Belt Drives Market is set to grow due to the increasing demand for automated material handling equipment during the forecast period.
According to the TechSci Research report, “Belt Drives Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2020-2030,” companies are focusing on enhancing customer satisfaction by speeding up cash flow. Global Belt Drives Market was valued at USD 4.58 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 4.46% through 2030. This has led to the adoption of automated material handling equipment, which is expected to impact various aspects of material handling, including loading.
Automated material handling equipment plays a crucial role in the material handling industry. As the material handling industry significantly contributes to the global belt market, the increasing adoption of automated systems has fueled the demand for belt drives. The growing need for automated material handling equipment is expected to drive the global belt drives market during the forecast period.
Mechanization of agriculture and farm operations, especially in developing economies, is another important factor driving the global belt drives market. Developing countries, with high agricultural dependency, are adopting more machinery. The subsidization of farm equipment by governments in these regions further supports the growth of related markets, positively influencing the belt drives market.
Furthermore, increased investments in assets and improved cash flows among machinery owners are prompting the replacement of older equipment with new machinery. These factors are expected to further contribute to the growth of the global belt drives market during the forecast period.
Applications in industries like conveyors, metal-cutting machines, textiles, steel processing, and packing require high precision in rotor movement, with high speed, hollow shafts, and low vibration. Worn belts can create unwanted noise and damage the entire connected system. While synchronized timing belts are available, belt drives still struggle to provide precise synchronization due to slippage.
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End-users, however, prefer electric motor-integrated drive systems. High-precision motors, such as stepper and servo motors, offer controlled torque and precision in angular movement, eliminating issues associated with induction and brushed DC motors. Despite this, challenges in operating in harsh environmental conditions and inefficiencies in high-precision applications may hinder the growth of the global belt drives market.
The COVID-19 pandemic had a severe impact on countries such as Japan, South Korea, and India, leading to the shutdown of activities in 2020. However, government initiatives, including mass vaccination drives in the first half of 2021, helped stabilize the situation and resumed business operations in manufacturing units. As industries like agriculture begin to recover, the demand for belt drives has been growing. Additionally, the construction industry’s growth in the region is expected to further boost the regional belt drives market, leading to significant growth during the forecast period.
Key market players in the Global Belt Drives Market are: –
- Dayco IP Holdings, LLC
- Optibelt GmbH
- Hutchinson Group
- Continental AG
- Daifuku Co., Ltd.
- Interroll Group
- Honeywell Intelligrated
- TGW Logistics Group GmbH
- Swisslog Holding AG
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“The market share growth by the material handling industry segment will be significant during the forecast period. The material handling segment accounts for a large portion of the global belt drives market. This segment includes oil and gas, mining, medical, machine tools, and wood industries. belt drives such as Vnaught belts or Synchronous Belt Drives are used widely for the handling of materials. The material handling industry segment showed a gradual increase in the market share of USD 1,783.57 million in 2017 and continued to grow by 2021. Material handling equipment is also used for storing and dispatching materials. In the market segment, there has been strong growth in 2019 as more and more automated material equipment is adopted. In addition, healthcare, retail, manufacturing, and automotive industries have increasingly been adopting automated material handling systems such as automated guided vehicles, automated storage and retrieval systems, and conveyor systems. This will aid in the growth of the material handling industry segment in the global belt drives market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Belt Drives Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (V-Belt Drives, Synchronous Belt Drives, Flat Belt Drives, Round Belt Drives, Polyurethane Belt Drives), By Application (Automated Passport Control, Common-use Self Service (CUSS) Kiosk, Information Kiosk, Baggage Check-In Kiosk, Ticketing Kiosk, Others), By Region, and By Competition 2019-2029” provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Belt Drives Market.
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