Research Nester’s recent market research analysis on “Industrial Belt Drives Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global industrial belt drives market in terms of market segmentation by product, application, end-user, and by region.

Growing Industrial Production to Promote Global Market Share of Industrial Belt Drives

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The global industrial belt drives market is estimated to grow majorly on account of the surging industrial production. For instance, the versatility, affordability, and simplicity of belt drives make them a popular choice. There is a need for dependable and effective systems to transmit power and motion as industrial output rises. In 2022, India's industrial production rose by more than 4% annually.

The global industrial belt drives market is estimated to grow majorly on account of the increasing need for sustainability. Since they can efficiently transfer power over long distances, belt drives are recognized for their high efficiency. As a result, they are a well-liked solution for industries that value sustainability and energy efficiency, which is expected to fuel market expansion. More than 15,000 customers from around the world responded to a poll done in 2022 by saying that environmental sustainability is now more important to them than it was a year before.

Some of the major growth factors and challenges that are associated with the growth of the global industrial belt drives market are:

Growth Drivers:

· Surge in technological advancements in industrial belt drives

· Growing adoption of Industry Internet of Things (IIoT)

Challenges:

The industrial adoption of robots and AI, and the high cost of belt drives are some of the major factors anticipated to hamper the global market size of industrial belt drives. One of the main issues expected to impede the market's growth is the use of AI. For instance, there is a growing tendency towards automated systems that don't need conventional power transmission techniques, including belt drives, as robotics and AI is being used by industries at an increasing rate.

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By product, the global industrial belt drives market is segmented into industrial V-belt drives, industrial synchronous belt drives, industrial pulleys, and others. The industrial synchronous belt drives segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth can be attributed to the growing automotive sector around the globe. Owing to technological advancements such as the introduction of hybrid and electric vehicles, the automotive industry is constantly changing (EVs). These advancements frequently need specialized synchronous belt drive systems for applications such as electric powertrains, battery cooling systems, and other auxiliary systems. As a result, it is projected that the market for synchronous belt drives made for these applications would grow alongside the acceptance of hybrid and electric vehicles. Global EV sales have surged by more than 38% as of 2019, while the EV export business has grown by more than 17%.

By region, the Asia Pacific industrial belt drives market is to generate the highest revenue by the end of 2035. This growth is anticipated by a higher number of industrial and mining activities, mainly in China and India. As mining and industrial operations in the area grow, the demand for industrial belt drives could increase. For instance, heavy machinery and equipment, such as conveyor belts, crushers, mills, and separators, are typically required for these processes and rely on industrial belt drives for efficient power transfer. Also, as mining and industrial operations expand, there is a greater demand for industrial belt drives since these operations need dependable, high-performance belt drives to support the operations and keep the machinery running. Additionally, it is projected that the formation of more businesses in the region's emerging economies and increased industry awareness of the need to minimize energy use will support market expansion. Over the projection period, it is also anticipated that the region's rising energy consumption will accelerate market expansion. India's industrial production rose by more than 6% annually as of 2023, reaching an all-time high of more than 130% in 2021.

This report also provides the existing competitive scenario of some of the key players of the global industrial belt drives market which includes company profiling of Dayco IP Holdings, LLC, Optibelt GmbH, Hutchinson Group, Continental AG, Daifuku Co., Ltd., Interroll Group, Honeywell Intelligrated, TGW Logistics Group GmbH, and Swisslog Holding AG., and others.