LONDON--(BUSINESS WIRE)--In their latest market research report, Technavio analysts forecast the global industrial sheaves and pulleys market to grow at a CAGR of almost 4% during the period 2018-2022.
The emergence of smart idlers is one of the major trends being witnessed in the market. An idler is a type of pulley, which finds applications in material handling, power transmission, packaging, and construction equipment. In material handling equipment, idlers are used in conveyor systems to support conveyor belts and the load carried on the belts. A substantial number of idlers are incorporated into a conveyor belt to certify smooth operations of conveyors. Idlers provide low friction surfaces on which the conveyor belts are rolled by the drive pulleys. Many disruptions take place in conveyor operations. The breakdown of conveyors results in their downtime. Therefore, the downtime results in failed transportation of bulk materials. This adversely impacts subsequent productions, causing significant financial losses for the manufacturing companies.
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In this report, Technavio analysts have highlighted the need to increase productivity and reduce total cost of ownership as a key factor contributing to the growth of the global industrial sheaves and pulleys market:
Need to increase productivity and reduce total cost of ownership
The need to improve productivity and bring in energy efficiency are the major concerns in the industrial sector. Thus, manufacturing industries are taking measures to improve their overall productivity and energy efficiency and reduce the total cost of ownership. The application of industrial sheaves and pulleys aids industries in conforming to energy efficient norms that help in increasing their productivity. One such beneficial application of industrial sheaves and pulleys is in conveyor systems.
According to a senior analyst at Technavio for tools and components, “Conveyors are prone to damages from exposure to harsh and extreme weather conditions. The damages can increase stoppage time and downtime, thereby decreasing the plant productivity and increasing the overall operational costs. But, conveyors run smoothly with regular belt cleaning systems, belt guiding systems, and pulley lagging systems.”
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Global industrial sheaves and pulleys market segmentation
This market research report segments the global industrial sheaves and pulleys market into the following applications (material handling, industrial machinery, and agricultural equipment) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Regionally, the global industrial sheaves and pulleys market was led by EMEA. It accounted for the highest market share of more than 38% in 2017. In 2016, consumer online shopping was maximum in the UK followed by Denmark and Germany in Europe. The proliferation of e-commerce in Europe has promoted the growth of material handling equipment in Europe. This has resulted in an increase in demand for industrial sheaves and pulleys.
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