DUBLIN--(BUSINESS WIRE )--The "Belt Drives - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Belt Drives Market to Reach $7.6 Billion by 2026

Belt technology and roller chains are integral to ensuring robust and reliable manufacturing operations in number of applications ranging from conveyance systems and oilfield rigs to heavy duty power transmission. Belt drives are vital to manufacturing processes owing to their numerous benefits including streamlined performance, longer service-life and cost-efficiency. With appropriate maintenance, belt drives ensure safe working environment.

Technology and belt drive material advances are also helping improve the performance of belt drives across various industries. With the global manufacturing sector making a steady progress and the anticipated rise in end-use sectors including automotive, food manufacturing and aerospace applications, market for belt drives is expected to register a positive growth over the review period.

Amid the COVID-19 crisis, the global market for Belt Drives estimated at US$6.4 Billion in the year 2022, is projected to reach a revised size of US$7.6 Billion by 2026, growing at a CAGR of 4% over the analysis period.

The U.S. Market is Estimated at $1.7 Billion in 2022, While China is Forecast to Reach $1.4 Billion by 2026

The Belt Drives market in the U.S. is estimated at US$1.7 Billion in the year 2022. The country currently accounts for a 27.04% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.4 Billion in the year 2026 trailing a CAGR of 6.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 3.2% respectively over the analysis period.

Agriculture Segment to Reach $1.3 Billion by 2026

Agricultural machinery has emerged as the fastest growing end-use vertical for belt drives. Rising investments in mechanization of agriculture in attempts to improve farm and labor productivity, is helping drive demand for gears and drives for use in agricultural applications. Key factors driving investments in agricultural automation include the need to improve productivity and yields, increase labor productivity, decrease production costs, reduce environmental impact of aggressive farming, enhance energy efficiency and promote efficient use of resources, among others.

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900