LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial synchronous timing belts market to reach USD 2.61 billion by 2021, according to their latest report.
The research study covers the present scenario and growth prospects of the global industrial synchronous timing belts market for 2017-2021. The report further segments the market based on the product (rubber and polyurethane), end-user (handling industry, automation industry, and food and beverages industry), and geography (the Americas, APAC, and EMEA).
Belt drives and industrial synchronous timing belts provide a transmission energy efficiency of nearly 98% during power transmission by interlinking themselves. It is expected that Industrial synchronous timing belts will witness an increase in market size and the growth is emerging from Asian and Latin American market, which will offer incredible potential for the growth of industrial machinery.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global industrial synchronous timing belts market:
- Growing retrofit activities in industrial machinery
- Rising Adoption of synchronous belts over V-belts
- Growth in industrial machinery in developing countries
Growing retrofit activities in industrial machinery
The increase of retrofit activities in advanced machinery and equipment to increase productivity through lower downtimes has created a sizable replacement and retrofit market for industrial synchronous timing belts. There is a continuous growth in the manufacturing sector of APAC. Major development initiatives are taking place in countries such as China and India, owing to government initiatives to bolster the domestic manufacturing sector.
Bharath kaniappan a lead automation research analyst at Technavio, says, “A considerable increase in the manufacturing expenditure in modernizing plant facilities has taken place over the years. Significant investment is being made by businesses for modernizing manufacturing facilities and integrating advanced technologies and processes. These investments in retrofit activities will drive the industrial synchronous timing belts market.”
Rising adoption of synchronous belts over V-belts
Most belt drives use V-belts as they are cost effective and offer good performance. There is a reduction of 5% of efficiency during slippage, and this continues periodically. The primary challenges for a V-belt are its tension, vibration, and low efficiency. Over-tension of a V-belt will result in slippage and reduce its transmission power efficiency. On the other hand, industrial synchronous timing belts can manage overload and are created for different speed applications and with a variety of improved product characteristics.
“Synchronous belts are toothed and operate with a wide range of load and speed with a consistent efficiency of 98%. In V-belts, slippage increases with increase in load that results in a sharp reduction in efficiency, prompting end-users to opt for industrial synchronous belts. V-belts require high maintenance during their operation, whereas synchronous belts require minimal maintenance.” Adds Bharath.
Growth in industrial machinery in developing countries
Technavio analysts predict that economies of Asia and Latin America will witness a major economic growth of over 4%, resulting in the contribution of USD 16 trillion to the global economy by 2020. Economic developments in these regions have led to an increase in the requirement for power. Due to this reason, some of the APAC countries such as India and China have increased their investments in energy-efficient products and technologies. Industrial synchronous belt drives have emerged as a vital energy saving product by ensuring efficiency to nearly 98%.
Top vendors:
- ContiTech
- Gates
- Optibelt
- SKF
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