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The industrial belt drives market size is forecast to increase by USD 1.50 billion at a CAGR of 4.36% between 2023 and 2028. The market is experiencing significant growth, driven by several key factors. Firstly, the increasing demand for automated material-handling equipment in various industries is boosting market expansion. This automation trend is particularly prevalent in sectors such as manufacturing, food processing, and logistics, where belt drives are extensively used for power transmission. Additionally, the industrialization process in developing countries is fueling market growth, as these economies invest in modernizing their manufacturing sectors and adopting advanced technology. Lastly, replacement activities are also contributing to market growth, as aging belt drives in existing industrial installations are being replaced with more efficient and durable alternatives. Overall, these factors are expected to continue driving the growth of the market in the coming years.
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The market is a dynamic and evolving industry that encompasses a wide range of sectors, including the industrial, mining, agricultural, and commercial segments. With the expanding farm sizes and increasing demand for efficiency, adaptability, and cost-effectiveness, belt drives have become a popular choice for power transmission in various applications. One of the key advantages of belt drives is their durability and efficiency. They are designed using cutting-edge materials such as high-strength polymers and reinforced rubber, which ensures their longevity and efficacy. Additionally, belt drives offer a variety of applications, from irrigation and tilling to spraying and harvesting, making them suitable for a wide range of tasks in the agricultural segment. In the industrial segment, belt drives play a crucial role in power transmission, meeting the maintenance needs and energy efficiency requirements of modern industries. They are also used in battery cooling systems for hybrid and electric automobiles, contributing to the growth of EV sales and export commerce. With their versatility, adaptability, and energy-efficient nature, belt drives are well-positioned to meet the evolving demands of the industrial market. As industries continue to prioritize cost-effectiveness and performance, the demand for belt drives is expected to rise, driving growth in the market. Our researchers studied the market research and growth data for years, with 2023 as the base year along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Industrial players are increasingly focusing on post-manufacturing operations and exploring cost-cutting opportunities in material handling through lean management principles. In order to increase customer satisfaction, they are also focused on speeding up cash flow. This has necessitated the adoption of automated material handling equipment and is expected to impact various aspects of material handling, including loading.
Moreover, automated material handling equipment is a part of the material handling industry. The market is driven by the fact that the material handling industry contributes significantly to the global industrial belt, and the adoption of automated material handling equipment has increased the demand for industrial belt drives. Therefore, the growing demand for automated material handling equipment will drive the growth of the global industrial belt market during the forecast period.
Mechanization of agriculture and farm operations in developing economies will play an important role in the global market. Industrial machines are to be adopted by developing countries, which have a high dependence on agriculture. The subsidization of farm equipment by governments is driving the adoption of farm equipment and related machinery in developing regions, which is positively influencing the respective markets.
However, the increase in investments in assets and improved cash flows among machinery owners will lead to the replacement of older equipment with new machinery. Therefore, such factors will drive the growth of the market during the forecast period.
Applications such as conveyors, metal-cutting machines, textiles, steel processing, and packing require high precision in rotor movement with high speed, hollow shaft, and low vibration. Unwanted noise can also be created by worn belts and the whole connected system may be irreparably damaged. Belt drives cannot provide the exact synchronization between two shafts due to slippage, though synchronized timing belts are available.
However, end-users prefer electric motor integrated drive systems. High-precision motors such as stepper and servo motors provide controlled torque and precision in angular movement. These motors eliminate problems caused by induction and brushed DC motors, so as to make applications run smoothly. Factors such as the inefficiency in high-precision applications and difficulty in operating in harsh environmental conditions will negatively impact the growth of the market during the forecast period.
The market share growth by the material handling industry segment will be significant during the forecast period. The material handling segment accounts for a large portion of the market. This segment includes oil and gas, mining, medical, machine tools, and wood industries. Industrial belt drives such as Vnaught belts or Synchronous Belt Drives are used widely for the handling of materials.
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The material handling industry segment showed a gradual increase in the market share of USD 1.83 billion in 2018. Material handling equipment is also used for storing and dispatching materials. In the market segment, there has been strong growth in 2019 as more and more automated material equipment is adopted. In addition, healthcare, retail, manufacturing, and automotive industries have increasingly been adopting automated material handling systems such as automated guided vehicles, automated storage and retrieval systems, and conveyor systems. This will aid in the growth of the material handling industry segment in the drives market during the forecast period.
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APAC is estimated to contribute 42% to the growth during the forecast year. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
The market in APAC is expected to register one of the fastest growth rates during the forecast period. China's contribution to revenue is substantial and accounts for the largest market of industrial belt drive in Asia Pacific. A primary factor for the growth of the market in focus is the growing demand for industrial belt drives from developing countries such as China and India.
Moreover, the oil and gas exploration and mining projects are in the pipeline in Countries in APAC. The improving economic performance in South Asia has attracted significant investments in process and discrete industries. To gain an advantage over competitors, plant modernization has become a new tool. As industrial players enter this price-sensitive market, they need to focus on ramping up their production rate without compromising the quality of the product. Hence, the demand for industrial belt drives is increasing steadily in the APAC region, which, in turn, will propel the growth of the market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB SKF- The company offers industrial belt drive products such as plant belt drive mapping services.
We also have detailed analyses of the market’s competitive landscape and offer information on key companies, including:
AB SKF, B and B Manufacturing Inc., Bando Chemical Industries Ltd., BEHA Innovation GmbH, BTL UK LTD., Dayco IP Holdings LLC, FLEXER, Gates Industrial Corp. Plc, Goodyear Rubber Products Inc., Ino Industrial Belting Co. Ltd., MEGADYNE S.P.A, Michelin Group, Mitsuboshi Belting Ltd., Navyug India Ltd., Optibelt GmbH, PIX Transmissions Ltd., Schaeffler AG, The Timken Co., TotalEnergies SE, and W.W. Grainger Inc.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market plays a crucial role in various sectors, including the agriculture sector. Precision agriculture relies on essential components such as automated machinery, which are powered by belt drives. However, unexpected failures can lead to costly downtime and disruptions in the production process. Therefore, proper maintenance procedures are essential to ensure smooth operations. The Industrial IoT market has also contributed to the sustainability of the agricultural sector. By integrating robotics and AI adoption, farmers can optimize their operations and minimize environmental impact.
Furthermore, this advancement in technology has not only benefited the automotive sector with developments in electric powertrains and EV export commerce but also the mining and commercial segments. The market supports the efficient movement of grain, feed, and other agricultural commodities. It is a vital component in ensuring smooth operations and maximizing productivity in the agriculture sector. By embracing technological advancements and promoting environmental sustainability, the market continues to evolve and meet the needs of the ever-changing agricultural landscape. Technological developments in the mining segment have significantly boosted productivity, while advancements in the commercial segment have streamlined operations, leading to increased efficiency in agricultural commodity trading.
Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 1.50 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.11 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Germany, Japan, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB SKF, B and B Manufacturing Inc., Bando Chemical Industries Ltd., BEHA Innovation GmbH, BTL UK LTD., Dayco IP Holdings LLC, FLEXER, Gates Industrial Corp. Plc, Goodyear Rubber Products Inc., Ino Industrial Belting Co. Ltd., MEGADYNE S.P.A, Michelin Group, Mitsuboshi Belting Ltd., Navyug India Ltd., Optibelt GmbH, PIX Transmissions Ltd., Schaeffler AG, The Timken Co., TotalEnergies SE, and W.W. Grainger Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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