The global couplings market is expected to experience significant growth, with a projected increase of USD 205.7 million from 2024 to 2028. This growth is driven by stringent emission regulations that are pushing for advances in coupling technology. Despite this positive trend, competitive pricing strategies from low-cost Asian manufacturers present a challenge for market players. Key companies in the market include AB SKF, Chr. Mayr GmbH Co. KG, Daido Steel Co. Ltd., and more.
One of the key drivers of market growth is the adoption of 3D printing technology in manufacturing couplings. This innovative approach offers cost savings, shorter lead times, and the ability to customize end-products easily. Couplings with embedded sensors that transmit data online have been developed for large-scale applications in industries like oil extraction and fracking. However, there is a need for advancements in sensor technology to miniaturize these sensors for smaller couplings.
The industrial couplings industry is experiencing significant growth, particularly in sectors like automotive, where shaft power and rotation mechanisms are crucial. Companies in this sector are focusing on productivity and part quality, with an emphasis on automation adoption, social distancing, and contactless operation in the post-pandemic world. Initiatives by governments and companies investing in 5G infrastructure and smart manufacturing practices are also contributing to market growth.
In the power transmission industry, various challenges such as end motion, misalignment, and separation of shafts are addressed through the use of different types of couplings, including torque-limiting couplings. Selecting and installing the right type of coupling can be complex, with factors like maintenance time and expenses playing a crucial role. Couplings play a vital role in ensuring the efficient and reliable operation of rotating machinery in industries like automotive, cement production, mining, and renewable energy.
Overall, the couplings market is a key component of various industries, enabling power transmission, rotation mechanisms, and productivity. The focus on efficiency, automation, and safety in the post-pandemic world is driving the demand for advanced coupling technologies and solutions. With the market set to expand in the coming years, companies will need to innovate and adapt to meet the evolving needs of the industry.