LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global industrial V-belts market is expected to reach USD 2.30 billion by 2021, growing at a CAGR of more than 4%.
This research report titled ‘Global Industrial V-belts Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Belt drives and V-belts are interlinked during power transmission and provide a transmission energy efficiency of nearly 90%. Industrial V-belts are expected to grow in market size during the forecast period, likely driven from growing markets in Asia and Latin America that offer incredible potential for the growth of industrial machinery.
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Technavio’s analysts categorize the global industrial V-belts market into five major segments by end users. They are:
- Material handling
- Industrial machinery
- Agriculture
- Mining
- Others
The top three segments based on end-users for the global industrial V-belts market are discussed below:
Global industrial V-belts market by material handling sector
The material handling industry involves the transportation of raw materials, goods, or other consumables from one point to another within the locality of the site. To transport materials, semi or fully automated equipment is used, which helps in protecting, storing, and controlling the entire process of manufacturing, production, warehousing, transportation, and distribution.
According to Raghav Bharadwaj Shivaswamy, a lead automation research analyst from Technavio, “The adoption of automation in the heavy industry and heavy-duty machinery is driving the growth of the global industrial V-belts market. The automated and semi-automated material handling industry is expected to grow in developed and developing economies at a fast pace during the forecast period.”
Global industrial V-belts market by other sectors
The global industrial V-belts market for others segment such as cement, paper and printing, oil and gas, and construction is currently growing at a stable rate and is expected to remain the same till 2018. The anticipated recovery in oil and gas production and the subsequent rise in demand for oil drilling equipment are expected to drive the growth in the industrial V-belts market.
Global industrial V-belts market by industrial machinery sector
V-belts that are used in the industrial machinery sector include both lightweight and heavyweight products with varying dimensions. The demand for V-belts in the industrial machinery sector is stimulated by the number of machinery and drives that are used for process operations.
“The demand for industrial V-belts in power transmission for automotive, food and beverages, and machine tool applications will drive the market for this sector. The increasing usage of V-belts for spooling machines in the textile industry will also provide a continuous growth in this market,” adds Raghav.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ContiTech
- Gates
- Optibelt
- SKF
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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