Stratview Research delivers key insights on the global Industrial Power Transmission Belt Market. According to Stratview Research, the market is segmented by Application Type (General Industries, Energy & Others, Construction Materials, Food & Beverage, Warehouse & Distribution, Lumber & Aggregates, and Agriculture), by Belt Type (Synchronous Belt, V-Belt, Micro V-Belt, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The report also covers the Covid impact on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.
Industrial power transmission belts are favored in the mechanical industry over other power transmission devices because they are easier to install, have a wide range of speed options, lowered power loss, and are less expensive. By absorbing shocks and vibration, industrial power transmission belts safeguard rotating machinery from overload fluctuations. These characteristics are projected to propel the industrial power transmission belts market. In the long run, the industrial power transmission belt market is expected to grow at a healthy CAGR of 4.1% to be reaching a value of US$ 3.7 billion in 2026.
Market Segments’ Analysis
Based on the application type, the industrial power transmission belt market is segmented as general industries, energy & others, construction materials, food & beverage, warehouse & distribution, lumber & aggregates, and agriculture. Agriculture is expected to remain the biggest demand generator, whereas warehouse & distribution is expected to be the fastest-growing application type in the market during the forecast period. Agriculture application registered no decline amid the pandemic as there were very limited restrictions on the agriculture industry due to its importance and necessities compared to other industries.
Based on the belt type, the market is segmented as synchronous belt, V-belt, micro V-belt, and others. V-belt is expected to remain the dominant belt type in the market during the forecast period. V-belts are simple to install and reduce shock loads and require less maintenance. They are currently available in a wide range of configurations for transmitting virtually any amount of load power.
The following are some of the key players in the Industrial Power Transmission Belt Market:
- AB SKF
- Bando Group
- Continental AG
- Dayco Corporate
- Gates Corporation
- Megadyne (Ammega from 2018)
- Mitsuboshi Belting Ltd.
- Optibelt GmbH
- Schaeffler Group
- Timken (Carlisle)
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