LONDON--(BUSINESS WIRE)--The global industrial synchronous belt drives market is expected to grow by USD 488.87 million during 2020-2024, as per Technavio. Healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 4%.
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Read the 120-page report with TOC on "Industrial Synchronous Belt Drives Market Analysis Report by End-user (Material handling, Industrial machinery, Agriculture, Mining and mineral, and Others), Geography (APAC, North America, Europe, South Africa, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the large volume demand from aftermarket. In addition, improvements in industrial synchronous belt drives are anticipated to boost the growth of the industrial synchronous belt drives market.
Factors such as unexpected application conditions, installation errors, and the use of components that are not suitable for operational requirements lead to the deterioration of synchronous belt drives. Also, the inappropriate use of drives and the improper selection of synchronous belt drives often reduce the lifecycle of these belts. Hence, plant operators undertake period maintenance operations to reduce the problems associated with the commissioning of belts. As these belts are relatively inexpensive, end-users are less reluctant to replace the belts during operations. This has increased the aftermarket demand for industrial synchronous bent drives, which is driving the market growth.
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Major Five Industrial Synchronous Belt Drives Companies:
AB SKF operates its business through segments such as Industrial and Automotive. The company offers a range of products such as SKF Wrapped Wedge Belts, SKF Wrapped Classical Belts, SKF Wrapped Narrow Wedge Belts, and SKF Ribbed Belts among others.
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers industrial synchronous belt drives such as HT500, HT250, Dyna-Sync, and HTD among others that are widely used in cement, food, beverage, and pharmaceutical, and mining industries.
Arntz Optibelt Group
Arntz Optibelt Group operates its business through segments such as Power transmission, Automotive technology, Material handling, and Elastomer solutions. The company offers a wide range of products such as PU-timing belts for industrial applications.
B&B Manufacturing Inc.
B&B Manufacturing Inc. operates its business through segments such as Precision Mechanical Components and Power Transmission. The company offers a series of timing belts such as 26MXL012G, 35MXL012G, 39MXL012G, 44MXL012G, 40MXL012G, and 50MXL012G among others.
Bando Chemical Industries Ltd.
Bando Chemical Industries Ltd. operates its business such as Automotive Parts, Industrial Products, Advanced Elastomer Products, and Other. The company offers a range of synchronous transmission belts. SYNCHRO BELT is one of its key offerings.
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Industrial Synchronous Belt Drives Market End-user Outlook (Revenue, USD Million, 2020-2024)
- Material handling
- Industrial machinery
- Mining and mineral
Industrial Synchronous Belt Drives Market Geographic Outlook (Revenue, USD Million, 2020-2024)
- North America
- South Africa
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