Rockville, March 14, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a market research and competitive intelligence provider, the global couplings market is predicted to expand at a CAGR of 3% and reach US$ 1.7 billion in valuation by the end of 2033.
A coupling is a component of a machine that joins two mechanical shafts at their ends to transmit power. It is primarily employed to support rotating machine parts such as conveyor belt motors. Fluid systems that involve oil, gas, air, chemicals, and powder can be connected and disconnected using couplings. When in use, couplings prevent shafts from being disconnected, however, some torque-limiting couplings can impede rotating motion when a certain torque limit is exceeded. Moreover, couplings allow for some end movement, misalignment, or both. Thus, couplings that minimize downtime and maintenance costs should be carefully chosen and installed to maximize savings.
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Couplings are widely used in various industries, including the chemical, water treatment, oil, and natural gas sectors. Also, the utilization of coupling is increasing in the construction of gas pipes. Increasing risks of geopolitical crises are driving growth in the aerospace and military sectors, which, in turn, is boosting the demand for couplings.
Demand for couplings is projected to rise over the next 10 years as energy efficiency improvement is a primary emphasis for businesses around the globe. Also, the automobile sector is exhibiting a considerable increase in the use of couplings.
Key Takeaways from Market Study
- The global couplings market is valued at US$ 1.3 billion in 2023.
- Demand for couplings in China is predicted to expand at a CAGR of 4.5% during the forecast period.
- Sales of elastomeric couplings are expected to rise at a CAGR of 4% through 2033.
- Demand for metallic couplings is predicted to increase at a CAGR of 3% from 2023 to 2033.
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Competitive Landscape
Rapid industrialization and growth in the healthcare industry as well as the aerospace & defense sectors are encouraging key players in the couplings market to develop advanced devices to meet end users' demand, which is further boosting their profits.
According to Fact.MR, a market research and competitive intelligence provider, leading companies in this market are following several organic and inorganic marketing tactics to maintain their market position.
- In June 2022, KTR Systems GmbH revealed the development of its newly developed Rotex family intermediate shaft couplings. These aluminum shaft couplings are designed to support shaft lengths of up to 4,000 mm.
Key Companies Profiled
- ABB Ltd.
- Altra Industrial Motion Corporation
- Boston Gear
- Challenge Power Transmission Ltd
- Anmark
- Camozzi Industries spa Societa Unipersonale
- Bea Ingranaggi SpA
- Chr. Mayr GmbH + Co. KG
- ALMA driving elements GmbH
- ComInTec
- Colder Products Company
- Colly Flowtech
- AMG-PESCH
- Arestho
Winning Strategies
Market players in the coupling industry are developing couplings with advanced features to increase their revenue share and market position. Additionally, mergers, acquisitions, partnerships, and other marketing strategies are being adopted by key players in the industry.
- In July 2022, Altra Industrial Motion Corporation announced the development of specialized gearboxes and gear couplings for the San Francisco Cable Car System.
- In May 2022, ASC Engineering Solutions released a new flexible Gruvlok SlideFLEX connection, which is ideal for mechanical and mining applications that can withstand up to 1,000 psi of operating pressure.
Couplings Industry Segmentation
- By Type:
- Elastomeric
- Metallic
- Mechanical
- By Application:
- Power Generation
- Metal & Mining
- Papermaking
- Automotive
- Healthcare
- Aerospace & Defense
- Oil & Gas
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global couplings market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The report divulges essential insights into the market based on type (elastomeric, metallic, mechanical) and application (power generation, metal & mining, papermaking, automotive, healthcare, aerospace & defense, oil & gas), across 5 major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Couplings Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Couplings sales grow until 2033?
- Which are the factors hampering the Couplings demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Couplings Market during the forecast period?
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