Belt Drive Systems Market Growth Is Attributed To Increased Demand From Agriculture Application

According to Precision Business Insights (PBI), the latest report, the belt drive systems market will be worth USD 3,900 million in 2022, growing at a 5% CAGR from 2022 to 2028. The global belt drive systems market is segmented into the following types: By Type (Flat Blet, V-Belt, and Timing Belt), By Application (Material Handling Industry, Industrial Transmission, Agriculture, Mining & Mineral, and Others), and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) Forecast to 2028. Key player's profiles in the belt drive systems market report are 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, and Tsubakimoto Chain Co. Belt drives are preferred in the mechanical sector over alternative power transmission devices due to their ease of installation, a wide range of speed ratio options, low power loss, and inexpensive cost. The belt drive prevents rotating machinery from overload fluctuations by absorbing all shocks and vibrations. It is simple to operate and does not require any parallel shafts. Modular belt drive improves plant productivity and lowers manufacturing expenses with downtime. On the other hand, Belt drive systems offer a competitive advantage over electrical motors and drives due to their inexpensive cost and widespread availability. Belt drives are commonly used in industrial machinery, vehicles, agriculture, oil refineries, and mining.

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Agriculture Segment Dominates the Belt Drive Systems Market
The agricultural segment is expected to account for a larger share of the global belt drive systems market and is projected to grow at a 5.1% CAGR between 2022 and 2028. The fastest-growing end-user for belt drives is agricultural machinery. Rising agricultural mechanization investments to boost farm and labor productivity are helping fuel the demand for farming drives. Agricultural automation is being driven by several causes, including the desire to improve productivity and yields, boost labor productivity, lower production costs, reduce the environmental impact of aggressive farming, improve energy efficiency, and promote resource efficiency. The United States, Canada, Japan, China, and Europe are expected to drive the global agriculture segment.

The Asia Pacific Leads Belt Drive Systems Market:
The Asia Pacific market is expected to hold a significant market share in the global belt drive systems market over the forecast period. It is projected to grow at a CAGR of 6% in the coming years. In Asia-Pacific, China is a significant market, driven by healthy economic growth, rapid industrialization, high consumption of processed food, and industrialization of food production, which increased opportunities for belt drives in food processing equipment. In addition, recovering construction activity and increased construction equipment sales provide an opportunity for belt drive systems in power transmission component manufacturing.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global belt drive systems market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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The global belt drive systems market detailed segmentation:
Based on the type, the market is segmented into the following:
• Flat Blet
• V-Belt
• Timing Belt

Based on the application, the market is segmented into the following:
• Material Handling Industry
• Industrial Transmission
• Agriculture
• Mining & Mineral
• Others

Based on the geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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