The global industrial V belts market is experiencing significant growth, mainly due to the increased replacement activities. This surge in replacements has become a key driver for the industry's expansion.
NEWARK, Del, Oct. 24, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the industrial V belts market is expected to be US$ 120.4 Million in 2023 and US$ 221.3 Million by 2033. Timing Belt Pulleys
The development of the worldwide industrial V-belts market is fueled by the mechanization of farming and agricultural activities in developing nations. The industrial V-belt market is significantly impacted by the industrialization of agriculture and farming activities in developing countries.
The use of agricultural equipment increased as a result, propelling the expansion of the worldwide industrial belt drives market during the projected period. Government initiatives in emerging nations like China and India boost the utilization of industrial resources for productive agriculture operations. It is anticipated that developing countries are heavily reliant on agriculture and embrace industrial equipment.
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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 from the Industrial V Belts Industry:
In 2023, North America's industrial V 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 belts industry grew considerably to US$ 112.5 Million in 2022.
The industrial V belts market expanded with a CAGR of 6.7% between 2018 to 2022.
By 2033, the APAC industrial V belts industry is projected to develop with a share of 40%.
By 2033, India's industrial V belts industry is projected to expand with a CAGR of 8%.
The United Kingdom industrial V 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.
Key Companies Profiled in the Global Industrial V Belts Industry:
San Wu Rubber Mfg. Co., Ltd.
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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.
Industrial V Belts Industry Segmentation Analysis:
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About Future Market Insights (FMI) – Industrial Automation:
The Industrial Automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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