Dublin, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The "Belt Drives - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Belt Drives Market to Reach $7.6 Billion by 2026
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.
Technology and belt drive material advances are also helping improve the performance of belt drives across various industries. With the global manufacturing sector making a steady progress and the anticipated rise in end-use sectors including automotive, food manufacturing and aerospace applications, market for belt drives is expected to register a positive growth over the review period.
Amid the COVID-19 crisis, the global market for Belt Drives estimated at US$6.4 Billion in the year 2022, is projected to reach a revised size of US$7.6 Billion by 2026, growing at a CAGR of 4% over the analysis period.
The U.S. Market is Estimated at $1.7 Billion in 2022, While China is Forecast to Reach $1.4 Billion by 2026
The Belt Drives market in the U.S. is estimated at US$1.7 Billion in the year 2022. The country currently accounts for a 27.04% share in the global market. China, the world's 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.
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.
Select Competitors:
- Arntz Optibelt Group
- Colmant Cuvelier RPS S.A.S.
- ContiTech AG
- Dayco Products, LLC
- Gates Corporation
- Michelin
- Mitsuboshi Belting Ltd.
- Regina Catene Calibrate Spa
- The Timken Company
- Tsubakimoto Chain Co.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Critical Importance of Mechanical Belts & Pulleys in Power Transmission Applications: Cornerstone for Present & Future Growth of Belt Drives Market
- Widespread Adoption of Industrial Automation Creates Fertile Environment
- Belt Drives Market Gears Up for Industry 4.0 Environments
- Belt Drives Grab the Limelight Amid Growing Relevance of Energy Efficiency
- Strong Demand for Conveyor Equipment Promotes Demand
- Industrial Machinery Sector Offers Robust Opportunities for Belt Drives Market
- Material Handling Equipment: Prominent End-Use Vertical
- Agriculture Machinery Emerges as Fastest Growing End-Use Segment
- Mining Industry Remains a Major Revenue Contributor
- Belt Drives Gain Traction in Oil & Gas Sector
- Steady Growth in Global Power Generation Activity Spurs Demand
- Novel Opportunities Identified in Food & Beverage Industry
- Timing Belts Emerge as Ideal Solution for Food Industry
- Sophisticated Belt Drives Step In to Address the Dynamic Requirements of Modern Automotive Vehicles
- Focus on Fuel Efficiency Promotes Interest in Automotive Belt Drives
- CVT Technology Poised to Accelerate Adoption of Belt Drives
- Growing Focus on Hybrid Vehicles Seeks Further Improvements in Belt Drive Technology
- Replacement Demand Enthuses Automotive Belt Drives Market
- eBikes & Bicycles: Emerging Vertical for Belt Drives
- Technology Advances to Spur Growth Momentum
- 3D Printing Technology Transforming Pulley and Belt Design
- Applications Drive Innovation in Pulley and Belt Functionality
- Metal Belts on the Rise
- New Materials to Drive Opportunities for Timing Belts
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/r64hqp
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