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
Industrial Belt Drives Market: Key Insights
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
|
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 |
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