LONDON--(BUSINESS WIRE)--The global industrial belt drives market is expected to grow at a CAGR of over 4% during the forecast period, 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the growing demand for automated material handling equipment. The industrial players are increasingly emphasizing on post-manufacturing operations and exploring cost-cutting opportunities in material handling through lean management principles. Speeding up the cash cycle while improving customer satisfaction is increasingly being emphasized on. This has necessitated the adoption of automated material handling equipment.
This market research report on the global industrial belt drives market offers an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor, which has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the emerging changes in design and analysis technology for belt drives as one of the key emerging trends in the global industrial belt drives market:
Emerging changes in design and analysis technology for belt drives
With the advent of 3D printers, manufacturing belt drives using the technology has become a trend. 3D printing allows low-cost manufacturing, with shorter lead time requirement and easy customization of end-products. As the manufacturing process or assembly does not require significant changes for each type of belt drive systems, 3D printing has gained popularity among many manufacturers.
“The material used for printing changes based on the requirement. Belt drives usually used for very low torque power transmission applications are made up of polyurethane and rubber. The manufacturing process involves selective material deposition using precise computer control. The quality of the final product can be adjusted by changing the resolution of the material deposition layers,” says a senior analyst at Technavio for research on automation.
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Global industrial belt drives market segmentation
This market research report segments the global industrial belt drives market into the following products (industrial V-belt drives, industrial synchronous belt drives, and industrial pulleys), end-users (material handling industry, industrial machinery, agricultural industry, and mining and minerals industry), and key regions (the Americas, APAC, and EMEA).
APAC dominated the global industrial belt drives market in 2017, accounting for a market share of more than 39%. The ongoing industrialization and increasing use of energy-efficient equipment in countries such as China, Japan, India, and South Korea will help in boosting the demand for industrial belt drives in APAC during the forecast period.
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