Industrial Power Transmission Belt Market Report
Industrial Power Transmission Belt Market is Segmented by Application Type (General Industries, Energy & Others, Construction Materials, Food & Beverage, Warehouse & Distribution, Lumber & Aggregates, and Agriculture), by Belt Type (Synchronous Belt, V-Belt, Micro V-Belt, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Industrial Power Transmission Belt Market is Segmented by Application Type (General Industries, Energy & Others, Construction Materials, Food & Beverage, Warehouse & Distribution, Lumber & Aggregates, and Agriculture), by Belt Type (Synchronous Belt, V-Belt, Micro V-Belt, and Others), by...
Impact of COVID-19 on Industrial Power Transmission Belt Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The transformation of labor-intensive crop production to machine-based processes is boosting the industrial power transmission belt market during the anticipated period. It is anticipated that the adoption of transmission belts will rise in the future, owing to its several advantages like high power transmission capacity, low noise, lower vibration, etc. An increase in consumer disposable income will contribute to growth in the consumer goods industry, boosting manufacturing operations leading to the increasing demand for industrial power transmission belts. Indirectly, government initiatives to boost up industrial output will support the rise in demand for transmission belts.
The coronavirus outbreak has affected production activities across industries. Several countries took lockdown measures to prevent the virus from spreading. Industrial activity came to a halt as manufacturing facilities were shut down. As a result, the demand for industrial power transmission belts dropped by -3.8% in 2020.
Industrial power transmission belts are favored in the mechanical industry over other power transmission devices because they are easier to install, have a wide range of speed options, lowered power loss, and are less expensive. By absorbing shocks and vibration, industrial power transmission belts safeguard rotating machinery from overload fluctuations. These characteristics are projected to propel the industrial power transmission belts market. In the long run, the industrial power transmission belt market is expected to grow at a healthy CAGR of 4.1% to be reaching a value of US$ 3.7 billion in 2026.
Based on the application type, the industrial power transmission belt market is segmented as general industries, energy & others, construction materials, food & beverage, warehouse & distribution, lumber & aggregates, and agriculture. Agriculture is expected to remain the biggest demand generator, whereas warehouse & distribution is expected to be the fastest-growing application type in the market during the forecast period. Agriculture application registered no decline amid the pandemic as there were very limited restrictions on the agriculture industry due to its importance and necessities compared to other industries.
Based on the belt type, the market is segmented as synchronous belt, V-belt, micro V-belt, and others. V-belt is expected to remain the dominant belt type in the market during the forecast period. V-belts are simple to install and reduce shock loads and require less maintenance. They are currently available in a wide range of configurations for transmitting virtually any amount of load power.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain dominant during the forecast period. The industrial power transmission aftermarket is being driven by an increase in the replacement of worn belts with modernized power transmission belts. Belts are subjected to additional wear and strain when they are used incorrectly in industrial applications.
In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for industrial power transmission belts during the forecast period. China, India, Japan, and South Korea are expected to offer attractive prospects of growth in the wake of growing applications in industries such as construction, agricultural, chemical, pharmaceutical, warehouse & distribution, and mining. The manufacturing of automobiles is expanding in India and China as a result of rising population and rapid industrialization, which are some of the main factors responsible for the growth of industrial power transmission belts in the region.
North America is expected to hold a significant proportion of the worldwide industrial power transmission belts market. The region's rapidly increasing industrial sector paired with the presence of major OEMs is expected to drive the demand for industrial power transmission belts in the near future.
The following are the key players in the industrial power transmission belt market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Industrial Power Transmission Belt market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The industrial power transmission belt market is segmented into the following categories.
Industrial Power Transmission Belt Market, by Application Type
Industrial Power Transmission Belt Market, by Belt Type
Industrial Power Transmission Belt Market, by End User Type
Industrial Power Transmission Belt Market, by Region
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The industrial power transmission belt market is estimated to grow at a CAGR of 4.1% by 2027.
AB SKF, Bando Group, Continental AG, Dayco Corporate, Gates Corporation, Megadyne Group (Ammega from 2018), Mitsuboshi Belting Ltd., Optibelt GmbH, Schaeffler Group, and Timken (Carlisle) are the leading players in the industrial power transmission belt market.
Asia-Pacific is estimated to remain dominant in the industrial power transmission belt market in the foreseen future.