New Study from StrategyR Highlights a $7.6 Billion Global Market for Belt Drives by 2026

SAN FRANCISCO , March 28, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Belt Drives - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 18; Released: February 2022

Executive Pool: 9526
Companies: 116 - Players covered include 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; Tsubakimoto Chain Co. and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Material Handling, Industrial Machinery, Agriculture, Mining, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Belt Drives Market to Reach $7.6 Billion by 2026
A belt drive is a combination of belt and pulley that facilitate load transfer between the shafts. Such a combination also facilitates clutching, power transmission, ratio variation and synchronization of shafts. A conveyor belt is a typical example, wherein the belt is used for continual load transfer between the two points. Belt technology and roller chains are integral to ensuring robust and reliable manufacturing operations in number of applications ranging from conveyance systems and oilfield rigs to heavy duty power transmission. Belt drives are vital to manufacturing processes owing to their numerous benefits including streamlined performance, longer service-life and cost-efficiency. With appropriate maintenance, belt drives ensure safe working environment.

Technology and belt drive material advances are also helping improve the performance of belt drives across various industries. With the global manufacturing sector making a steady progress and the anticipated rise in end-use sectors including automotive, food manufacturing and aerospace applications, market for belt drives is expected to register a positive growth over the review period.

Amid the COVID-19 crisis, the global market for Belt Drives estimated at US$6.4 Billion in the year 2022, is projected to reach a revised size of US$7.6 Billion by 2026, growing at a CAGR of 4% over the analysis period. Material Handling, one of the segments analyzed in the report, is projected to grow at a 3.4% CAGR to reach US$2.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Industrial Machinery segment is readjusted to a revised 4.8% CAGR for the next 7-year period. This segment currently accounts for a 20% share of the global Belt Drives market.

The U.S. Market is Estimated at $1.7 Billion in 2022, While China is Forecast to Reach $1.4 Billion by 2026
The Belt Drives market in the U.S. is estimated at US$1.7 Billion in the year 2022. The country currently accounts for a 27.04% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.4 Billion in the year 2026 trailing a CAGR of 6.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market (as defined in the study) will reach US$1.6 Billion by the end of the analysis period. Developed regions, particularly the US and Europe, continue to offer growth opportunities amid resiliency in industrial sector on the back of relative stability in economy and prevailing positive business and consumer confidence indices. Replacement demand and equipment modernization programs wield a strong bearing on demand for belt drives in the developed regions.

Agriculture Segment to Reach $1.3 Billion by 2026
Agricultural machinery has emerged as the fastest growing end-use vertical for belt drives. Rising investments in mechanization of agriculture in attempts to improve farm and labor productivity, is helping drive demand for gears and drives for use in agricultural applications. Key factors driving investments in agricultural automation include the need to improve productivity and yields, increase labor productivity, decrease production costs, reduce environmental impact of aggressive farming, enhance energy efficiency and promote efficient use of resources, among others. In the global Agriculture segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$770.7 Million will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$190.8 Million by the year 2026, while Latin America will expand at a 5.7% CAGR through the analysis period. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.