What is the Addressable Market Opportunity for “Belt Drives”?
With COVID-19 pandemic triggering a short-term crisis in the industrial sector, the global Belt Drives market is expected to decline substantially in the year 2020 before recovering to reach a revised market size of US$7.3 billion by 2025.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Belt Drives market . Report segmentation includes Material Handling, Industrial Machinery, Agriculture, Mining, and Other End-Uses.
10 June 10:09 A.M., California/Marketwire/ - According to the new market research report, with COVID-19 pandemic triggering a short-term crisis in the industrial sector, the global Belt Drives market is expected to decline substantially in the year 2020 before recovering to reach a revised market size of US$7.3 billion by 2025. The market will be reset to a new normal which going forwards in a post crisis era will be continuously redefined and redesigned. Material Handling, one of the end-use segments analyzed and sized in this study, is forecast to grow at over 3.9% and reach a market size of US$2 billion by the end of the analysis period.
Despite witnessing a considerable decline in 2020 due to weakened activity across core end-use verticals because of the COVID-19 crisis, the belt drives market is likely to regroup to post gains in the post COVID -19 environment. Since, belt drives are ubiquitous and have indispensable use in conveyor equipment, material handling equipment, construction equipment, and heavy industrial equipment, where these solutions are deployed in power transmission processes in the most efficient manner, the post COVID-19 environment is likely to induce progressive momentum in the market. Long-term growth in the market also hinges on R&D and innovations in belt drive mechanisms; development of reliable and durable belt drive solutions; and innovative designs that enhance integrity and overthrow drawbacks associated with traditional standard belt drive designs. Smart conveyors and belt & pulley systems with advanced attributes such as IoT-compatible functionality with integrated AI and ML features are likely to make a big splash in the market amid anticipated increase in CAPEX spends on Industry 4.0 and 'Smart Factory' strategies among enterprises across core end-use industries. IoT enabled conveyors and belt & pulley systems typically aid industrial enterprises in remote monitoring, failed part identification, bar code tracking, and predictive maintenance of the system and the process.
Key Competitors Covered in the Report
Colmant Cuvelier RPS S.A.S.
Dayco Products, LLC
Federal-Mogul Holdings Corporation
Mitsuboshi Belting Ltd.
The Timken Company
Tsubakimoto Chain Co.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, UK, Spain, Russia, Rest of Europe)
Asia-Pacific (India, South Korea, Rest of Asia-Pacific)
Latin America (Brazil, Mexico, Rest of Latin America)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 3402. Among this pool, 612 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 102 unique participations, a total of 46 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.