The new industrial synchronous belt drive market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Industrial Synchronous Belt Drives Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the Large Volume Demand from the Aftermarket,” says a senior analyst for Industrials at Technavio.
The large volume demand from the aftermarket will be a significant factor driving the growth of the industrial synchronous belt drives market. Unexpected application conditions, installation errors, or the use of components that are not suitable for the operational requirements can result in faster deterioration of synchronous belt drives. The inappropriate use of drives or the improper selection of synchronous belt drives may also reduce the life of these belts. Moreover, these types of belts are often subjected to severe environmental conditions and high temperatures which may cause back cracking of the synchronous belt drive. Hence, periodic maintenance of synchronous belt drives is necessary to minimize the problems associated with the commissioning of these belt drives. End-users usually prefer to replace these belt drives as they are relatively inexpensive. The periodic maintenance activities and continuous replacement of installed drives the growth of the market.
As the markets recover Technavio expects the industrial synchronous belt drive market size to grow by USD 488.87 million during the period 2020-2024.
Industrial Synchronous Belt Drive Market Segment Highlights for 2020
- The industrial synchronous belt drive market is expected to post a year-over-year growth rate of 2%.
- In the material handling segment, industrial synchronous belts help in the transport of bulk materials from one point to another.
- These belts are vital components in many material handling operations, especially in warehouses and global logistics. Moreover, relatively low cost, ease of installation, and availability of a wide range of sizes of industrial synchronous belt drives make them the most preferred choice in the material handling industry.
- This segment includes material handling through industrial synchronous belt drives in industries such as pharmaceutical and wood. The growth of these industries will support the demand for material handling equipment during the forecast period.
- Market growth in this segment will be faster than the growth of the market in the agriculture and mining and mineral segments.
- 45% of the growth will originate from the APAC region.
- The strong demand for industrial synchronous belt drives from end-users, such as agriculture, pharmaceutical, mining and mineral, and construction material will significantly drive industrial synchronous belt drives the market growth in this region over the forecast period.
- China and Japan are the key markets for industrial synchronous belt drives in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
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- The industrial synchronous belt drive market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The industrial synchronous belt drive market is segmented by End-user (Material handling, Industrial machinery, Agriculture, Mining and mineral, and Others) and Geographic Landscape (APAC, North America, Europe, South Africa, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AB SKF, ABB Ltd., Arntz Optibelt Group, B&B Manufacturing Inc., Bando Chemical Industries Ltd., Continental AG, Gates Industrial Corp. Plc, J. H. Fenner & Co. Ltd., Mitsuboshi Belting Ltd., and The Timken Co.
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