New Product Development Aimed at Improving Efficiency will Drive Growth Opportunities
This study provides information on the global belt and chain drives market. It lists the major trends and the prevailing scenario across all regions and discusses the major drivers and challenges that will impact the market in the future. While improvements in belt design and the use of lubrication for chains has improved the life of these products, improper use of these drives and the absence of regular maintenance impact their longevity and increase their rate of replacement.
Globally, with the exception of some countries in Asia Pacific (APAC), a lack of investor confidence has delayed new projects in various end-user industries. Unlike other systems used in industry settings, growth in the belt and chain drives industry is limited due to fewer opportunities for value addition and technological development. With some markets being impacted heavily by the slowdown, its effects are also being felt in related industries. However, there is a sense of optimism that the present scenario will gradually ease out during the forecast period as companies are always looking to incorporate newer methods to help address efficiency issues. There is a need to work with multiple vendors along the value chain as suppliers have the ability to navigate through different on price points. The present scenario has meant that vendors and financial institutions supporting some of these industries are unable to inject capital required for growth. Developments in IIoT and Big Data are becoming vital and require that end users adopt these technologies to improve their market share. However, it must be remembered that there are several factors such as technology and investments among others that need to be understood before estimating market revenue. APAC is a major market but given the far-reaching effects of COVID-19, growth in several regions are likely to be impacted. While the impact will vary across regions, the pandemic is expected to affect most regions.
