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Global Industrial Belt Drives Market to Reach $7.9 Billion by 2027
In the changed post COVID-19 business landscape, the global market for Industrial Belt Drives estimated at US$6 Billion in the year 2020, is projected to reach a revised size of US$7.9 Billion by 2027, growing at a CAGR of 3.8% over the analysis period 2020-2027. V-Belt Drives, one of the segments analyzed in the report, is projected to record a 3.8% CAGR and reach US$4.6 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Synchronous Belt Drives segment is readjusted to a revised 4.3% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.6 Billion, While China is Forecast to Grow at 6.2% CAGR
The Industrial Belt Drives market in the U.S. is estimated at US$1.6 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.6 Billion by the year 2027 trailing a CAGR of 6.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.8% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1 Billion by the year 2027.

Pulleys Segment to Record 3.1% CAGR
In the global Pulleys segment, USA, Canada, Japan, China and Europe will drive the 3.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$674.7 Million in the year 2020 will reach a projected size of US$827.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 3.3% CAGR through the analysis period.