Global Industrial V-Belts Market 2017-2021
About Industrial V-Belts
Industrial V-belts are the basic belts for power transmission that is applied in light-weight to heavy-weight industrial applications. They are used as a source to provide power transmission efficiently. Industrial V-belts provide more friction and power and are installed in all end-user orientations for efficient machinery functions. Industrial V-belts are an integral part of power transmission systems as they are the basic belts that provide movement, speed, service life, and load bearings. V-belts are shaped like trapezoidal rough belts with the need to stop providing belt slip offs. V-belts are friction-based power transmitters that transmit power from one pulley to the other using the friction between them. Industrial V-belts are widely used in drive applications, such as machine tools, textile machines, continuous paper machines, high-power mills, stone crushers, etc.
Technavio’s analysts forecast the global industrial v-belts market to grow at a CAGR of 4.45% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial v-belts market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial V-Belts Market 2017-2021
Technavio recognizes the following companies as the key players in the global industrial v-belts market: ContiTech, Gates, Optibelt and SKF.
Other Prominent Vendors in the market are: Bando, BEHA, COLMANT CUVELIER, Dayco, Dunlop, Fenner, Flexer Rubber, Goodyear, HUTCHINSON, Lovejoy, Megadyne, Mitsuboshi Belting, Navyug, ProTorque, QPower, Rubena, Sanlux, SIT, Super-Speed, Supreme, Timken, Yuelong Rubber and Plastic, Zhejiang Powerbelt and Zhejiang Sanwei Rubber Item.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is modernization of agriculture and farm equipment in emerging economies. Modern machinery needs to be implemented in the agriculture sector by developing machines with technological progress through scientific achievements. The latest achievements by industrial manufacturers in the field of agricultural mechanization will play an important role in the variable speed belts market.”
According to the report, one driver in the market is growing retrofit activities in industrial machinery. The growing retrofit activities with advanced machinery and equipment for increasing productivity with low downtime have made end-users to increase their investments in machines and equipment. The manufacturing sector in APAC is continually growing. Countries such as India and China are currently undergoing major development initiatives to bolster the domestic manufacturing sector. Automation is a key aspect of any manufacturing process to ensure that all activities and sub-processes are streamlined, efficient, and faster.
Further, the report states that one challenge in the market is slump in the growth of industrial belt drives in major economies. The global industrial V-belts market is facing a decline in the growth of industrial belt drives and its machinery in major economies. Market maturity along with the lack of investor confidence has prompted a decline in the share of revenues for the industrial V-belts market in Europe. The economic and Eurozone crisis have influenced all the aspects of industries and commerce, ranging from small scale to large scale. This has reduced investments in acquiring new machinery and equipment as well as the need for maintenance, repair, and replacement of worn out traditional belt drives in old machinery. Thus, the OEM demand for V-belts has declined significantly.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit- https://www.technavio.com/report/global-industrial-v-belts-market-2017-2021
ContiTech, Gates, Optibelt, SKF, Bando, BEHA, COLMANT CUVELIER, Dayco, Dunlop, Fenner, Flexer Rubber, Goodyear, HUTCHINSON, Lovejoy, Megadyne, Mitsuboshi Belting, Navyug, ProTorque, QPower, Rubena, Sanlux, SIT, Super-Speed, Supreme, Timken, Yuelong Rubber and Plastic, Zhejiang Powerbelt and Zhejiang Sanwei Rubber Item.