Enjoy complimentary customisation on priority with our Enterprise License!
The couplings market size is forecast to increase by USD 205.7 at a CAGR of 1.73% between 2024 and 2028. The Couplings Market expansion is influenced by various elements, including stringent emission norms, the increasing preference for renewable energy, and the burgeoning global lumbar industry. Emission regulations have become more stringent, compelling organizations to adopt advanced technologies and solutions to minimize their carbon footprint. Renewable energy adoption is on the rise due to its environmental benefits and cost-effectiveness. Furthermore, the global lumbar industry's growth is fueled by factors such as increasing infrastructure development and rising demand for energy-efficient solutions. These factors collectively contribute to the growth trajectory of the couplings market.
Market Forecast 2023-2027
To learn more about this report, Request Free Sample
The market serves as a cornerstone for electrical and industrial machinery, facilitating the rotation mechanism crucial for their operation. Industrial couplings connect various components, such as driving engines, motors, and pumps to rotating shafts, effectively transmitting torques while managing relative axial motion. These coupling devices enhance the lifespan of machinery by minimizing wear due to end motion and mechanical stress. With a focus on torque-limiting couplings, selecting the right vendor becomes essential to optimize performance and durability in industrial applications. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The growth of the global lumbar industry is notably driving the market growth. The wood business represents a critical portion of the general interest in couplings. They are utilized in saws, amble plants, wood handling machines, and planer drives. Nowadays plants are generally robotized with low work prerequisites for handling. The development sought after for stumble during the following five years will drive the development of the market. There has been a developing interest wood in development, indoor outfitting, and the bundling business. The recuperation of the US economy and improvement in APAC are supposed to add to the development of the market.
Moreover, the demand for wood is expected to rise as the number of construction activities increases. Private lodging is one of the greatest purposes of timber in the country, as many houses are constructed utilizing wood. However lodging credit is challenging to acquire because of severe guidelines, the expansion in development exercises is supposed to go on during the whole gauge time frame. Development exercises in India and China, two of the greatest business sectors for lumber universally, are additionally expected to ascend by 2021. Notwithstanding, the wood handling industry in the two nations is as yet in light of manual techniques. The reception of computerized handling hardware in these nations will additionally fuel the interest during the forecast period.
Consolidation and simplification of business processes is the primary trend for the global market growth. There has been considerable consolidation in the power transmission and coupling manufacturing business. Some companies have acquired opponent players to raise their product portfolios, gain access to new markets, and expand their customer base. Major acquisitions in the last year include the acquisition of Stromag by Altra Industrial Motion, the acquisition of Cambridge by Rexnord, and the acquisition of Lovejoy by Timken.
Moreover, several major companies, such as Regal Beloit Americas and Altra Industrial Motion, indicated that they would be simplifying their operations by reducing the number of manufacturing units and raising the capacity of other units to fulfill the demand and the profits. For example, Regal Beloit Americas merged six of its factories and divested several warehouses. Altra Industrial Motion is cutting down the number of facilities and enlarging the remaining facilities to tap into greater economies of scale. Both companies will focus on their core expertise and make from other businesses. This trend is expected to continue during the forecast period.
The competitive pricing strategy adopted by low-cost Asian manufacturers is the major challenge for the growth of the global market. Factors such as the cost of land, labor, and raw materials are relatively lower in Asian countries as compared to other regions, which attracts rapid investments in the manufacturing sector. Various industrial machinery component companies are investing in cost-effective machinery, tools, and solutions. The cost associated has a low contribution to the overall purchase basket of end-user industries.
Moreover, this convinces manufacturers to either incorporate technological advances or reduce the prices to sustain in the market. The growing availability from unstructured Asian manufacturers at a considerably lower price is further increasing the cost pressure on manufacturers in the market. In addition, the availability of affordable labor and abundant resources has enabled Asian companies to provide at a significantly lower price compared to their European and American counterparts. these factors are expected to hamper the growth of the market during the forecast period.
The elastomeric couplings segment will account for a major share of the market's growth during the forecast period.?Elastomeric products include shear and compression types. Some components of these are made of materials with elastic properties, like urethane or rubber. These materials offer to reduce the amount of vibration transferred to the driven shaft and they can absorb a large amount of vibrations and shocks. These are usually used in applications where there is a large shaft misalignment.
Customized Report as per your requirements!
The elastomeric segment was valued at USD 976.90 million in 2018.?Owing to the ability to handle large misalignments while transferring minimum vibrations and shocks shear elastomeric variants are better than compression elastomeric products. Elastomeric products find applications in compressors, fans, blowers, municipal or irrigation pumps, centrifugal pumps, gearboxes, plastic extruding machines, crushers, and general power transmission drives.
Based on application, the market has been segmented into power generation, metal and mining, papermaking, automotive, and others. The power generation segment will account for the largest share of this segment.? By enabling the efficient transfer and integration of energy sources and electronic components coupling plays an important role in power generation. Coupling systems are necessary for connecting power generation units to the electrical grid. Grid coupling ensures the computing of the generated electricity with the grid's frequency and voltage levels. and they allow seamless integration of the power into the existing grid infrastructure. The coupling allows smooth transactions and smoothing between energy sources. and also optimizing power generation based on availability, cost, and environmental factors. Hence, increased adoption in power generation will boost the growth of the global market focus during the forecast period.
For more insights on the market share of various regions Download Sample PDF now!
APAC is estimated to contribute 58% to the growth by 2027. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional market growth and trends influencing the market's trajectory throughout the forecast period.
In APAC, a rise in urban population and disposable income will show a rise in market growth over the forecast period. In addition, this region is the largest automotive market in the world because countries like China, India, and Japan are major automobile manufacturers. They are integral to automotive drivetrains, transmission systems, and suspension systems. the rising production and sales of vehicles in APAC are driving the demand in this sector. Coal-based power plants used for power generation are the main contributors to large-scale carbon emissions. Hence, many countries are adopting renewable energy policies to reduce dependence on fossil fuels.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB SKF: The company offers a wide range of couplings such as OK shaft, flange couplings, OKCK and OKFX couplings.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AB SKF, Chr. Mayr GmbH Co. KG, Daido Steel Co. Ltd., DieQua Corp., KTR Systems GmbH, Genuine Parts Co., Haudenschild Holding AG, Industrial Clutch Parts Ltd., KBK Antriebstechnik GmbH, MECVEL Srl, Michelin Group, R W Antriebselemente GmbH, Ramsey Products Corp., Regal Rexnord Corp., RINGSPANN GmbH, SCHMIDT-KUPPLUNG GmbH, SHV Holdings N.V., The Timken Co., Tsubakimoto Chain Co., and Voith GmbH and Co. KGaA
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the intricately connected web of industries such as automotive and oil and gas, components like driving engines, motors, and pumps are brought together through various mechanisms, including flexible shaft couplings. These couplings play a pivotal role in managing torque and vibration transfer, ensuring efficiency and productivity. With the increasing adoption of automation and smart manufacturing practices, there is a growing emphasis on contactless operation and safety processes. Flexible shaft couplings, specifically, offer these benefits by allowing for some degree of angular misalignment between connected shafts, reducing stress and wear. Installed and maintained as part of standard operating procedures, these couplings minimize maintenance time and expenses, while enhancing part quality and workforce safety. The efficient interplay of the driving engine, motor, pump, and flexible shaft couplings enables the mechanical mechanism to adhere to torque limits and facilitate the separation of shafts when required.
Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 1.73% |
Market growth 2024-2028 |
USD 205.7 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
1.69 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 58% |
Key countries |
China, US, Japan, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB SKF, Chr. Mayr GmbH Co. KG, Daido Steel Co. Ltd., DieQua Corp., KTR Systems GmbH, Genuine Parts Co., Haudenschild Holding AG, Industrial Clutch Parts Ltd., KBK Antriebstechnik GmbH, MECVEL Srl, Michelin Group, R W Antriebselemente GmbH, Ramsey Products Corp., Regal Rexnord Corp., RINGSPANN GmbH, SCHMIDT-KUPPLUNG GmbH, SHV Holdings N.V., The Timken Co., Tsubakimoto Chain Co., and Voith GmbH and Co. KGaA |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.