The global industrial belt drives market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the various advantages of industrial belt, such as, ability to absorb power fluctuations, shocks, and overload, lower cost and low maintenance of industrial belt drives. These belt drives consist of a rubber belt, a pair of pulleys, and two or more rotating shaft. The growth of the market can also be accounted to the increasing demand for industrial belt drives as a power transmission device in the mining and industrial manufacturing industries. Moreover, the growth in the mining industry is estimated to boost the market growth. For instance, the total revenue of the major mining companies reached USD 650 billion in 2020, up from approximately USD 490 billion in 2016. Further, the belt drives can protect the rotating machinery from overload, and do not require any lubrication, in turn, reducing the overall operational and maintenance cost. Such factors are estimated to boost the market growth.
Get more information on this report: Request Sample PDF
The market is segmented by application into exhaust fan, flour mill, conveyors, compressors, machine tools, and others, out of which, the conveyors segment is anticipated to hold a substantial share in the global industrial belt drives market over the forecast period owing to the growing applications of conveyer belts at airports, shopping centers, and other end-use industries. Moreover, conveyor belts are a necessity for mines to transport heavy material, which is further estimated to boost the market growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global industrial belt drives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to garner the largest share over the forecast period on the back of growing mining and manufacturing activities in the region, especially, China and India. According to the World Bank, in 2019, manufacturing sector contributed for 13.793% of the total GDP of South Asia. Moreover, the increasing establishment of industries in the developing countries, is estimated to drive the market growth in the region.
The market in the North America region is anticipated to gain the significant market share throughout the forecast period on the back of the tremendous growth in the construction and aviation industry in the region, along with the adoption of automation and technology amongst the various industries.
Get more information on this report: Request Sample PDF
The global industrial belt drives market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global industrial belt drives market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing demand for belt drives in the mining sector is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
The adoption of AI and robots among industries is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the increasing mining activities in the region.
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, geographical presence of the company which determine 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 V-belt drives segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization