Global Industrial V-Belts Market 2019-2023
About this market
Automated material handling equipment is a part of the material handling industry. Automated materials handling equipment includes a diverse range of products such as servo motors, conveyors (such as belt, chute, roller, wheel, slat, and chain) and machinery. These devices help in transporting and storing goods. Conventional leading is labor- intensive and requires personnel who can carry out tasks such as handling trailers, containers, forklifts, terminal tractors and other machinery. Apart from labor costs, the spending on owning. Leasing, and maintaining equipment is significant. Thus, process and discrete industries are adopting automated material handling systems to increase volumes and reduce the lead time. Technavio’s analysts have predicted that the industrial V-belts market will register a CAGR of over 4% by 2023.
Continuous replacement activities
End- users either repair or replace these products over the course of operations. Vendors tend to earn revenues through the maintenance and servicing of belt drivers. As these belt drivers are relatively inexpensive, end- users are usually less reluctant to opt for the replacement of belt drives.
Growing preference for synchronous belts
The majority of belt drives use V- belts which provide increased friction and improved transmission power. Belt tension is a major challenge faced with V- belts.
For the detailed list of factors that will drive and challenge the growth of the industrial V-belts market during the 2019-2023, view our report.
The industrial V-belts market appears to be moderately fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Industrial V-Belts Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the emerging changes in design and analysis technology for belt drives.”
According to the report, one of the major drivers for this market is the growing maintenance advantages of V-belts, which facilitate the ease of repair and ensure the minimum possible downtime.
Further, the report states that one of the major factors hindering the growth of this market is the availability of alternatives and their low cost and higher efficiency when compared with belt drives are posing a challenge to industrial V- belt vendors.
Arntz Optibelt Group
and THE TIMKEN COMPANY
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