According to the latest market research study released by Technavio, the global industrial belt drives market is expected to grow at a CAGR of almost 4% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Click here to request a free sample of this report
Technavio research analysts categorize the global industrial belt drives market based on end-user:
Global industrial belt drives market share by end-user 2015
|
Material handling |
27.64% |
|
Others (oil and gas, F&B, and cement industries) |
23.77% |
|
Industrial machinery |
18.66% |
|
Agriculture |
15.77% |
|
Mining and minerals |
14.165 |
Source: Technavio
The top three revenue contributing end-user segments are discussed below:
Global industrial belt drives market: Material handling industry
In 2015, material handling industry accounted for around 28% of the global industrial belt drives market and is predicted to grow rapidly during the forecast period. The material handling industry includes movement of goods, raw materials, or other consumables from one destination to another within the vicinity of the site. To transport materials, semi-automated or automated machines are used to protect, store, and control the entire process of transportation, manufacturing, warehousing, production, and distribution. Material handling equipment used in the rapid movement of raw materials or finished goods are also used for storing and dispatching materials. Automated material handling systems such as automated guided vehicles, automated storage, and retrieval systems, and conveyor systems are increasingly being adopted by various industries. Among the various ways of transporting bulk materials between two points in surface conveying, the need to reduce belt tension does not have a prominence as in underground applications. Conveyor belts help in the transport of huge materials from one point to another.
“Belt drives as power transmission equipment find increased use in the form of conveyor systems, which is an essential component in any material handling industry. The growth of the material handling industry in regions such as the Middle East and Latin America is predicted to augment the sales of new equipment that incorporate belt drives during the forecast period,” says Anju Ajaykumar, a lead analyst at Technavio for research on automation.
Global belt drives market: Industrial machinery
The global industrial machinery market is anticipated to record a CAGR of over 6% during the forecast period. Industrial machinery consists of several parts and components applied in any integrated industry, ranging from small parts and consumables to heavy equipment like crushers. Germany is the major contributor to the industrial machinery market which was valued at around $735 billion in 2015. The prevalence of the mature industrial sector in Germany is driving the growth of industrial parts and machinery manufacturing. The electronics, automotive, chemicals, and F&B industries are some of the major sectors in the country, which are likely to grow in future. APAC is slowly emerging as a preferred manufacturing hub for several global companies due to the easy availability of raw materials and affordable manpower. Technavio expects the demand for industrial machinery to increase with countries such as India and China introducing domestic manufacturing in the region.
Global belt drives market: Agriculture
The global agricultural and farming equipment market is expected to post an impressive growth at a CAGR of around 8%. The need for productivity improvement has increased the demand for modern equipment. The market is likely to generate revenues from both new as well as replacement orders. V-belts are used in agriculture machinery like combines, rice stack cutting machinery, and threshers.
The need to enhance energy efficiency, overall productivity, and sustainability in the agriculture industry would upsurge growth in the belt drives market during the forecast period. Belt drives, based on their broad range of agricultural machinery applications, help farmers to improve durability, efficiency, and performance. With automation penetrating deeper within the agriculture industry, belt drives will start gaining acceptance among farmers. Numerous private and public institutions are anticipated to invest in developing the agriculture industry in India, China, and Brazil, which will lead to increased sales of new equipment for farming and cultivation.
The top leading vendors operating in the global industrial belt drives market are:
- ContiTech
- Dayco
- Fenner
- Gates
- Optibelt
Other prominent vendors in the market include B&B Manufacturing, Belt, Brammer, Hutchinson, Jason Industrial, and Pix Transmission.
A more detailed analysis is available in the Technavio report titled, ‘Global Industrial Belt Drives Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Conveyor Belt Market 2016-2020
- Global Chain Drives Market 2016-2020
- Global Handling and Lifting Equipment Market 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
