Global industrial belt drives market- Description
A belt drive is referred to as a type of power transmission device which is wound around a pair of pulley so as to transmit power between numerous rotating shafts. It further shields the rotating machine from power overloads by absorbing the shocks and vibrations. These belts are predominantly adopted across the mechanical industry owing to their cost effectivities, easy installation process, and multiple speed ratio options. It is worth noting that belt drives do not need lubrication and hence require lesser maintenance. They are further classified into V-belt, timing belt, and flat belt.
Global industrial belt drives market- Overview
The global industry belt drives market was worth USD 1.19 billion in 2021 and is poised to record a CAGR of 3.89%, thereby amassing USD 1.68 billion by end of the forecast period. Broad based economic and manufacturing developments across the globe is primarily aiding the expansion of this market sphere. Alongside, the increasing focus of manufacturing plants on improving their energy efficiency and rising demand for continuous power supply in various industry verticals are augmenting the market outlook.
Additionally, technological advancements in the field, rapid industrialization, and favorable government initiatives encouraging innovative power generation techniques are adding traction to the market expansion.
Also, surging investments on automation of production facilities is creating lucrative opportunities for the industry to prosper.
However, during the COVID-19 pandemic, various manufacturing units were temporarily suspended due to the restrictive containment measures. This in turn caused massive interruptions in global supply networks, thereby obstructing the marketplace progression.
Moreover, the rising adoption of electrical drives and motors across industrial applications is also slowing down the development of this business sphere.
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Global industrial belt drives market- Key Trends
Multiple benefits associated with belt drives to aid market expansion
Belt drives are predominantly used for the efficient transmission of power between two or more rotating shafts across numerous end use industries. The wide array of benefits offered by these belts including less power costs, easy availability, less maintenance charges, safety, and flexibility is accelerating their demand across the globe. The widespread application of industrial belts across applications such as mining, oil refineries, agriculture, automobile, and industrial machinery is anticipated to further stimulate industry outlook in the ensuing years.
Rising demand for V-belts to create lucrative market opportunities
V-belts generally have a cross-sectioned shape on their surface which offers a stronger grip on the pulley. This makes them suitable for fast paced and high power transmitting applications. These belts further provide larger speed ratios and has higher longevity as compared to other belt types. This has led to the widespread adoption of v-belts across numerous end use applications.
Global industrial belt drives market- Segmental Analysis
- Industrial V-belt Drives
- Industrial Synchronous Belt Drives
- Industrial Pulleys
The industrial v-belt drives segment is anticipated to garner notable returns over 2022-2030 due to their higher longevity and efficient power transmission abilities.
By End User
- Mining and Mineral Industry
- Material Handling Industry
- Industrial Machinery Sector
- Agriculture Industry
The industrial machinery sector is poised to capture a high revenue share over the stipulated timeline ascribing to a steep rise in the number of manufacturing facilities across the globe.
Global industry belt drives market- Geographical Landscape
Considering the geographical ambit, North America, Middle East & Africa, Europe, Asia Pacific, and Latin America are the major regions influencing the trends of this business sphere. Among these, North America is reckoned to expand with a significant CAGR over 2022-2030 owing to the strong presence of prominent market players, healthy economic growth, rapid industrialization, and surge in per capita income of the masses.
Global industry belt drives market- Competitive Intelligence
The major players operating in the marketplace are Gates Corporation, Beeline Engineering Products, Dayco Products LLC, Arntz Optibelt GmbH, Schaeffler Technologies AG & Co. KG, Reynold Plc, Hutchinson Belt Drive Systems, Belt Corporation of America, Federal Mogul Co., Desch Antriebstechnik GmbH, Ino Industrial Belting Co. Ltd, ContiTech AG, Mitsuboshi Belting Ltd., The Timken Company, Colmant Cuvelier RPS S.A.S., Regina Catene Calibrate S.p.A., and Tsubakimoto Chain Co.
Global industry belt drives market- Historical Years- 2018-2021
Global industry belt drives market- Forecast Years- 2022-2030
Global industry belt drives market 2021- USD 1.19 billion
Global industry belt drives projected market 2030- USD 1.68 billion
Global industry belt drives market CAGR- 3.89%
Key segments reported-
- By Product (Industrial Pulleys, Industrial V-belt Drives, and Industrial Synchronous Belt Drives)
- By End User (Agriculture Industry, Mining & Mineral Industry, Industrial Machinery, and Material Handling Industry)
Major regions and countries covered-
- North America (U.S. and Canada)
- Europe (U.K., France, Germany, Italy, Spain, and Russia)
- Asia Pacific (China, India, Australia, South Korea, and Japan)
- Latin America (Mexico, Columbia, Brazil, and Argentina)
- Middle East & Africa (GCC, South Africa, and Egypt)
Prominent players profiled- Gates Corporation, Beeline Engineering Products, Dayco Products LLC, Arntz Optibelt GmbH, Schaeffler Technologies AG & Co. KG, Reynold Plc, Hutchinson Belt Drive Systems, Belt Corporation of America, Federal Mogul Co., Desch Antriebstechnik GmbH, Ino Industrial Belting Co. Ltd, ContiTech AG, Mitsuboshi Belting Ltd., The Timken Company, Colmant Cuvelier RPS S.A.S., Regina Catene Calibrate S.p.A., and Tsubakimoto Chain Co.