Industrial Belt Drives Industry Size Estimation, Growth Rate, and Trends
The global industrial
belt drives market is expected to display higher growth rate over
the next five years. Rapid surge in the industrial belt drives market is
credited to the rising investments towards modernization of manufacturing plant
facilities. Growing automotive sector coupled with wide range application of
variable speed belts in industrial processes are some of the prominent factors
for market growth. Globally, market is predicted to generate massive revenue
over next five years, providing numerous opportunities for market players to
invest for research and development in the industrial belt drives market.
Increasing investment by industrial
manufactures to improve overall productivity and limit downtime in end-users
market segment is expected to boost the growth of the market in the upcoming
years. Growing manufacturing and automotive sector in the Asia Pacific region,
particularly in the developing economies such as India and China are estimated
to drive the market growth in the near future. Rising focus towards
modernization and automation of various industrial process to ensure
streamlined, efficient, and faster approach is projected to positively
influence market progress of industrial belt drives.
Shifting trends towards increasing adoption
of industrial belt drives in the manufacturing industries is attributed to
factors such as flexibility and adaptability for every distributor operation
and any drive. Additionally, easy availability of industrial belt drives with
broad product range that allows transmission of variable load power is expected
to favor market growth. Some of the benefits of industrial belt drives include
different of orientations such as horizontal, vertical or inclined and
independent operational capabilities. These factors plays a major role for
boosting the growth of industrial belt drives market in the upcoming years.
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Market is broadly categorized into
major segments based on the application type such as material handling
industry, industrial machinery, agriculture sector, and mining & minerals
sector. Industrial machinery segment is growing rapidly in the market with
substantial revenue generation in the last few years. Growing popularity of
industrial belt drives in the industrial machinery segment is attributed to the
increasing manufacturing activities in North America and Asia Pacific region.
The material handling industry segment has also witnessed substantial growth
due to increasing adoption of conveyor systems and growing demand for power
transmission equipment.
The market is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in the implementation
of latest technologies in manufacturing sector, surge in number of research
& development activities in the region and existence of well-established
industrial infrastructure.
Asia-Pacific region is estimated to
hold major share in the market with massive growth in forecast period.
Countries such as India, China, Japan and Singapore are leading the
Asia-Pacific market with strong economic growth, rising manufacturing
activities, and significant investment by leading industry players considering
potential growth opportunities in the region.
The key players in the industrial belt
drives market are ContiTech AG, Dayco Products Corp., Fenner PLC, Gates Corp.,
Optibelt GmbH, B&B Manufacturing, Inc., Belt Company Ltd., Brammer Ltd.,
Hutchinson S.A., Jason Industrial, Inc., and Pix Transmission Ltd.
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