Global Shaft Couplings Market 2018-2022
About Shaft Couplings
Shaft couplings are essential to several applications in oil and gas exploration and production activities. In the oil and gas industry, contamination and wear of equipment are very common due to overexposure to dust, moisture, and heavy load applications. This imposes a challenge for transmitting the required amount of power to different equipment used in the industry. Equipment in the industry is susceptible to shaft misalignment, as it is used for heavy-duty applications and work with heavy weights. This concern is addressable with the use of shaft couplings, which compromise for misalignment issues and provide a strong structure to equipment assembly.
Technavio’s analysts forecast the global shaft couplings market to grow at a CAGR of 4.57% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global shaft couplings market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of shaft couplings.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Shaft Couplings Market 2018-2022
Technavio recognizes the following companies as the key players in the global shaft couplings market: Altra Industrial Motion, Rexnord, SKF, Timken, Tsubakimoto Chain, and Voith.
Other Prominent Vendors in the market are: ABB, ALMA, Cross+Morse, ERIKS, Jakob Antriebstechnik, KTR Systems, mayr, MecVel, Motion Industries, and NBK.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is customized couplings to solve mating issues. Industrial machines operate at high power due to which they experience high energy transmission. To reduce the friction between shafts and mechanical components, couplings are installed. These couplings are efficient in power transmission, incurring minimal power loss during transmission. However, heavy industrial machinery requires monitoring as it is under continuous operation. Thus, to arrest the issues of shaft mating and friction between the components, advanced couplings are designed. These couplings are customized according to the design and configuration of the industrial machinery. Customization of couplings allows end-users to reduce accidents, which may happen due to frictional heat.”
According to the report, one of the major drivers for this market is increasing focus on generating power from renewables. Energy demand across the world is growing due to factors such as rapid growth of the manufacturing sector, rise in population, industrial growth, and urbanization. Also, rural to urban migration is majorly contributing to the increase in energy demand. Thus, meeting the energy requirement of the global population has become a major challenge for economies across the globe. As a result, end-users have intensified the focus on exploration activities in oil and gas and mining industries so that the energy demand can be fulfilled. However, due to the depletion of natural resources, the focus on generating energy through renewable sources has intensified.
Altra Industrial Motion, Rexnord, SKF, Timken, Tsubakimoto Chain, Voith, ABB, ALMA, Cross+Morse, ERIKS, Jakob Antriebstechnik, KTR Systems, mayr, MecVel, Motion Industries, and NBK.
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