Industrial Power Transmission Belt Market is Forecasted to Reach US$3.7 Billion in 2027, Says Stratview Research

The global Industrial Power Transmission Belt market size was valued at US$2.8 billion in 2021 and is projected to reach US$3.7 billion by 2027, witnessing a market growth CAGR of 4.1% from 2022 to 2027, according to an analysis by Stratview Research.

Stratview Research, a global market research firm, has launched a report on the global Industrial Power Transmission Belt market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2021: US$2.8 billion
Market Size in 2027: US$3.7 billion
Growth (CAGR): 4.1% during 2022-2027
Leading Application Type: Agriculture
Leading Belt Type: V-Belt
Leading End-User Type: Aftermarket
Leading Region: Asia-Pacific
Forecast Period: 2022-2027
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Industrial Power Transmission Belt Market:

The global Industrial Power Transmission Belt market is segmented based on Application type, Belt type, End-User type, and Region.

Based on the application type -

- Based on the application type, the industrial power transmission belt market is segmented as general industries, energy & others, construction materials, food & beverage, warehouse & distribution, lumber & aggregates, and agriculture.
- Agriculture is expected to remain the biggest demand generator with the market share of more than 30% during the forecast period, whereas warehouse & distribution is expected to be the fastest-growing application type in the market during the forecast period. Agriculture application registered no decline amid the pandemic as there were very limited restrictions on the agriculture industry due to its importance and necessities compared to other industries.

Based on the belt type -

- Based on the belt type, the market is segmented as synchronous belt, V-belt, micro V-belt, and others.
- V-belt is expected to remain the dominant belt type with the market share of more than 60% during the forecast period. V-belts are simple to install and reduce shock loads and require less maintenance. They are currently available in a wide range of configurations for transmitting virtually any amount of load power.

Which region shows the most promising growth forecast and opportunity?

- Asia-Pacific is expected to remain the largest as well as the fastest-growing region with a market share of more than 45% during the forecast period. China, India, Japan, and South Korea are expected to offer attractive prospects of growth in the wake of growing applications in industries such as construction, agricultural, chemical, pharmaceutical, warehouse & distribution, and mining. The manufacturing of automobiles is expanding in India and China as a result of rising population and rapid industrialization, which are some of the main factors responsible for the growth of industrial power transmission belts in the region.
- North America is expected to hold a significant proportion of the worldwide industrial power transmission belts market. The region's rapidly increasing industrial sector paired with the presence of major OEMs is expected to drive the demand for industrial power transmission belts in the near future.

Industrial Power Transmission Belt Market Drivers:

Some of the key drivers listed in the report are given below.

- Rising adoption of Industrial Automation - The adoption of automation in industrial applications is increasing rapidly, driven by the growing demand for efficiency, precision and cost reduction in manufacturing operations. Furthermore, initiatives like Industry 4.0 and smart manufacturing etc. are fueling the demand for effective industrial power transmission belts for reliable power transmission.
- Increasing vehicle production - To meet the rising vehicle demand globally, the production is also on the rise. The global total vehicle production including passenger cars, light commercial vehicles, medium and heavy commercial vehicles is expected to cross 100 million units by 2030 as per our research. Manufacturing units rely heavily on power transmission belts, and this upward trend further fuels the demand for industrial power transmission belts.
- Advancements in Belt Technology - As industries are focusing more on energy efficiency and performance optimization, the demand for advanced belt technologies like cogged V-belts are also increasing. The cogged V-belts carry big advantages over the traditional smooth V-belts by 3-6% in power transmission efficiency, thus providing better energy efficiency and operational cost savings in industrial applications. This also includes better flexibility, greater grip and almost no slippage.

Competitive Landscape: Top Companies in the Industrial Power Transmission Belt Market:

Most of the major players compete in some of the factors, including price, service offerings, regional presence, etc. The following are the key players in the Industrial Power Transmission Belt Market:

• AB SKF
• Bando Group
• Continental AG
• Dayco Corporate
• Gates Corporation
• Megadyne (Ammega from 2018)
• Mitsuboshi Belting Ltd.
• Optibelt GmbH
• Schaeffler Group
• Timken (Carlisle)

Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Please write to us at sales@stratviewresearch.com

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What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the Industrial Power Transmission Belt market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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