The global Industrial V belt market is likely to reach a valuation of US$ 1,240.8 Million in 2022. The emergence of energy efficient belts is driving the global Industrial V Belt market. These belts conserve energy by incorporating sophisticated and effective technologies. The overall sales of Industrial V Belts are projected to grow at a robust CAGR of 3.2% between 2022 and 2032, totaling around US$ 1,700.2 Million by the end of 2032.
Agricultural, industrial, and other applications where the speed changes in response to shifting loads in machine drives all make use of industrial V belts. In other words, machines with infinitely variable drive ratios use adjustable speed belts. They are also classified as a member of the V-belt family.
They do, however, differ substantially in shape from the standard V-belt, which has a narrower thickness and a distinct wider width. The global Industrial V Belt market is dominated by variable speed belts used in drive applications in machinery with various drive ratios.
Alternative products pose a serious threat to the expansion of the market for industrial V-belts worldwide. Industrial V-belt vendors face challenges due to the accessibility of alternative technologies, as well as their low cost and high efficiency when compared to belt drives.
Technology has changed the market, particularly in terms of extending the lifespan and improving the effectiveness of belt drives. Due to long-standing user requirements, vendors are limited in their ability to innovate new products as a result of the market’s maturity. Although belt drives dominate the market, expanding advances and improvements in alternative power transmission technologies continue to pose hurdles to the market’s growth.
How Will Growth Unfold in the North America Industrial V Belt Market?
The expansion of the global industrial V-belts market is being fueled by automation adoption in heavy industry and heavy-duty machinery. During the forecast years, the North American automated material handling machinery market is expected to grow at a 7.2% CAGR.
During the projected timeframe, the automated and sem`i-automated material handling industry in North America is expected to expand rapidly. Food and beverage applications, as well as machine tool applications, will drive the industry in the United States. North American markets are expected to grow rapidly, providing huge potential for vendors of variable speed belts in this region. North America accounts for 25% of the global market for industrial V-belts.
These key Industrial V Belt providers are adopting various strategies such as new product launches and approvals, partnerships, collaborations, acquisitions, mergers, etc. to increase their sales and gain a competitive edge in the global Industrial V Belt market. For instance,
ContiTech AG introduced CONTI®V MULTIBELT POWER V-belts with a low-stretch aramid tensile member and an advanced compound for excellent power transfer under extreme loads, in November 2019.
Gates Super HC belts, which were introduced in June 2020 by Gates Corporation, are available in 3V, 5V, and 8V cross-sections. It has FLEXIBLE CONSTRUCTION FOR ADAPTABLE USE.
In July 2021, Optibelt GmbH introduced Optibelt DK, which are dual-sided v-belts for multiple pulleys, clutching drive, and serpentine implementations. Its quality and engineered construction guarantee superior durability and efficiency.
SKF released a wide range of high-performance SKF Wrapped Wedge and Classical V-Belts in September 2021. SKF offers a comprehensive line of V-belts for use in a variety of industries.
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