Conveyor Belt Market in India 2012-2016 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-31 00:09:02
The India conveyor belt market is to grow at a CAGR of 6.03 percent over the period 2012-2016. One of the key factors contributing to this market growth is the growing importance of coal in the power production in India. The Conveyor Belt market in India has also been witnessing the increasing importance of the Conveyor Belt Services segment. However, the lack of sufficient efforts towards technology up-gradation could pose a challenge to the growth of this market.
The Conveyor Belt Services segment includes activities such as installation of conveyor belts, maintenance of and technical support for conveyor belts, and replacement of the parts of conveyor belts. Since there has been an increase in the adoption of conveyor belt products across various industries in India, there has been increased need for the conveyor belt servicing activities. The typical lifespan of a conveyor belt product varies from two to five years; after this there is need for replacement of or repair work on the conveyor belt or part of the conveyor belt. Some of the major players in India providing conveyor belt services are Thejo Engineering Ltd., Oriental Rubber, International Conveyors Ltd., Somi Conveyor Beltings, Oriental Rubber, Tega Industries, and Vega Conveyors & Automation.
The growth in production in the Coal Mining industry in India, which is a major end-user of conveyor belts, is expected to drive higher demand for conveyor belts during the period 2012-2016. India´s Twelfth Five Year Plan (2012-2017) has projected better growth prospects in industries such as Cement, Steel, and Ports, which are some of the major end-users of conveyor belts in India. The growth in these industries is expected to drive higher demand for conveyor belts in India in the coming years.
One of the major challenges being faced is the lack of technology upgradation. Use of traditional skills and dependence on foreign players for new technology has added to the lack of innovation in the market.
The key vendors dominating this market space are Phoenix Conveyor Belt India Pvt. Ltd., Forech India Ltd., Oriental Rubber Industries Ltd., Somi Conveyor Beltings Ltd. Other vendors are Sempertrans Nirlon Ltd., Fenner Conveyor Belting Pvt. Ltd., Veyance Technologies Inc. (India), International Conveyors Ltd.
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