Originally published on Technavio: Couplings Market Analysis: APAC, Europe, North America, South America, Middle East, and Africa - US, China, Japan, India, Germany - Size and Forecast 2023-2027
Overview:
The Couplings Market is anticipated to witness growth, with an estimated increase of USD 246.16 million and a Compound Annual Growth Rate (CAGR) of 2.09% between 2022 and 2027. Key drivers include stringent emission regulations, rising adoption of renewable energy, and growth in the global lumber industry. Despite challenges posed by the pandemic, increased automation adoption emphasizes social distancing and contactless operations for workforce safety.
Market Segmentation by Product:
The elastomeric couplings segment is poised to lead market growth, offering products with shear and compression types. Utilizing materials like urethane or rubber, these couplings reduce vibration transfer to driven shafts, making them ideal for applications with significant shaft misalignments.
Application Segment Analysis:
The power generation segment holds the largest share, facilitating efficient energy transfer and integration in power generation systems. Coupling systems play a vital role in connecting power generation units to electrical grids, ensuring smooth power integration and optimizing generation based on availability and environmental factors.
Technavio’s Exclusive Market Customer Landscape:
The report assesses the market's adoption lifecycle, focusing on adoption rates and drivers of price sensitivity across major countries. Key purchase criteria are highlighted to assist companies in developing growth strategies from 2022 to 2027.
Market Dynamics:
The report presents key drivers, trends, and challenges for the market, emphasizing the growth of the global lumber industry as a significant market driver. Increasing demand for wood in construction, indoor furnishing, and packaging industries, coupled with construction activities, is expected to fuel market growth.
Market Trends:
Consolidation and simplification of business processes are observed, with notable acquisitions in the power transmission and coupling manufacturing sector. Companies streamline operations, focusing on core expertise and enhancing manufacturing capabilities to meet market demand.
Market Challenge:
Competitive pricing strategies by low-cost Asian manufacturers pose a challenge to global market growth. Lower costs of land, labor, and raw materials in Asia attract investments in manufacturing, resulting in cost-effective solutions that pressure manufacturers in other regions to maintain competitiveness.
Major Companies:
Market players adopt various strategies such as alliances, partnerships, and product launches to strengthen market presence. Key players include AB SKF and Daido Steel Co. Ltd., among others.
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Asia-Pacific (APAC) is projected to contribute 58% to market growth by 2027, driven by urbanization, rising disposable income, and the region's prominence in automotive manufacturing and renewable energy adoption.
The report forecasts market growth by revenue at global, regional, and country levels, providing insights into market trends and growth opportunities from 2017 to 2027.
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