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.
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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.
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.
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Market Segment:
The major manufacturers covered in this
report
•
ContiTech
•
Dayco
•
Fenner
•
Gates
•
Optibelt
•
B&B Manufacturing
•
Belt
•
Brammer
The regional scope of the study is as
follows:
•
North America
•
United States
•
Canada
•
Mexico
•
Asia-Pacific
•
China
•
India
•
Japan
On the basis of the end
users/applications, this report focuses on the status and outlook for major
applications/end users, (sales), market share and growth rate for each
application, including
•
Agricultural
•
Mining
•
Mechanical Industry
•
Other
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