LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial variable speed belts market to grow at a steady CAGR of almost 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global industrial variable speed belts market for 2017-2021. Industrial variable speed belts are used in applications wherein changes in speed during operation are common. They are a part of the V-belt family.
The global industrial variable speed belts market is growing steadily with increasing number of developing economies trying to adopt them. Rapidly growing markets in Asia and Latin America offer incredible potential for growth of vendors of variable speed belts. Globally, vendors need to constantly establish their presence in new markets while consolidating existing the market share.
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Technavio industrial automation analysts highlight the following three factors that are contributing to the growth of the global industrial variable speed belts market:
Rise in energy saving through smart and efficient technologies in belt drives
Energy-efficiency is becoming a rising concern for the industrial sector. This is because on an average around 10% of the operational cost is entailed by electricity. This number increases to 40% in energy-intensive industries such as oil and gas, food and beverages, and power. The awareness of energy savings has gained substantial momentum in the recent years.
Raghav Bharadwaj Shivaswamy, a lead automation research analyst at Technavio, says, “Government bodies of Europe and North America have taken concerted steps in ensuring that plant equipment such as pumps, motors, and fans adapt to energy-efficiency standards. A key objective behind these regulations is to guarantee that manufacturers install products that are energy-efficient and environment-friendly.”
Increasing investments in industrial machinery
The increasing adoption of advanced machinery for improved productivity with low downtime has prompted companies to increase their investments in machines and equipment. The manufacturing sector in APAC is continually growing. There are major development initiatives being implemented by governments in countries such as India and China to bolster their domestic manufacturing sector.
“Automation is a key aspect of any manufacturing process in ensuring that all activities and sub-processes are streamlined, efficient, and faster. Emerging trends in automation are expected to shape the competitive landscape of the global industrial sector,” adds Raghav.
Growing adoption of machinery in developing countries
Economies in Asia and Latin America are projected to witness a major economic growth by 2021 in machinery adoption. It is estimated that the global construction machinery market is expected to register a CAGR of 11% during 2016-2020. In addition, Asia and Latin America will support the growth of that market.
The rise in purchasing power of these economies, along with increasing industrial activities in industries such as transmission manufacture, machine tool applications, and agricultural applications, is expected to drive Asia and Latin America on the path to economic prosperity.
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