Saudi Arabia's Industrial V-Belt Market Poised for Strong Growth, Projected to Reach USD 14.29 Million by 2028 | Infinium Global Research

The Saudi Arabia Industrial V-belt Market, valued at USD 11.58 million in 2021, is on a trajectory of robust growth and expected to reach USD 14.29 million by 2028, with a steady CAGR of 3.11% during the forecast period. The market's expansion is primarily driven by the increasing adoption of industrial automation and the diversification of industries within Saudi Arabia.

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Automation Revolutionizes Industries

Saudi Arabia is witnessing a rapid surge in industrial automation, supported by factors such as a limited labor force and substantial investment capabilities. In a significant move, the Saudi Ministry of Industry and Mineral Resources announced its ambitious plan to transform over 4000 factories into automated facilities. This initiative aims to reduce the country's reliance on expatriate workers and achieve complete digital automation within five years. The cost associated with employing expatriate workers has prompted the Saudi government to invest heavily in the Fourth Industrial Revolution. Consequently, the trend of automating industries is expected to propel the demand for industrial V-belts in Saudi Arabia.

Expanding Industries Drive Automation

The growth of Saudi Arabia's industrial production is another catalyst for industrial automation. According to the General Authority of Statistics, the General Industrial Production Index surged to 139 in October 2022, marking a remarkable 14% increase compared to October 2021. This surge in industrial production has compelled various industries to expand their capacities, leading them to embrace automation as a means to enhance productivity and control production costs.

Vision 2030: Economic Diversification

Saudi Arabia's Vision 2030 program plays a pivotal role in the nation's economic transformation. This ambitious program is aimed at diversifying and making the Saudi economy more sustainable. It places a strong emphasis on reducing dependence on oil-centric industries and boosting the contribution of non-oil sectors. With 13 programs and 96 objectives, Vision 2030 seeks to elevate the private sector's GDP share from 40% in 2016 to 65% by 2030 and increase foreign direct investment (FDI) from 3.8% to 5.7% of GDP. The successful implementation of Vision 2030 has led to significant developments in the national industry, local content, and emerging economic sectors.

Challenges and Alternatives

Despite the promising growth prospects, the Industrial V-belt market faces some limitations. Over time, V-belts can experience efficiency reductions of up to 5% due to slippage if not routinely re-tensioned, bringing their nominal efficiency down to 93%. Alternatives like cogged belts and synchronous belts offer certain advantages over V-belts. Cogged belts, for example, are approximately 2% more efficient than traditional V-belts, run cooler, and have longer lifespans. Synchronous belts maintain their efficiency at around 98% across a wide range of loads, unlike V-belts, which experience a rapid drop in efficiency at high torque due to increased slippage. Additionally, synchronous belts require minimal retention and can operate in greasy and wet conditions. The presence of these alternatives in the market may restrain the growth of traditional V-belts.

Metals and Mining Industry Investments

Saudi Arabia's minerals were estimated to be worth USD 1 trillion in 2018. The country has witnessed significant growth in primary, middle, and downstream mineral and metals production in recent years, serving both domestic and international markets. As part of its Vision 2030 program, Saudi Arabia aims to elevate the mining sector's contribution to the economy, making it the third pillar of the KSA Industry alongside oil & gas and petrochemicals. In May 2022, the Saudi Arabia Industry and Mineral Resources Ministry unveiled plans to invest USD 32 billion in the mining and mineral sector. This investment strategy includes the development of nine mining projects for midstream minerals and metals to enhance mineral product exports. It also involves setting up a Steel Plate Factory with a USD 4 billion investment and an electric car battery input factory with a USD 2 billion investment. These significant investments in the metals and mining industry are expected to open up new growth opportunities in the Industrial V-belt market.

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Table of Content

Chapter 1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

Chapter 3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for Saudi Arabia Industrial V-belt Market

3.5. IGR-Growth Matrix Analysis

3.6. Competitive Landscape in Saudi Arabia Industrial V-belt Market

Chapter 4. Saudi Arabia Industrial V-belt Market by End-use Industry

4.1. Food and Beverage

4.2. Metals and Mining

4.3. Agriculture

4.4. Power and energy

4.5. Automotive

4.6. Other End-use Industry

Chapter 5. Saudi Arabia Industrial V-belt Market by Material

5.1 Introduction

5.1.1 Rubber

5.1.2 Polymer

5.1.3 Other Materials

Chapter 6. Saudi Arabia Industrial V-belt Market by Types

6.1 Introduction

6.1.1 Heavy Duty

6.1.2 Light Duty

Chapter 7. Company Profiles

7.1 Saudi V-belt Industries

7.1.1 Overview

7.1.2 Company Overview

7.1.3 Product Portfolio

7.2 OPTIBELT POWER TRANSMISSION

7.2.1 Overview

7.2.2 Company Overview

7.2.3 Product Portfolio

7.3 Gates Corporation

7.3.1 Overview

7.3.2 Company Overview

7.3.3 Product Portfolio

7.4 SHIBAM BELTING

7.4.1 Overview

7.4.2 Company Overview

7.4.3 Product Portfolio

7.5 Mitsuba

7.5.1 Overview

7.5.2 Company Overview

7.5.3 Product Portfolio

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of Saudi Arabia Industrial V-belt.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2028.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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