Driving Forces: Anticipating a 7% Compound Annual Growth Rate in...

Driving Forces: Anticipating a 7% Compound Annual Growth Rate in the Industrial V Belt Market

Posted 2023-12-11 12:51:08

The Industrial V Belts Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Industrial V belts market. Encompassing the research's scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Industrial V belts. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

According to projections, the industrial V-speed belts market is poised to reach US$ 120.4 million in 2023 and is expected to further increase to US$ 221.3 million by 2033. The global expansion of the industrial V-belts market is being driven by the increasing mechanization of farming and agricultural activities, particularly in developing nations. The industrialization of agriculture in these regions is exerting a significant influence on the industrial V-belt market.

The surge in the adoption of agricultural equipment is a key factor contributing to the growth of the global industrial belt drives market during the forecasted period. Government initiatives, particularly in emerging economies such as China and India, play a pivotal role in promoting the utilization of industrial resources for enhancing agricultural operations. This trend is particularly noteworthy given the heavy reliance of developing countries on agriculture and their increasing embrace of industrial equipment for improved efficiency.

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One of the key reasons propelling the expansion of the worldwide market is the rise in replacement operations—belt drive installation and commissioning present key difficulties. While installing belt drives, installation tension is crucial. Low pressure causes belts to slide or harm the teeth of the belt. Excessive tension results in overloading, which breaks the cable, motor shafts, and bearings.

When it comes to producing the best performance, alignment is also crucial. Due to the expansion of oil refineries and the mining industry, the need for V-Belts rose throughout the Middle East, Africa, Asia Pacific, North America, and Eastern Europe.

Key Takeaways

● In 2023, North America's industrial V speed belts market is likely to expand, with a CAGR of 25%. The market in North America is anticipated to expand at a CAGR of 7.2% during the forecasted years.

● The industrial V speed belts market grew considerably to US$ 112.5 million in 2022.

● The industrial V speed belts market expanded with a CAGR of 6.7% between 2018 to 2022.

● By 2033, the APAC industrial V speed belts market is projected to develop with a share of 40%.

● By 2033, India's industrial V speed belts industry is projected to expand with a CAGR of 8%.

● The United Kingdom industrial V speed belts market is likely to develop with a CAGR of 6% by 2033.

● In 2022, based on application, the automotive industry dominated the market.

● Urbanization is accelerating, which has greatly benefited the mining and car sectors as well as the industrial v-belt industry.

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Key Players' Strategies and Recent Developments:

● Optibelt GmbH released dual-sided v-belts for numerous pulleys, clutching drives, and serpentine implementations in July 2021. They are called Optibelt DK. Its high quality and designed structure guarantee superior efficiency and longevity.

● In September 2021, SKF launched a variety of high-performance Classical V-belts and SKF SKF-wrapped wedge Belts. For usage in various industries, SKF provides a full array of V-belts.

● In November 2019, ContiTech AG released CONTI®V MULTIBELT POWER V-belts, which include an improved compound and a low-stretch aramid tensile member for optimum power transfer under heavy loads.

Key Players