Market Research Report
Published: May 1, 2021
Global Industry Analysts, Inc.
Content info: 339 Pages
Delivery time: 1-2 business days
Global Belt Drives Market to Reach $7.5 Billion by 2026
A belt drive is a combination of belt and pulley that facilitate load transfer between the shafts. Such a combination also facilitates clutching, power transmission, ratio variation and synchronization of shafts. A conveyor belt is a typical example, wherein the belt is used for continual load transfer between the two points. Belt technology and roller chains are integral to ensuring robust and reliable manufacturing operations in number of applications ranging from conveyance systems and oilfield rigs to heavy duty power transmission. Belt drives are vital to manufacturing processes owing to their numerous benefits including streamlined performance, longer service-life and cost-efficiency. With appropriate maintenance, belt drives ensure safe working environment. Amid the COVID-19 crisis, the global market for Belt Drives estimated at US$6 Billion in the year 2020, is projected to reach a revised size of US$7.5 Billion by 2026, growing at a CAGR of 4% over the analysis period. Material Handling, one of the segments analyzed in the report, is projected to grow at a 3.4% CAGR to reach US$2.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Industrial Machinery segment is readjusted to a revised 4.8% CAGR for the next 7-year period. This segment currently accounts for a 20% share of the global Belt Drives market.
The U.S. Market is Estimated at $1.6 Billion in 2021, While China is Forecast to Reach $1.4 Billion by 2026
The Belt Drives market in the U.S. is estimated at US$1.6 Billion in the year 2021. The country currently accounts for a 27.04% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.4 Billion in the year 2026 trailing a CAGR of 6.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market (as defined in the study) will reach US$1.6 Billion by the end of the analysis period.
Growing investments on automation of production facilities and replacing conventional electromechanical method of regulating operations is poised to offer new growth opportunities for high-tech belt & pulley systems and conveyors intended for power transmission and other machinery applications. Rapidly evolving role of Industry 4.0 in modern `Smart Factory` environments is also poised to augment the market prospects. IoT enabled conveyors and belt & pulley systems typically aid industrial enterprises in remote monitoring, failed part identification, bar code tracking, and predictive maintenance of the system and the process. Leveraging the IIoT-enabled conveyor systems featuring sensor nodes, voltage sensor, temperature sensor, and vibration sensor, companies would be in a better position to augment their operations in a seamless manner.
Agriculture Segment to Reach $1.3 Billion by 2026
Agricultural machinery has emerged as the fastest growing end-use vertical for belt drives. Rising investments in mechanization of agriculture in attempts to improve farm and labor productivity, is helping drive demand for gears and drives for use in agricultural applications. Key factors driving investments in agricultural automation include the need to improve productivity and yields, increase labor productivity, decrease production costs, reduce environmental impact of aggressive farming, enhance energy efficiency and promote efficient use of resources, among others. In the global Agriculture segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$770.7 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$190.8 Million by the year 2026, while Latin America will expand at a 5.7% CAGR through the analysis period.
Select Competitors (Total 116 Featured) -