Industrial Belt Drives Market Size

Industrial Belt Drives Market size was over USD 7.46 Billion in 2023 and is likely to exceed USD 17.13 Billion by the end of 2036, growing at over 6.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of industrial belt drives is evaluated at USD 7.9 Billion. The growth of the market can be attributed to increasing industrial production. Belt drives are a well-liked option owing to their adaptability, cost-effectiveness, and ease of installation. As industrial output increases, there is a need for reliable and efficient systems to convey power and motion. India's industrial production increased by more than 4% year on year in 2022.

In addition to these, factors that are believed to fuel the market growth of industrial belt drives include the rise in technological advancements in industrial belt drives. For instance, performance, efficacy, and durability have all improved owing to technological developments in industrial belt drive systems. Contemporary belt drives are made of cutting-edge materials such as high-strength polymers or reinforced rubber, which can provide better power transmission capabilities, lower maintenance needs, and longer service life.