Industrial Belt Drives Market Size, Growth, Segmentation, Latest Innovation, Forecast to 2031
Global Industrial Belt Drives Market Key Insights
During the forecast period of 2023-2035, the global industrial belt drives market is expected to reach an estimated value of ~USD 8 billion by 2035 by expanding at a CAGR of ~5%. The market further generated revenue of ~USD 2 billion in the year 2022. Major key factors propelling the growth of the industrial belt drives market are the higher demand for industrial belts in the packaging machinery owing to the skyrocketing demand for packaging in multiple industries such as pharmaceuticals, food and beverages, industrial goods, and others.
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Market Definition of Industrial Belt Drives
Industrial belt drives are the frictional drive belts used between two or more shafts using pulleys. It is used to transmit power by rotating the elastic belt. Based on the requirement, the speed of industrial belt drives can be fixed. Majorly, 3 types of industrial belt drives are used that are timing belts, V-belts, and Serpentine belts. One of the great examples of belt drives is the treadmill. Belt drives comprise jam protection and have low maintenance costs. It is a great source of motion that can efficiently transmit power and track relative movement. Furthermore, the growing packaging industries across the globe is predicted to fuel the market growth. It was found that in Japan alone, the production volume of packaging machinery was stated to be around 275 thousand units in 2021.
Global Industrial Belt Drives Market: Growth Drivers
The growth of the global industrial belt drives market can majorly be attributed to the growing utilization of belt drives in the mill industries globally. The Mill industry combines countless machines to perform certain tasks and many of them are powered by the utilization of industrial belt drives. For instance, in 2021, nearly 1800 mills were working along with approximately 3800 machines across the globe. On the other hand, the growth of the market can also be ascribed to the growing need for industrial belt drives in the various manufacturing industry, backed by exponential growth in these industries across the world. For instance, in 2022 the revenue exhibited by the manufacturing industry was around USD 1000 billion.
The global industrial belt drives market is also estimated to grow majorly on account of the following:
- Increasing implementation of elevator & escalator
- Growth in the mill industry to boost the demand for belt drives
- Up-surged demand for belt drives in packaging machinery
- Rising industrialization
- Significant investment by key players in developing cost-effective belt drives
Global Industrial Belt Drives Market: Restraining Factor
Industrial belt drives have a short service life and can inflict heavy loads on shafts. Furthermore, the remarkable penetration of AI-based robots to promote the process of the smart factory is also expected to be the major hindrance to the growth of the global industrial belt drives market during the forecast period.
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Global Industrial Belt Drives Market Segmentation
- By Product (Industrial V-belt Drives, Industrial Synchronous Belt Drives, Industrial Pulleys, and Others)
- By Application (Exhaust Fan, Flour Mill, Conveyors, Compressors, Machine Tools, Elevator & Escalator, and Others)
The elevator & escalator segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the higher utilization of V-belts in elevators & escalators backed by the growing construction of buildings across the globe. For instance, in 2021, more than 16 million elevators and escalators were observed to be operating worldwide.
- By End-Use (Industrial, Mining, Agricultural, Commercial, and Others)
- By Region
The Asia Pacific industrial belt drives market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. Higher demand for industrial belt drives in the regional manufacturing industry owing to factors such as, low labor cost, diversification, numerous trade agreement, and others. Additionally, the market in the region is also predicted to be benefited from the growth of the manufacturing industry in the region, backed by the fast-growing GDP owing to the rapid accumulation of wealth. It was observed that the value of manufacturing increased by 25% of the GDP in East Asia & Pacific in 2021.
The market research report on global industrial belt drives also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Industrial Belt Drives Market
Some of the key players of the global industrial belt drives market are DESCH Antriebstechnik GmbH & Co. KG, Dayco IP Holdings, LLC, Optibelt GmbH, Hutchinson Group, Continental AG, Daifuku Co., Ltd., Interroll Group, Honeywell Intelligrated, TGW Logistics Group GmbH, Swisslog Holding AG, and others.
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