New study by StrategyR reveals a $7.6 billion global belt drive market by 2026
SAN FRANCISCO , March 28, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc. (GIA), the leading market research firm, released its report today entitled “Belt Drives – Global Market Development and Analysis”. The report presents new perspectives on opportunities and challenges in a significantly changed post-COVID-19 market.
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Edition: 18; Brought out: February 2022
Executive Pool: 9526
Companies: 116 – Actors covered include Arntz Optibelt Group; Colmant Cuvelier RPS SAS; ContiTech AG; Dayco Products, LLC; Gates Corporation; Michelin; Mitsubishi Belting Ltd.; Calibrate Regina Catene Spa; The Timken Company; Tsubakimoto Chain Co. and others.
Cover: All major regions and key segments
Segments: End-use (material handling, industrial machinery, agriculture, mining, other end-uses)
Geographies: World; United States of America; Canada; Japan; China; Europe; France; Germany; Italy; UNITED KINGDOM; Spain; Russia; the rest of Europe; Asia Pacific; Australia; India; South Korea; the rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; the rest of Latin America; middle East; Iran; Israel; Saudi Arabia; United Arab Emirates; the rest of middle East; Africa.
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To reach global belt drive market $7.6 billion until 2026
A belt drive is a combination of belt and pulley that facilitates load transfer between shafts. Such a combination also facilitates clutching, power transmission, changing gear ratios and synchronizing shafts. A conveyor belt is a typical example where the belt is used to continuously transfer load between the two points. Belt technology and roller chains are an integral part to ensure robust and reliable production operations in a variety of applications ranging from conveyor systems and oil rigs to heavy-duty power transmissions. Belt drives are critical to manufacturing processes due to their numerous benefits, including optimized performance, longer life and cost-efficiency. When properly maintained, belt drives provide a safe working environment.
Advances in belt drive technology and materials are also helping to improve the performance of belt drives in various industries. Given the steady progress of the global manufacturing sector and the expected increase in end-use sectors including automotive, food manufacturing and aerospace applications, the belt drive market is expected to witness positive growth during the period.
Amidst the COVID-19 crisis, the global belt drive market is estimated at $6.4 billion in 2022 is expected to reach a revised size of $7.6 billion to 2026 and growing at a CAGR of 4% over the analysis period. Material Handling, one of the segments analyzed in the report, is expected to reach a CAGR of 3.4% $2.1 billion until the end of the analysis period. After a thorough analysis of the business impact of the pandemic and the economic crisis it caused, growth in the industrial machinery segment is adjusted to a revised annual growth rate of 4.8% for the next 7 years. This segment currently accounts for 20% of the global belt drive market.
The US market is estimated at $1.7 billion in 2022, while China is expected to reach $1.4 billion until 2026
The US belt drive market is estimated at $1.7 billion in 2022. The country currently has a 27.04% share of the world market. Chinathe second largest economy in the world, is expected to reach an estimated market size of $1.4 billion in 2026 with a CAGR of 6.3% over the analysis period. Among the other notable geographic markets are Japan and Canada, which forecast growth of 2.4% and 3.2%, respectively, over the analysis period. Within Europe, Germany is forecast to grow at approx. 2.9% CAGR while reaching the rest of the European market (as defined in the study). $1.6 billion until the end of the analysis period. Developed regions, especially the US and Europe, continue to offer growth opportunities amid industrial sector resilience given the relatively resilient economy and the prevailing positive business and consumer confidence indices. The demand for belt drives in the developed regions is strongly influenced by the need for replacement and modernization programs of the equipment.
reach the farming segment $1.3 billion until 2026
Agricultural machinery has emerged as the fastest growing belt drive end-user vertical. Increasing investment in agricultural mechanization to improve agricultural and labor productivity is helping to drive demand for transmissions and drives for use in agricultural applications. Key factors driving investment in agricultural automation include the need to improve productivity and yields, increase labor productivity, reduce production costs, reduce the environmental impact of aggressive farming, improve energy efficiency and efficient use of, among others promote resources. In the global agricultural segment United States of America, Canada, Japan, China and Europe will drive the estimated 5% CAGR for this segment. These regional markets together make up a market size of $770.7 million will reach a projected size of $1.1 billion until the end of the analysis period. China will be among the fastest growing in this cluster of regional markets. Led by countries such as Australia, Indiaand South Koreathe market one Asia Pacific is forecast to achieve $190.8 million by 2026, while Latin America will expand at a CAGR of 5.7% during the analysis period. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher and the world’s only influencer-driven market research company. GIA proudly serves more than 42,000 clients from 36 countries and has a reputation for accurately forecasting markets and industries for over 33 years.
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SOURCE Global Industry Analysts, Inc.