Industrial Belt Drives Market Size & Share, by Product (Industrial V-belt Drives, Industrial Synchronous Belt Drives, Industrial Pulleys); Application (Exhaust Fan, Flour Mill, Conveyors, Compressors, Machine Tools); End-user (Industrial, Mining, Agricultural, Commercial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4039
  • Published Date: Apr 26, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Industrial Belt Drives Market size is anticipated to cross USD 10 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of industrial belt drives was over USD 7 Billion. The growth of the market can be attributed to increasing industrial production. Belt drives are a well-liked option owing to their adaptability, cost-effectiveness, and ease of installation. As industrial output increases, there is a need for reliable and efficient systems to convey power and motion. India's industrial production increased by more than 4% year on year in 2022.

In addition to these, factors that are believed to fuel the market growth of industrial belt drives include the rise in technological advancements in industrial belt drives. For instance, performance, efficacy, and durability have all improved owing to technological developments in industrial belt drive systems. Contemporary belt drives are made of cutting-edge materials such as high-strength polymers or reinforced rubber, which can provide better power transmission capabilities, lower maintenance needs, and longer service life.


Industrial Belt Drives Market
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Industrial Belt Drives Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~ USD 7 Billion

Forecast Year Market Size (2035)

~ USD 10 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Industrial Belt Drives Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Surging Agricultural Industry – On account of the increasing modernization of agricultural operations, expanding farm sizes, variety of applications, energy efficiency, and adoption of precision agriculture technology, there is an increase in the need for industrial belt drives in the agricultural sector. By 2025, it is expected that the Indian agriculture sector will grow by over USD 20 billion.
  • Rising Adoption of Automation – The need for industrial belt drives may increase as automation increases since they are essential components for power transmission in automated machinery and equipment. Global productivity will increase by over 1% a year as a result of automation.
  • Increasing Popularity of Industry Internet of Things (IIoT) – IIoT's ability to prevent unexpected failures, cut downtime, and enhance maintenance procedures, is estimated to drive market growth. According to the most recent estimates, by 2025, the industrial IoT market is predicted to be valued at over USD 990 billion.
  • Growing Demand for Sustainability – Belt drives are renowned for their high efficiency as they can efficiently transport power across large distances. They are therefore a popular option for sectors that prioritize sustainability and energy efficiency, which is anticipated to drive market growth. According to a survey conducted in 2022 over 15,000 worldwide customers said that environmental sustainability is more important to them now than it was a year ago.

Challenges

  • Robotics and AI adoption in Industry- The adoption of AI is one of the major factors predicted to slow down the market growth. For instance, with the increasing adoption of robotics and AI in industries, there is a growing trend towards automated systems that do not require traditional power transmission methods, such as belt drives.
  • Exorbitant Cost of Belt Drives
  • Improper Storage of Belts


Industrial Belt Drives Segmentation

Product (Industrial V-belt Drives, Industrial Synchronous Belt Drives, Industrial Pulleys)

The global industrial belt drives market is segmented and analyzed for demand and supply by-products into industrial V-belt drives, industrial synchronous belt drives, industrial pulleys, and others. Out of the four products industrial belt drives, the industrial synchronous belt drives segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the increasing automotive sector across the globe. The automobile industry is continuously changing owing to technological developments such as the creation of hybrid and electric vehicles (EVs). For instance, for applications including electric powertrains, battery cooling systems, and other auxiliary systems, these improvements frequently necessitate specialized synchronous belt drive systems. Thus, the demand for synchronous belt drives made for these applications is anticipated to develop along with the popularity of hybrid and electric automobiles. As of 2019, global EV sales climbed by over 38%, while EV export commerce has increased by more than 17%.

End-user (Industrial, Mining, Agricultural, Commercial)

The market is also segmented and analyzed for demand and supply by end-user into industrial, mining, agricultural, commercial, and others. Amongst these five segments, the agricultural segment is expected to garner a significant share in the year 2035. Belt drives can be employed in a variety of agricultural applications. For instance, they are incorporated into machinery and equipment that is utilized for activities including irrigation, tilling, spraying, and harvesting. Moreover, they are utilized in grain, feed, and other agricultural commodity-handling conveyor systems. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.

Our in-depth analysis of the global market includes the following segments:

     By Product

  • Industrial V-belt Drives
  • Industrial Synchronous Belt Drives
  • Industrial Pulleys
  • Others

      By Application

  • Exhaust Fan
  • Flour Mill
  • Conveyors
  • Compressors
  • Machine Tools
  • Others

      By End User

  • Industrial
  • Mining
  • Agricultural
  • Commercial
  • Others

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Industrial Belt Drives Regional Synopsis

APAC Market Statistics

The market share of industrial belt drives in Asia Pacific, amongst the market in all the other regions, is projected to hold the largest share by the end of 2035. The growth of the market can be attributed majorly to the expanding mining and industrial operations, particularly in China and India.  The demand for industrial belt drives may rise as mining and industrial operations expand in the region. For instance, heavy machinery and equipment are frequently needed for these processes, including conveyor belts, crushers, mills, and separators, which depend on industrial belt drives for effective power transfer. Moreover, industrial belt drives are in higher demand as mining and industrial operations grow since they require dependable, high-performance belt drives to support the operations and keep the machinery running. Further, the establishment of more enterprises in emerging nations in the region, along with growing awareness to reduce energy expenditure by industries, is also anticipated to contribute to the market growth in the region. In addition, the region's rising demand for energy is also anticipated to boost market growth during the forecast period. As of 2023, India's industrial production increased by over 6% on average, hitting an all-time high of more than 130% in 2021.

North American Market Forecast

The North American industrial belt drives market is estimated to hold the second-largest, share by the end of 2035. The growth of the market can be attributed majorly to the rising construction and aviation industry. Industrial belt drives may become more popular as the building and aviation industries expand in the region. For instance, many pieces of heavy machinery and equipment are needed for construction projects, including cranes, crushers, and conveyors, which depend on industrial belt drives for effective power transfer. Similarly, conveyor systems, baggage handling systems, and other machinery that depend on belt drives for efficient operation are also used in the aviation industry. The demand for industrial belt drives results from the necessity for dependable, high-performance belt drives to support the equipment and machinery as these sectors grow. Further, the effect of growing industrial companies on the environment in the region, along with the rising adoption of technology and automation across a range of sectors, are also anticipated to contribute to the market growth in the region.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the growing focus on energy efficiency and sustainability. The demand for energy-efficient, low-emission, and environmentally friendly industrial belt drives is rising in the region. For instance, the use of eco-friendly industrial belt drives is being pushed by stricter regulations and environmental policies aimed at lowering emissions and enhancing energy efficiency, which is increasing demand for such goods. Further, the growing automation in the region, along with the increasing technological advancements in industrial belt drives to improve performance, durability, and reliability, are also anticipated to contribute to the market growth in the region.

Research Nester
Industrial Belt Drives Market Size
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Companies Dominating the Industrial Belt Drives Landscape

top-features-companies
    • DESCH Antriebstechnik GmbH & Co. KG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Dayco IP Holdings, LLC
    • Optibelt GmbH
    • Hutchinson Group
    • Continental AG
    • Daifuku Co., Ltd.
    • Interroll Group
    • Honeywell Intelligrated
    • TGW Logistics Group GmbH
    • Swisslog Holding AG

In-the-news

In The News

  • Dayco IP Holdings, LLC a top producer of engines and drive systems for the automotive, heavy-duty, and industrial markets, introduced a new belt manufacturing facility in Mexico, to manufacture the original equipment-grade drive belts that are its trademark worldwide.
  • Optibelt GmbH launched a brand-new, incredibly powerful wedge belt called the Optibelt BLUE POWER 2, which provides exceptional performance in terms of dependability and efficiency owing to its high-quality raw materials and optimized manufacturing process. Further, in comparison to its predecessor or other wrapped V-belts from Optibelt, the BLUE POWER 2 model performs better.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4039
  • Published Date: Apr 26, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing industrial production and the rise in technological advancements in industrial belt drives are the major factors driving market growth.

The market size of industrial belt drives is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2035.

Robotics and AI adoption in industry and the exorbitant cost of belt drives are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Dayco IP Holdings, LLC, Optibelt GmbH, Hutchinson Group, Continental AG, Daifuku Co., Ltd., Interroll Group, Honeywell Intelligrated, TGW Logistics Group GmbH, and Swisslog Holding AG.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product, application, end-user, and by region.

The industrial synchronous belt drives segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Industrial Belt Drives Market Report Scope
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