Market Size of Industrial Couplings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Couplings Market Analysis
The industrial couplings market is expected to grow at a CAGR of 4.8% during the forecast period. The increasing demand from the automotive sector is driving the growth of couplings in the market.
- Industrial couplings connect two shafts at their ends to transmit power. Industrial coupling effectively links two pieces of rotating equipment while allowing some end movement, degree of misalignment, or both. They form the major and integral part of the rotation mechanism of any electrical and industrial machinery.
- As companies are shifting toward Industry 4.0 to increase productivity and part quality, it is creating an opportunity for the coupling vendors to boost their production and cater to the growing demand from the industrial sector.
- Various developments are going on for the faster adoption of Industry 4.0. For instance, 13 new manufacturing sites have become a part of the World Economic Forum's Global Lighthouse Network as leaders in applying Fourth Industrial Revolution technologies to increase efficiency and productivity.
- The pandemic complicated the situation of automation adoption in various sectors. It changed the standard operating procedure by bringing in challenges of social distancing and contactless operation. Organizations were forced to limit their workforce and deal with the increasing demand.
- COVID-19 infected several essential workers globally, leading companies on the front lines to implement new safety processes. While the spread of the virus has been grave enough to warrant shutdowns, for instance, food production facilities, multiple other businesses have been able to continue operations with the addition of new health measures. However, the industries began functioning normally as the impact of the virus reduced. The post-pandemic world is also generating various opportunities for sectors such as healthcare, oil and gas, among others, which in turn is also augmenting the growth of the industrial couplings market.
