Stratview Research has published a new report titled ‘Industrial Power Transmission Belt Market’ to its database. It has segmented the market by Application Type (General Industries, Energy & Others, Construction Materials, Food & Beverage, Warehouse & Distribution, Lumber & Aggregates, and Agriculture), by Belt Type (Synchronous Belt, V-Belt, Micro V-Belt, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Segments’ Analysis
The market researchers have studied the Industrial Power Transmission Belt Market minutely for better understanding. The report consists of segment-wise details to assist the users in making suitable decisions for better growth opportunities. Below is the short piece of information –
Based on the application type, the industrial power transmission belt market is segmented as general industries, energy & others, construction materials, food & beverage, warehouse & distribution, lumber & aggregates, and agriculture. Agriculture is expected to remain the biggest demand generator, whereas warehouse & distribution is expected to be the fastest-growing application type in the market during the forecast period. Agriculture application registered no decline amid the pandemic as there were very limited restrictions on the agriculture industry due to its importance and necessities compared to other industries.
Based on the belt type, the market is segmented as synchronous belt, V-belt, micro V-belt, and others. V-belt is expected to remain the dominant belt type in the market during the forecast period. V-belts are simple to install and reduce shock loads and require less maintenance. They are currently available in a wide range of configurations for transmitting virtually any amount of load power.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain dominant during the forecast period. The industrial power transmission aftermarket is being driven by an increase in the replacement of worn belts with modernized power transmission belts. Belts are subjected to additional wear and strain when they are used incorrectly in industrial applications.
In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for industrial power transmission belts during the forecast period. China, India, Japan, and South Korea are expected to offer attractive prospects of growth in the wake of growing applications in industries such as construction, agricultural, chemical, pharmaceutical, warehouse & distribution, and mining. The manufacturing of automobiles is expanding in India and China as a result of rising population and rapid industrialization, which are some of the main factors responsible for the growth of industrial power transmission belts in the region.
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