The global industrial v-belts market to grow at a CAGR of 4.45% during the period 2017-2021.
The report, Global Industrial V-Belts Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is modernization of agriculture and farm equipment in emerging economies. Modern machinery needs to be implemented in the agriculture sector by developing machines with technological progress through scientific achievements. The latest achievements by industrial manufacturers in the field of agricultural mechanization will play an important role in the variable speed belts market.
According to the report, one driver in the market is growing retrofit activities in industrial machinery. The growing retrofit activities with advanced machinery and equipment for increasing productivity with low downtime have made end-users to increase their investments in machines and equipment. The manufacturing sector in APAC is continually growing. Countries such as India and China are currently undergoing major development initiatives to bolster the domestic manufacturing sector. Automation is a key aspect of any manufacturing process to ensure that all activities and sub-processes are streamlined, efficient, and faster.