Stratview Research has launched a new report, titled Industrial Power Transmission Belt Market is Segmented by Application Type (General Industries, Energy & Others, Construction Materials, Food & Beverage, Warehouse & Distribution, Lumber & Aggregates, and Agriculture), by Belt Type (Synchronous Belt, V-Belt, Micro V-Belt, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Covid-19 Impact Analysis:
Covid-19 has highly impacted the market dynamics, competition, and supply chain of almost all industries. The revenues have gone down in 2020 and are expected to resume an uptrend gradually from 2021 and continue to grow further. The report covers all the segments that were affected by the pandemic.
According to the report, Industrial power transmission belts are favored in the mechanical industry over other power transmission devices because they are easier to install, have a wide range of speed options, lowered power loss, and are less expensive. By absorbing shocks and vibration, industrial power transmission belts safeguard rotating machinery from overload fluctuations. These characteristics are projected to propel the industrial power transmission belts market. In the long run, the industrial power transmission belt market is expected to grow at a healthy CAGR of 4.1% to be reaching a value of US$ 3.7 billion in 2026.
Market Segments’ Analysis
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 in the market 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.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain dominant during the forecast period. The industrial power transmission aftermarket is being driven by an increase in the replacement of worn belts with modernized power transmission belts. Belts are subjected to additional wear and strain when they are used incorrectly in industrial applications.
In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for industrial power transmission belts 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.
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)
Frequently Asked Questions –
This report provides vital information and valuable insights, enabling the users to identify the strategic growth opportunities in the market. The report aims at answering the following key questions:
- What is the current and future market size of Industrial Power Transmission Belt Market?
- How has the COVID-19 pandemic impacted the market? How fast is it expected to recover?
- What will be the short and long-term effects of the pandemic?
- How are other market factors affecting the market dynamics?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the Industrial Power Transmission Belt Market competition?
- What are the key emerging trends and unmet needs in the present market?
- What are the strategic growth opportunities and key success factors?
Read the full report: here
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