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The flexible shaft couplings market is projected to expand by USD 265.09 million, growing at a Compound Annual Growth Rate (CAGR) of 4.09% between 2023 and 2028. The coupling industry is witnessing a significant surge in demand for flexible shaft coupling solutions, particularly in high-speed and high-torque applications within the industrial machinery sector. These coupling devices are essential for transferring rotational motion, offering advantages such as high torque density and torsional stiffness. They are indispensable in industries like oil and gas, mining, and heavy equipment, where they effectively manage shaft misalignment. Moreover, the industrial machinery remanufacturing sector is increasingly adopting flexible shaft couplings to enhance the efficiency and longevity of their machinery.
Flexible Shaft Couplings Market Forecast 2024-2028
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The elastomeric coupling segment will account for a major share of the market's growth during the forecast period.?The elastomeric coupling segment includes elastomer coupling systems, which are a form of flexible couplings utilized for the transmission of torque through shafts. Elastomeric couplings do not require lubrication, therefore eliminating the need for high maintenance. This is anticipated to trigger their adoption in the future.
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The elastomeric couplings segment was valued at USD 503.08 million in 2018. In addition, the ability to withstand vibration damping and act as a shock absorbent leads to their increased adoption. However, the inability of elastomeric couplings to bear elevated temperatures and chemical contamination may set a drawback for the growth of the global market during the forecast period.
Based on application, the market has been segmented into the oil and gas industry, power plants, mining and metal industry, and others. The oil and gas industry segment will account for the largest share of this segment. In the oil and gas sector, these are employed in situations where a high torque gearbox is necessary. Flexible shaft couplings are torsionally stiff and can withstand shock loads. In the oil and gas industry, couplings are expected to absorb significant shock during the process of power transmission owing to harsh environmental conditions. Furthermore, market players provide this with crowned teeth that allow for parallel and angular misalignment in the oil and gas industry. The demand for this in the oil and gas industry will propel the growth of the global market during the forecast period.
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APAC is estimated to contribute 54% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. China, Japan, India, and South Korea will lead the growth of the market in APAC. The rapid growth of food and beverages and oil refining capacities in the region is driving the growth of the market in the region.
Moreover, The increasing penetration of automobiles in China and India is augmenting the demand for fuel. This is leading to new capacity additions in crude oil refining in the region. These trends are driving the demand for specialized equipment that uses this as their component. Increasing production of this equipment in the region increases the demand for flexible shaft couplings, thus propelling the growth of the market during the forecast period.
The market is driven by increased demand for shaft connection solutions in high-speed, high-torque applications across industries like oil and gas, mining, and heavy machinery. These coupling technologies offer benefits such as high torque density and torsional stiffness, accommodating shaft misalignment effectively. Moreover, they excel in dampening vibrations and absorbing shocks due to their torsional stiffness. However, challenges arise from lubrication and misalignment issues, particularly in drive shaft components like gear and chain couplings, which require proper lubrication for efficient operation. Additionally, the decline in metal and mining prices poses a threat, impacting investments and demand. Despite challenges, market growth opportunities exist, especially in diversifying applications and exploring new industries like marine equipment and renewable energy sources. Lubrication and misalignment concerns necessitate attention for sustained market growth.
The key market driver for flexible shaft couplings lies in the escalating demand for high-speed, high-torque applications. These couplings offer significant benefits, including high torque density, torsional stiffness, and the ability to accommodate minimal shaft misalignment. Widely used in industries such as oil rig machinery, construction equipment, and heavy machinery, they provide essential torsional rigidity. The flexible components of these coupling assemblies, such as elastomeric sleeves and metal winding, enable effective misalignment compensation. Moreover, their ability to absorb shocks and dampen vibrations enhances their utility, particularly in demanding environments. This surge in demand, driven by the need for high-speed and high-torque applications, is poised to fuel the global market growth significantly. Insights from market research and forecasting underscore the expanding applications of flexible couplings, particularly in heavy machinery and industrial sectors.
Moreover, the flexible shaft coupling is efficient in absorbing small shocks and dampening vibrations, owing to their torsional stiffness. All these features have increased the adoption of flexible shafts in applications that require high speed and large shaft sizes. Therefore, the raised demand for high-speed and high-torque applications will fuel the growth of the global market during the forecast period. Market research and growth, market growth and forecasting, and Market forecasting offer insights into the expanding applications of flexible couplings, particularly in heavy machinery and industrial sectors. Hence, such factors are driving the market growth during the forecast period.
The decline in metal and mining prices was primarily compelled by reduced demand from Asian countries, notably China, and a decrease in investments leading to a slowdown in new mining projects in Australia. Concurrently, the strength of the US dollar compared to the Euro has diminished profitability within the European mining industry. This currency trend has further hampered greenfield and brownfield investments across the mining sector.
Furthermore, while there is an upswing in the steel processing industry, the reduction in mining activity has impacted the demand for mechanical power transmission components within the mining sector. This downturn poses a significant challenge to global players in flexible shaft coupling manufacturing. However, the drop in metal and mining prices is expected to drive growth in the global market over the forecast period.
The key market challenge lies in lubrication and misalignment-related issues encountered in flexible coupling applications. Lubricated coupling types, such as gear, chain, and Oldham couplings, necessitate proper lubrication to prevent potential coupling failure. Insufficient lubrication can result in the dislodgement of small metal components and lead to fretting corrosion. Depending on the design, lubricated flexible shaft coupling suppliers may employ either grease or oil for lubrication, providing viscosity essential for smooth operation.
Moreover, sectors such as material handling equipment, food processing machinery, packaging machinery, textile machinery, printing machinery, pharmaceutical machinery, chemical processing equipment, and electronic manufacturing should prioritize solutions addressing these challenges to sustain growth in their respective domains. In applications demanding high torque transmission, gear and chain couplings emerge as optimal choices, underscoring the critical role of lubrication in enhancing efficiency. Consequently, challenges related to lubrication and misalignment are poised to hinder the growth of the global market throughout the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AB SKF, ABB Ltd., Altra Industrial Motion Corp., Chr. Mayr GmbH Co. KG, DieQua Corp., EMBRAGATGES I DERIVATS S.A, Flender GmbH, Gates Industrial Corp. Plc, GKN Automotive Ltd., JAKOB Antriebstechnik GmbH, Nabeya Bi tech Kaisha, Parker Hannifin Corp., Ramsey Products Corp., Regal Rexnord Corp., RINGFEDER POWER TRANSMISSION GMBH, Siemens AG, Tsubakimoto Europe BV, Voith GmbH and Co. KGaA, and Zero Max Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments
Market Analyst Overview
The market for Coupling Devices and Shaft Connection Solutions is experiencing robust growth, fueled by the increasing demand for efficient Mechanical Power Transmission and Rotational Motion Transfer in various industries, including those involving industrial pumps. These solutions are essential for facilitating the smooth operation of machinery and equipment in sectors such as oil and gas, power generation, and water treatment. Coupling Technologies are evolving rapidly, offering more reliable Flexible Coupling Systems for Drive Shaft Components, which are crucial for the reliable performance of industrial pumps. The sophistication of Coupling Designs is increasing to meet the diverse needs of Motion Control Equipment and Industrial Machinery Parts. Leading coupling manufacturers are focusing on developing advanced Shaft Alignment Solutions to enhance the performance and reliability of industrial pumps and other machinery. The aerospace industry continues to be a key driver of market growth, requiring high-performance coupling solutions for critical applications. Market growth analysis indicates promising opportunities for further expansion and innovation in this sector, particularly in the development of more efficient and durable coupling solutions. As the demand for these solutions continues to rise, manufacturers are investing heavily in R&D to stay ahead of the curve.
In the realm of mechanical engineering, the market is undergoing transformative changes fueled by technological advancements. These couplings facilitate same line end-to-end connections, accommodating axial movement while ensuring extreme torque transmission. The market overview section reveals a promising outlook for the prognosis period, particularly in the manufacturing and steel industries. However, export conditions remain challenging due to competition from low-quality products and local competitors. The market landscape depends on the manufacturing industry, steel industry, Robotics, Top five company's ranking, Company regional footprint. Application engineering and material selection are pivotal in crafting these couplings, with manufacturing procedures emphasizing design innovation to produce lightweight yet durable solutions. Integration of smart technologies, data analytics, and sensor technologies enhances performance and reliability, while maintenance-free couplings reduce downtime and operational costs. Companies vie for prominence, with rankings reflecting their regional footprint and market share. As leaders in the field prioritize innovation and customer-centric solutions, the flexible shaft couplings market continues to evolve, offering diverse options tailored to varying industrial needs.
Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.09% |
Market growth 2024-2028 |
USD 265.09 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.67 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 54% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB SKF, ABB Ltd., Altra Industrial Motion Corp., Chr. Mayr GmbH Co. KG, DieQua Corp., EMBRAGATGES I DERIVATS S.A, Flender GmbH, Gates Industrial Corp. Plc, GKN Automotive Ltd., JAKOB Antriebstechnik GmbH, Nabeya Bi tech Kaisha, Parker Hannifin Corp., Ramsey Products Corp., Regal Rexnord Corp., RINGFEDER POWER TRANSMISSION GMBH, Siemens AG, The Timken Co., Tsubakimoto Europe BV, Voith GmbH and Co. KGaA, and Zero Max Inc. |
Market dynamics |
Parent market analysis, market report, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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