The global industrial synchronous timing belts market to grow at a CAGR of 4.25% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global industrial synchronous timing belts market for 2017-2021. The report covers the market landscape and its growth prospects over the coming years. To calculate the market size, the report considers the sales, retrofit, replacement, spares, and services market. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is mechanization of agriculture and farm operations in developing economies. Industrial manufacturers in the field of agricultural mechanization will play an important role in the industrial synchronous timing belts market. This will improve the adoption of agricultural equipment, improving the growth of the global industrial synchronous timing belts market during the forecast period. Initiatives by governments in developing countries such as India and China will highly prioritize the use of industrial resources for efficient farm operations.
According to the report, one of the major drivers for this market is growing retrofit activities in industrial machinery. The growing retrofit activities in advanced machinery and equipment to increase productivity through lower downtimes has created a sizable replacement and retrofit market for industrial synchronous timing belts. The manufacturing sector in APAC is continually growing. Countries such as India and China are currently undergoing major development initiatives owing to government initiatives to bolster the domestic manufacturing sector.
Further, the report states that one of the major factors hindering the growth of this market is lack of predictive maintenance. Predictive maintenance is the complement of precautionary maintenance. It is necessary for a machine before the equipment experiences a complete breakdown. This, in turn, is essential to obtain efficient, reliable, and safe production processes. This is when it is essential for the application of synchronous timing belts. These belt drives are cost-effective and reliable means for transmitting power between shafts, and it provides an efficiency of 98%.