for a large portion of the global industrial belt drives market. This segment includes oil and gas, mining, medical, machine tools, and wood industries. Industrial belt drives such as Vnaught belts or Synchronous Belt Drives are used widely for the handling of materials.
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The material handling industry segment showed a gradual increase in the market share of USD 1,783.57 million in 2017 and continued to grow by 2021. Material handling equipment is also used for storing and dispatching materials. In the market segment, there has been strong growth in 2019 as more and more automated material equipment is adopted. In addition, healthcare, retail, manufacturing, and automotive industries have increasingly been adopting automated material handling systems such as automated guided vehicles, automated storage and retrieval systems, and conveyor systems. This will aid in the growth of the material handling industry segment in the global industrial belt drives market during the forecast period.
Industrial V-belts are friction-based power or torque transmitters used for the transmission of power from one pulley to another by means of friction between the belt and the pulley. A significant advantage of V-belts over other types of belt friction drives is the wedging effect of the belt around a pulley that pushes into the sheave to create the required low belt tension. Mainly because of its relatively low price, easy installation, and size range, the V-belt is the most commonly used drive in industrial applications. The availability of improved belt types with higher efficiency, such as synchronized, has affected the growth rate of the industrial V-belt drives market segment. However, low cost, wide variety range, and high availability of V-belts make them the preferred choice in industrial applications. Therefore, the industrial V-belt drives segment will continue to grow during the forecast period.
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APAC is estimated to contribute 42% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The industrial belt drives market in APAC is expected to register one of the fastest growth rates during the forecast period. China's contribution to revenue is substantial and accounts for the largest market of industrial belt drive in Asia Pacific. A primary factor for the growth of the market in focus is the growing demand for industrial belt drives from developing countries such as China and India.
Moreover, the oil and gas exploration and mining projects are in the pipeline in Countries in APAC. The improving economic performance in South Asia has attracted significant investments in process and discrete industries. In order to gain an advantage over competitors, plant modernization has become a new tool. As industrial players enter this price-sensitive market, they need to focus on ramping up their production rate without compromising the quality of the product. Hence, the demand for industrial belt drives is increasing steadily in the APAC region, which, in turn, will propel the growth of the industrial belt drives market in the region during the forecast period.
The outbreak of COVID-19 had a severe negative impact on many countries in the region, such as Japan, South Korea, India, and others, and resulted in the shutdown of all industrial activities in 2020. However, the government initiatives such as conducting massive vaccination drives across the region in the first half of 2021, helped to stabilize the situation and led to the resumption of business operations in all the industrial and manufacturing units. The resumption of business operations in the end-user industries such as the agricultural industry and others, drive the demand for industrial belt drives in the region. Moreover, the growth in the construction industry in the region will foster the growth of the regional industrial belt drives market. Therefore, the industrial belt drives market in the region will grow significantly during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB SKF- The company offers industrial belt drive products such as plant belt drive mapping services.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
B and B Manufacturing Inc., Bando Chemical Industries Ltd., BEHA Innovation GmbH, BTL UK LTD., Dayco IP Holdings LLC, FLEXER, Gates Industrial Corp. Plc, Goodyear Rubber Products Inc., Ino Industrial Belting Co. Ltd., MEGADYNE S.P.A, Michelin Group, Mitsuboshi Belting Ltd., Navyug India Ltd., Optibelt GmbH, PIX Transmissions Ltd., Schaeffler AG, The Timken Co., and TotalEnergies SE.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The industrial belt drives market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Industrial Belt Drives Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2023-2027 |
USD 1,448.93 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.92 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB SKF, B and B Manufacturing Inc., Bando Chemical Industries Ltd., BEHA Innovation GmbH, BTL UK LTD., Dayco IP Holdings LLC, FLEXER, Gates Industrial Corp. Plc, Goodyear Rubber Products Inc., Ino Industrial Belting Co. Ltd., MEGADYNE S.P.A, Michelin Group, Mitsuboshi Belting Ltd., Navyug India Ltd., Optibelt GmbH, PIX Transmissions Ltd., Schaeffler AG, The Timken Co., and TotalEnergies SE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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