Industrial Belt Drives Market – The increasing demand for automated material handling equipment is expected to fuel the growth of the global market during the forecast period.
According to TechSci Research report, “Industrial Belt Drives Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”. Global Industrial Belt Drives Market was valued at USD 10.21 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 4.46% through 2029. 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 industrial belt drives 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 global industrial belt drives 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 global industrial belt drives market during the forecast period.
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The outbreak of COVID-19 had a severe negative impact on many countries in the region, such as Japan, South Korea, India, and others, and resulted in the shutdown of all industrial activities in 2020. However, the government initiatives such as conducting massive vaccination drives across the region in the first half of 2021, helped to stabilize the situation and led to the resumption of business operations in all the industrial and manufacturing units.
The resumption of business operations in the end-user industries such as the agricultural industry and others, drive the demand for industrial belt drives in the region. Moreover, the growth in the construction industry in the region will foster the growth of the regional industrial belt drives market. Therefore, the industrial belt drives market in the region will grow significantly during the forecast period.
Key market players in the Global Industrial Belt Drives Market are: –
- Dayco IP Holdings, LLC
- Optibelt GmbH
- Hutchinson Group
- Continental AG
- Daifuku Co., Ltd.
- Interroll Group
- Honeywell Intelligrated
- TGW Logistics Group GmbH
- Swisslog Holding AG
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“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 global industrial belt drives 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. 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 global industrial belt drives market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Industrial Belt Drives Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Product (Industrial V-belt Drives, Industrial Synchronous Belt Drives, Industrial Pulleys), By Application (Exhaust Fan, Flour Mill, Conveyors, Compressors, Machine Tools), By Region, and By Competition 2019-2029” provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Industrial Belt Drives Market.
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