LONDON--(BUSINESS WIRE)--The global slip rings market is expected to post a CAGR of over 3% during the period 2019-2023, according to the latest market research report by Technavio.
Globally, there is a rising emphasis on the use of clean energy generation from wind turbines. This is fueling the demand for slip rings in wind turbines as they increase the efficiency of the machines and enhance their life span. Slip rings facilitate transmission of power and data signals from the nacelle to the control system, positively impacting the performance of the turbine. These factors will drive the demand for high-end and technologically advanced slip rings during the forecast period.
As per Technavio, the advent of wireless slip rings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global slip rings market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global slip rings market: Advent of wireless slip rings
The various technological advances in the market have given rise to wireless slip rings, which are gaining popularity due to their advantages over electromechanical slip rings. Wireless slip rings deliver higher efficiency in the transmission of power and can supply power to rotating and highly mobile industrial equipment. Wireless slip rings are the perfect alternative to the mechanical ones and are not very expensive when compared with other slip rings. Some other advantages of wireless slip rings include 360° continuous rotation, unlimited revolutions per minute (RPM), increased uptime and reliability, the reduced total cost of ownership, and plug and play retrofit system.
“The market is witnessing an increasing number of versatile designs of slip rings, resulting in the availability of various modified versions in the market. These products are used in multiple applications, based on the types and requirements from end-user industries. For instance, mercury-wetted slip rings are majorly used in electric motors and generators while pancake slip rings are used in the medical, aerospace, defense, and other industries such as the textile sector,” says a senior research analyst at Technavio.
Global slip rings market: Segmentation analysis
This market research report segments the global slip rings market by application (commercial-industrial; aerospace, defense, and marine; and others) and geographic regions (APAC, Europe, MEA, North America, and South America).
The commercial-industrial segment held the largest slip rings market share in 2018. The growth of the commercial-industrial application segment can be attributed to the rising availability of technologically advanced slip rings in the market.
Europe led the market in 2018, followed by North America, APAC, South America, and MEA respectively. The market in Europe is driven by the increased demand for slip rings from the energy, medical, and industrial sectors in Western Europe and Central Europe.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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