LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global industrial belt tensioner market is expected to reach USD 744.3 million by 2021, growing at a CAGR of more than 3%.
This research report titled ‘Global Industrial Belt Tensioner 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global industrial belt tensioner market is expected to witness significant growth during the forecast period. This development is expected from growing markets in Asia, the Middle East, and Latin America that offer incredible potential for the progress of industrial machinery. Vendors fundamentally need to continuously establish their presence in new markets, while consolidating existing market shares. The vendors in Europe and the Americas face stiff competition from their APAC counterparts, primarily due to the cost competitiveness of the latter.
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Technavio’s industrial automation research analysts categorize the global industrial belt tensioner market into the following segments by end-user. They are:
- Material handling industry
- Industrial machinery industry
- Agricultural industry
- Mining and minerals industry
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The top three end-user segments for the global industrial belt tensioner market are discussed below:
Material handling industry
The material handling industry includes the movement of raw materials, goods, or other consumables from one location to another within proximity. Based on the product type, semi or fully automated equipment is used for regulating the complete process of manufacturing, transport and distribution, production, and warehousing.
According to Raghav Bharadwaj Shivaswamy, a lead automation research analyst from Technavio, “There is a rise in the deployment of material handling equipment to facilitate the rapid movement of raw materials or finished goods. This is leading to the rise in the use of industrial belt tensioners, which facilitate the storing and dispatching of materials in the material handling industry.”
Industrial machinery industry
Industrial belt tensioners that are used in the industrial machinery industry include both light-duty and heavy-duty application products with varying designs and structures. The demand for industrial belt tensioners in this industry is stimulated by the number of belts that are used in machinery and drives for process operations.
“Emerging economies in APAC act as manufacturing hubs for several global companies. This is due to the easy availability of raw materials and presence of affordable manpower. The demand for industrial machinery is expected to propel the industrial belt tensioners market in the region with countries such as China, India, South Korea, Malaysia, and Indonesia initiating domestic manufacturing,” says Amit.
Industrial belt tensioners along with the belt drives have been essential in the agricultural industry. The vendors of these belts and drives are gaining market penetration as traditional belt drives are being replaced with the latest high-efficiency ones. The replacement of worn out industrial belt tensioners will create ample opportunities for the growth of the industrial belt tensioners market.
Industrial belt tensioners are widely used in equipment for farming operations, and in threshing cylinder drive applications in the agricultural industry. Belt tensioners have a long shelf life and facilitate better performance with minimal failure rates, providing predictive maintenance and monitoring wear and tear.
The top vendors highlighted by Technavio’s research analysts in this report are:
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