Hoses And Belting Manufacturing Global Market Size:
The global hoses and belting manufacturing market was valued at $106 billion in 2017. Asia Pacific was the largest geographic region accounting for $51.45 billion or 48.54% of the global market. China was the largest country accounting for $20.59 billion or 19.42% of the global hoses and belting manufacturing market.
Hoses And Belting Manufacturing Global Market Overview:
Hoses and belting manufacturing companies are collecting, processing and measuring data to improve process efficiency and productivity. Technologies include electronic devices that connect through internet and display process information on dashboards. Predictive maintenance technology predicts snags and defects and thus significantly reduces downtime and costs.
Asia Pacific was the largest geographic region in the market, accounting for nearly half of the global market.
According to The Business Research Company’s Consultant, Nitin Gianchandani, manufacturing companies are integrating with big data and, IoT technologies for preventive maintenance. IoT enable manufacturers to realize digital transformations from several perspectives like efficiency, automation, customer-centricity, competitive benefits and the advantages which are offered by using data across the manufacturing value chain and to tap into new revenue sources, a key aspect of digital transformation in manufacturing.
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Eaton was the biggest player in the hoses and belting manufacturing market, with revenues exceeding $20 billion in 2016. Eaton’s strategy aims at bringing additional focus to organic growth, margin expansion and capital deployment. They plan to capitalize on technology differentiation, leverage their channel and service strengths and deliver superior value for customers. Eaton has made 28 other acquisitions in the electrical business since 1990, including Phoenixes, Moeller, Delta Electrical and Power ware.
The hoses and belting manufacturing industry comprises establishments primarily engaged in manufacturing rubber hose and/or plastics (reinforced) hose and belting from natural and synthetic rubber and/or plastics resins. The industry manufactures products such as automotive v-belts, hydraulic hoses and belts for conveyers.
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