Global Industrial Variable Speed Belts Market 2017-2021

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