- The key vendors in the Global Belt Drives Market 2014-2018 are Gates Corp., OPTIBELT GmbH and Veyance Technologies Inc.
London, 18 November 2014: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global Belt Drives Market 2014-2018. In recent years, there has been a shift from the use of conventional mechanical and fluid power systems to smart electrical systems to enable automation with remote access and diagnostic capabilities. The Global Belt Drives market is expected to grow at a CAGR of 3.95 percent during the period 2013-2018.
Advances in belt drive technology, especially the development of synchronous belt drives, is expected to drive the market for belt drives further during the forecast period. The growth potential for belt drives in the Agricultural and Mining sectors is likely to increase, especially in emerging countries such as China, India, and Brazil.
“In the future, many factories will have fully automated assembly lines assisted by artificial intelligence,” says Faisal Ghaus, Vice President of TechNavio Research.
“These factories will require smart machinery that can be wirelessly controlled and remotely monitored and that is capable of diagnosing problems for predictive maintenance.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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