Industrial Belt Drives Market Analysis by Product (Industrial V-belt Drives, Industrial Synchronous Belt Drives, Industrial Pulleys, and Others); by Application (Exhaust Fan, Flour Mill, Conveyors, Compressors, Machine Tools, and Others); and by End-User (Industrial, Mining, Agricultural, Commercial, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4039 | Published Date: Apr 26, 2023
Industrial Belt Drives Market size is estimated to reach ~USD 10 Billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of industrial belt drives was ~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.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 7 Billion |
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Forecast Year Market Size (2035) |
~ USD 10 Billion |
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Regional Scope |
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Growth Drivers
Challenges
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%.
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 industrial belt drives industry includes the following segments:
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By Product |
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By Application |
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By End User |
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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.
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Increasing industrial production and the rise in technological advancements in industrial belt drives are the major factors driving market growth.
Ans: The market size of industrial belt drives is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by product, application, end-user, and by region.
Ans: The industrial synchronous belt drives segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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