30 May 2019 – 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.
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 segment by Type, the product can be split into
Market segment by Application, Industrial Belt Drives can be split into
- Mechanical Industry
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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Asia-Pacific region is estimated to hold major share in the market with massive growth in forecast period. Countries such as India, China, Japan and Singapore are leading the Asia-Pacific market with strong economic growth, rising manufacturing activities, and significant investment by leading industry players considering potential growth opportunities in the region.
The major manufacturers covered in this report
- B&B Manufacturing
- Jason Industrial
- Pix Transmission