Global belt drives market to reach $9.1 billion by 2030: Report

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Global belt drives market to reach $9.1 billion by 2030: Report

Global belt drives market to reach $9.1 billion by 2030: Report

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Nov 28,23

V-belt drives segment is projected to record 4.3 per cent CAGR and reach $ 5.3 billion by 2030, according to the ResearchAndMarkets report.

Global belt drives market to reach $9.1 billion by 2030: Report

The global belt drives market, estimated at $ 6.5 billion in 2022, is projected to reach a revised size of $ 9 billion by 2030, growing at a CAGR of 4.3 per cent over the analysis period 2022-2030, according to a recent report of ResearchAndMarkets (RAM).

A belt drive is one of the most popular types of power transmission methods besides gears, chain drives, shaft couplings and lead screws. The use of these highly efficient mechanical drives is increasing with every passing year.

With belt drive, the power transmission is generally friction-locked, i.e. power is transmitted through frictional forces between pulley and belt and vice versa. Flat belts or V-belts are very often used. An exception to friction-locking power transmission is toothed belts (timing belts), in which the power transmission is carried out positively by teeth attached to the belt, which engage in the pulley.

Material handling, one of the segments analysed in the RAM report, is projected to record 3.9 per cent CAGR and reach $ 2.5 billion by the end of the analysis period. Growth in the industrial machinery segment is estimated at 4.9 per cent CAGR for the next 8-year period.

V-belt drives segment is projected to record 4.3 per cent CAGR and reach $ 5.3 billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the synchronous belt drives segment is readjusted to a revised 4.6 per cent CAGR for the next 8-year period.

The belt drives market in the US is estimated at $ 1.4 billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of $ 2.3 billion by the year 2030 trailing a CAGR of 5.7 per cent over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4 per cent and 3.1 per cent respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 2.8 per cent CAGR.

Some of the key companies in the global market for industrial belt drives include Continental AG, Fenner Drives Inc, Gates Corporation, SKF Group and The Timken Company.