Overview of the global industrial variable speed belts market

Market research analysts at Technavio predict that the global industrial variable speed belts market will grow steadily during the next four years and post a CAGR of around 8% by 2021. This market research analysis identifies the growing adoption of machinery in developing countries as one of the primary growth factors for this market. It has been observed that major rise in purchasing power of these economies, along with increasing industrial activities in industries such as transmission manufacture, machine tool applications, and agricultural applications, is driving the developing countries on the path to economic prosperity. Power requirements in various regions have been triggered by augmented economic developments. As a result, more developing countries have increased their investments in energy – efficient products and technologies, which are now cost effective due to manufacturing advancements.

The market research report has identified the rise of smart electrical systems as one of the key trends responsible for the growth of this market. A shift has been observed from the traditional mechanical and fluid power systems to advanced electronic systems with remote access and diagnostic capabilities for enabling automation. Factories will be utilizing artificial intelligence for fully automated assembly lines. Smart machinery that can diagnose complications for predictive maintenance and can be wirelessly operated and remotely monitored will add to the operational efficiency of the factories. The market also benefits due to the advent of v belts that are cost effective and optimize performance as compared to competitors.

Competitive landscape and key vendors

Due to the presence of several global and local vendors, the industrial variable speed belt market appears to be highly fragmented. Additionally, it has been noted that the level of competition among the vendors is intense, and competitive pricing greatly affects a vendor’s presence in the market. The key players are relatively suffering from low-profit margins, which they plan to conquer by diversifying business to increase their product portfolio. The vendors are currently aiming to fulfill the customers demand for more diversified product options with more innovative and advanced products. International variable speed motor manufacturers dominate the market in terms of quality, features, functionalities, supply chain, and services but newer low-cost vendors are entering the variable speed pulley market.

The leading vendors in the market are –

• ContiTech
• Gates
• Optibelt
• SKF

The other prominent vendors in the market are Goodyear Rubber, Hi-Lo Manufacturing, Lian Eng, Lovejoy, Megadyne, Pixtrans, Q-Power, Rubena, San Wu Rubber, Timken, and TOYOPOWER.

Segmentation by end-user and analysis of the industrial variable speed belts market

• Industrial sector
• Agricultural sector
• Printing machines, snowmobiles, construction equipment, and use-case adjustable speed drive applications

During 2016, the industrial sector accounted for the major shares and dominated the variable speed pulley market. Factors such as the high demand for belts with varying dimensions, which are required by the industrial machinery manufacturing industry, will contribute to the growth of this industry segment in the coming years. Textile industry provides constant growth to the industry with its increasing demand for v belt pulley.

Geographical segmentation and analysis of the Industrial variable speed belts market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, EMEA will be the major revenue contributor to the variable speed pulley market throughout the forecast period fueled by the manufacturing industry. The export market is predicted to increase, which will subsequently spur the demand for industrial variable speed belts in the region. Demand for new machinery will give rise to the demand for industrial variable speed belts in the manufacturing and agriculture industry.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global industrial variable speed belts market?
• What are the key market trends impacting the growth of the global industrial variable speed belts market?
• What are the challenges to market growth?
• Who are the key vendors in the global industrial variable speed belts market?
• What are the market opportunities and threats faced by the vendors in the global industrial variable speed belts market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global industrial variable speed belts market? 

Technavio also offers customization on reports based on specific client requirement.