Industrial Sheaves and Pulleys Market Introduction
- Industrial sheaves and pulleys are devices equipped with belts which create a mechanical linkage with cross-sections. The belts are made according to the types of pulleys.
- The belts are used to transfer power between axles in industrial machinery. Industrial sheaves and pulleys together offer high-speed power transmission, and the belts through which the power is transmitted are resistant to slipping and misalignment.
Industrial Sheaves and Pulleys Market Dynamics
- The growing need to increase productivity and reduce the overall cost of ownership is expected to trigger the growth of the industrial sheaves and pulleys market in the next few years.
- In the industrial sector, manufacturing industries are facing challenges in the process of taking adequate steps to improve productivity and energy efficiency, and reduce the total cost of ownership.
- Exposure to harsh weather conditions causes damage to operational efficiency and productivity of conveyor systems. The damages can increase the downtime, thereby increasing the overall operational cost. Conveyor systems run smoothly with periodic belt cleaning systems, pulley lagging systems, and belt guiding systems.
- Emergence of smart idlers is another key trend promoting the growth of the industrial sheaves and pulleys market. Smart idler is a type of industrial pulley that is extensively used for power transmission, equipment construction and packaging, and material handling.
- In the industrial sector, users are adopting significant number of idlers that are integrated into conveyor belts to ensure smooth operation of the conveyor belts.
- Idlers are integrated into conveyor systems to support the conveyor belts as well as load carried on the belts.
- However, slow growth in the manufacturing sector across the global economy is expected to hinder the adoption rate of industrial sheaves and pulleys.
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Industrial Sheaves and Pulleys Market: Segmentation Analysis
- Based on type, the industrial sheaves and pulleys market can be segmented into industrial sheaves and industrial pulleys.
- Based on application, the industrial sheaves and pulleys market can be categorized into material handling, industrial machinery, and agricultural equipment.
- Material handling application segment is a prominent user area of industrial sheaves and pulleys. This application segment accounted for major share of the industrial sheaves and pulleys market in 2018 and is expected to retain its leading position in the market over the forecast period.
Europe to Lead the Global Market for Industrial Sheaves and Pulleys
- In terms of region, the global industrial sheaves and pulleys market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- Europe is likely to dominate the global industrial sheaves and pulleys market from 2019 to 2027, followed by North America and Asia Pacific.
- Europe accounted a major share of the market in 2018 and is likely to maintain its dominance throughout the forecast period due to the proliferation of e-commerce which has augmented the demand for material handling equipment in the region. This is expected to drive the growth of the industrial sheaves and pulleys market in Europe in the upcoming years.
- Additionally, the market in Asia Pacific is anticipated to expand significantly in the near future. Growing adoption of industrial sheaves and pulleys across numerous manufacturing industries for power transmission, equipment construction, packaging, and material handling applications is one of the key factors driving the demand for industrial sheaves and pulleys, thereby encouraging the growth of the market in the coming years.
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Key Manufacturers Operating in the Market
The global Industrial sheaves and pulleys market was highly fragmented in 2018, with the presence of many established market players who occupy prominent market share. These vendors focus on product development and innovations to meet the changing need of end-users, thus creating a competitive environment in the industrial sheaves and pulleys market. Key manufacturers operating in the global market are:
- AB SKF
- Arntz Optibelt Group
- Regal Beloit Corporation
- Timken Company
- U.S. Tsubaki