Industrial Belt Drives Market Trends

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