Industrial Belt Drives Sector: Growth Drivers and Challenges
Growth Drivers
- Surging Agricultural Industry – On account of the increasing modernization of agricultural operations, expanding farm sizes, variety of applications, energy efficiency, and adoption of precision agriculture technology, there is an increase in the need for industrial belt drives in the agricultural sector. By 2025, it is expected that the Indian agriculture sector will grow by over USD 20 billion.
- Rising Adoption of Automation – The need for industrial belt drives may increase as automation increases since they are essential components for power transmission in automated machinery and equipment. Global productivity will increase by over 1% a year as a result of automation.
- Increasing Popularity of Industry Internet of Things (IIoT) – IIoT's ability to prevent unexpected failures, cut downtime, and enhance maintenance procedures, is estimated to drive market growth. According to the most recent estimates, by 2025, the industrial IoT market is predicted to be valued at over USD 990 billion.
- Growing Demand for Sustainability – Belt drives are renowned for their high efficiency as they can efficiently transport power across large distances. They are therefore a popular option for sectors that prioritize sustainability and energy efficiency, which is anticipated to drive market growth. According to a survey conducted in 2022 over 15,000 worldwide customers said that environmental sustainability is more important to them now than it was a year ago.
Challenges
- Robotics and AI adoption in Industry- The adoption of AI is one of the major factors predicted to slow down the market growth. For instance, with the increasing adoption of robotics and AI in industries, there is a growing trend towards automated systems that do not require traditional power transmission methods, such as belt drives.
- Exorbitant Cost of Belt Drives
- Improper Storage of Belts
Industrial Belt Drives Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.7% |
|
Base Year Market Size (2024) |
USD 7.96 billion |
|
Forecast Year Market Size (2037) |
USD 18.49 billion |
|
Regional Scope |
|
Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of industrial belt drives is evaluated at USD 8.84 billion.
The industrial belt drives market size was valued at USD 7.96 billion in 2024 and is expected to reach USD 18.49 billion by 2037, expanding at around 6.7% CAGR during the forecast period i.e., between 2025-2037. Increasing industrial production and the rise in technological advancements in industrial belt drives will boost the market growth.
Asia Pacific industry is likely to account for largest revenue share of 41% by 2037, attributed to expanding mining and industrial operations.
The major players in the market are DESCH Antriebstechnik GmbH & Co. KG, Dayco IP Holdings, LLC, Optibelt GmbH, Hutchinson Group, Continental AG, Daifuku Co., Ltd., Interroll Group, Honeywell Intelligrated, TGW Logistics Group GmbH, Swisslog Holding AG
