Belt Drives Market is expected to grow at a CAGR of 4.46%
The growing demand for automated material handling equipment will drive the growth of the global belt market during the forecast period.
According to TechSci Research report, “ Belt Drives Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”. In
order to increase customer satisfaction, they are also focused on speeding up
cash flow. This has necessitated the adoption of automated material handling equipment
and is expected to impact various aspects of material handling, including
loading.
Moreover, automated material handling
equipment is a part of the material handling industry. The market is driven by
the fact that the material handling industry contributes significantly to the
global belt, and the adoption of automated material handling equipment has
increased the demand for belt drives. Therefore, the growing demand for
automated material handling equipment will drive the growth of the global belt market
during the forecast period. Mechanization of agriculture and farm
operations in developing economies will play an important role in the global belt
drives market. machines are to be adopted by developing countries, which have a
high dependence on agriculture. The subsidization of farm equipment by
governments is driving the adoption of farm equipment and related machinery in
developing regions, which is positively influencing the respective markets.
However, the increase in investments in
assets and improved cash flows among machinery owners will lead to the
replacement of older equipment with new machinery. Therefore, such factors will
drive the growth of the global belt drives market during the forecast period.
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Applications such as conveyors,
metal-cutting machines, textiles, steel processing, and packing require high
precision in rotor movement with high speed, hollow shaft, and low vibration.
Unwanted noise can also be created by worn belts and the whole connected system
may be irreparably damaged. Belt drives cannot provide the exact
synchronization between two shafts due to slippage, though synchronized timing
belts are available.
However, end-users prefer electric motor
integrated drive systems. High-precision motors such as stepper and servo
motors provide controlled torque and precision in angular movement. These
motors eliminate problems caused by induction and brushed DC motors, so as to
make applications run smoothly. Factors such as the inefficiency in
high-precision applications and difficulty in operating in harsh environmental
conditions will negatively impact the growth of the global belt drives market
during the forecast period.
The outbreak of COVID-19 had a severe
negative impact on many countries in the region, such as Japan, South Korea,
India, and others, and resulted in the shutdown of all activities in 2020.
However, the government initiatives such as conducting massive vaccination
drives across the region in the first half of 2021, helped to stabilize the
situation and led to the resumption of business operations in all the and
manufacturing units. The resumption of business operations in the end-user
industries such as the agricultural industry and others, drive the demand for belt
drives in the region. Moreover, the growth in the construction industry in the
region will foster the growth of the regional belt drives market. Therefore,
the belt drives market in the region will grow significantly during the
forecast period.
Key market players in the Global Belt
Drives Market are: -
- Dayco IP Holdings, LLC
- Optibelt GmbH
- Hutchinson Group
- Continental AG
- Daifuku Co., Ltd.
- Interroll Group
- Honeywell Intelligrated
- TGW Logistics Group GmbH
- Swisslog Holding AG
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“The market share growth by the material
handling industry segment will be significant during the forecast period. The material
handling segment accounts for a large portion of the global belt drives market.
This segment includes oil and gas, mining, medical, machine tools, and wood
industries. belt drives such as Vnaught belts or Synchronous Belt Drives are
used widely for the handling of materials. The material handling
industry segment showed a gradual increase in the market share of USD 1,783.57
million in 2017 and continued to grow by 2021. Material handling equipment is
also used for storing and dispatching materials. In the market segment, there
has been strong growth in 2019 as more and more automated material equipment is
adopted. In addition, healthcare, retail, manufacturing, and automotive
industries have increasingly been adopting automated material handling systems
such as automated guided vehicles, automated storage and retrieval systems, and
conveyor systems. This will aid in the growth of the material handling industry
segment in the global belt drives market during the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“ Belt Drives Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast Segmented By Type (V-Belt Drives, Synchronous Belt
Drives, Flat Belt Drives, Round Belt Drives, Polyurethane Belt Drives), By
Application (Automated Passport Control, Common-use Self Service (CUSS) Kiosk,
Information Kiosk, Baggage Check-In Kiosk, Ticketing Kiosk, Others), By Region,
and By Competition 2019-2029” provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Belt
Drives Market.
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