Elevated Usage in Automotive Industry to Propel Industrial V Belts Market to US$ 1,700.2 Mn by 2032 - Future Market Insights, Inc.

Middle East - English

News provided by

Oct 03, 2022, 11:30 ET

The global industrial V-belt market is booming as automation adoption speeds up in heavy industry and construction machinery. North America will continue to remain the most lucrative market for Industrial V Belts, accounting for a share of 25%

NEWARK, Del., Oct. 3, 2022 /PRNewswire/ -- The global industrial v belts market is projected to reach a value of US$ 1,700.2 Mn in 2032, with the market expanding at a dormant CAGR of 3.2% from 2022 to 2032. The target market is predicted to reach an estimated US$ 1,240.8 Mn by the end of 2022. Owing to their energy conservation feature, the industrial v belts are in high demand in automotive, construction, packaging, oil & gas, and other industries.

Industrial v belt is most often utilized in a spaces where the speed differs in response to varying loads in machine drives. These are referred to as adjustable speed belts which are used in machines with infinitely variable drive ratios. These adjustable speed belts are a part of the industrial v belts category and also contribute to the overall market growth.

Get Access To Sample Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-5765

Owing to a swell in replacement activities, the industrial v belts market is set to witness a rise in global demand. However, belt drive installation and commissioning are major challenges. While the belts is being installed, installation tension is critical. Low tension can lead to belt slippage or damage to the belt teeth while high tension can cause overloading which may result in damage to the cord, motor bearings, and shafts.

In terms of offering maximum potential, alignment is also crucial. In order to avoid these challenges associated with the installation and commissioning of belts, frequent maintenance operations must be carried out by plant operators. But many facilities, during the operations process, end up either repairing or replacing these products.

Since these belt drives are quite inexpensive, end users are far more confident in replacing them. Consequently, belt drives are continually replaced. Regular maintenance chores of installed drives, as per vendors, are also a prime source of revenue. All of these factors together are expected to foster an environment of growth for the global industrial V-belt market.

"Rising application of industrial V belts in automotive and packaging sector to propel the market growth of the industrial v belts over the forecast period," says an FMI analyst.

Key Takeaways:

Rising use in both agricultural and industrial sectors are likely to stimulate future prospects of the target market.
Technological transformation of the industrial V-belt market will generate lucrative opportunities.
The target market will register a 7.2% CAGR in North America.
Asia Pacific region is expected to account for 40% of the overall market growth during the assessment period.
In terms of application, the automotive sector is predicted to dominate the market.

Preview Analysis@ https://www.futuremarketinsights.com/reports/industrial-variable-speed-belts-market

Competitive Landscape

ContiTech AG, Gates Corporation, Optibelt GmbH, GoodYear Rubber Products Inc., Hi-Lo Manufacturing, Lian Eng, Lovejoy, Megadyne, Pix Transmissions Ltd., QPower, Inc., Rubena A.S, San Wu Rubber Mfg. Co., Ltd., Timken Company, and TOYOPOWER among others are some of the major players in the industrial v belts market profiled in the full version of the report.

Leading market players are keen on new product releases and product approvals to strengthen their market presence. These organizations also employ tactics like partnerships and collaborations, acquisitions and mergers to advance their sales and remain competitive in the global market space.

More Insights into Industrial V Belts Market Report

In its latest report, FMI offers an unbiased analysis of the global industrial v belts market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of type (narrow type, wide type), application (automotive, construction, packaging, oil & gas, others), and region.

According to the latest FMI reports, based on segmentation, the automotive sector will generate the most growth opportunities for the target market.

Based on region, the industrial v belts market in North America is expected to exhibit notable growth over the forecast period. The region accounts for about 25% of the global market share. Owing to the rapid expansion of the automated and semi-automated material handling sector, the region is set to witness considerable target market growth during the projected period. Expanding food & beverage sector will also supplement this growth. Apart from North America, Asia Pacific is predicted to account for 40% of the total market growth during 2022-2032.

Get Customization on this Report for Specific Country @ https://www.futuremarketinsights.com/customization-available/rep-gb-5765

Key Segments of Industrial V Belt Industry Survey

By Type:

Narrow Type
Wide Type

By Application:

Automotive
Construction
Packaging
Oil & Gas
Others

By Region:

North America Industrial V Belt Market
Latin America Industrial V Belt Market
Europe Industrial V Belt Market
Asia Pacific Industrial V Belt Market
Middle East & Africa Industrial V Belt Market

Explore Our Trending Reports of FMI's Industrial Automation Market Insights Landscape

Asia Pacific Industrial Pumps Market - The Asia Pacific Industrial Pumps market share is projected to reach US$ 39.3 Bn in 2032. The growing worldwide industrialization has been increasing the demand for the industrial pump.

Middle East Conveyor Belts Market – The Middle East conveyor belts market is expected to grow at a CAGR of 4.6% during the forecast period. The market valuation as on 2022 stands at US$ 207.57 bn, and by 2032,

Europe Water Leak Sensors Market – Europe is the dominant water leak sensors market with a revenue of 24.2% in 2022. This is attributed to the growing awareness about the product's benefits to avoid water wastage.

European Powered Lawn Mowers Market – Europe is anticipated to capture a powered lawn mowers market share of 28% in 2022, where Russia, followed by France, the UK is considered as some of the most lucrative markets in the region

European CHP Market – Europe is a hotspot of technological advancements. Western Europe, in particular, is projected to witness growth in the combined cooling heat and power plant market due to the expected growth in the construction industry during the forecast period.

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

Contact:

Future Market Insights, Inc
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs