The report categorizes the global shaft couplings market by product (flexible couplings and rigid couplings), and by end-user (oil and gas industry, mining and minerals industry, power industry, and others). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing focus on generating power from renewables
The demand for energy is growing around the globe owing to various factors such as the rise in population, increasing urbanization, and growth in manufacturing and industries. To cater to this demand for energy, there is an increase in focus on oil exploration activities and the generation of renewable energy. Such activities will lead to an increase in demand for shaft couplings during the forecast period.
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Market trend: development of smart couplings with multiple features
Industries are moving towards smart solutions in all fields to provide excellence and convenience in the process of product development, manufacturing and operations. Keep in tune with this trend, coupling manufacturers involved in offering automated solutions, which include smart couplings with multiple features.
According to a senior analyst at Technavio for automation research, “Smart couplings with the aid of tools such as sensors and IoT, help in precise sensing of errors. The installation of such advanced couplings helps to enhance the life of industrial machinery and ensures greater safety of industrial workers.”
Geographical segmentation: EMEA to dominate the market
EMEA dominated the global shaft coupling market with 42% share in 2017 and is expected to maintain its lead during the forecast period. This can be attributed to the prominence of the oil and gas, mining and minerals, automotive, and food and beverage industries in the region. The market will be driven further by the replacement activities in the industrial sector and the growth of the mining and minerals industry in Africa.
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Some of the contributors in the market
- Altra Industrial Motion
- Tsubakimoto Chain
The global shaft couplings market consists of numerous vendors, contributing to a market size of close to USD 20 billion in 2017. The market is witnessing the growth of high-quality, regulatory compliant products. The vendors in this market compete based on factors such as brand, labor, technology, and R&D activities.
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