The Global High Flexible Coupling Market size is expected to reach $3 billion by 2030, rising at a market growth of 4.9% CAGR during the forecast period.
The Oil & Gas Industry accounted for $773.4 million revenue in the market in 2022. The continued utilization of oil and gas resources, including shale and tight gas, as well as cutting-edge technical innovations for more efficient oil and gas production rates, will support the industry's penetration. The industry landscape will benefit from increased investment to increase crude oil output and rising demand for light distillates. The International Energy Agency reports that, on average, major corporations spend about 5% on extra oil and gas projects. Government measures that support conventional resources and the increasing demand for natural gas will help the sector grow even further. The upstream industry's growing investment in cutting-edge technology advances in surface design and lease equipment will also benefit the oil and gas infrastructure. Some of the factors impacting the market are rising demand for EVs, increasing need for effective and high-quality connections to hasten the adoption of Industry 4.0, and availability of cheaper couplings from the unstructured market of Asia.
Sales of high flexible couplings are increasing because of the continuously expanding automobile industry. In general, couplings are used in automobiles for transmitting power between the engine and the wheels, as well as in various components like steering systems, drivetrains, and suspension systems. Hence, with the expansion of the automotive industry and EVs, the demand will also rise, leading to market growth. The rotation mechanism of any piece of electrical or industry machinery absolutely must include a coupling. As businesses transition to Industry 4.0 to improve productivity and part quality, coupling providers have an opportunity to boost production and keep up with the growing demand from applications in industries. The market is expanding due to rising consumer spending and businesses' capacity to use automation to maintain or boost industrial output.
However, the primary obstacle preventing the demand for couplings from expanding is the aggressive pricing approach used by Asian manufacturers with minimal overhead costs. Asian nations have significantly lower labor, land, and raw materials costs than other locations, luring sizable investments in the production industry. Manufacturers of industrial machinery parts are making investments in low-cost equipment, tools, and solutions. Coupler costs make up a small portion of end-user industries' purchase basket. To remain competitive in the market, coupling manufacturers are forced to lower prices or add new technologies to their products.
On the basis of material, the market is classified into steel, rubber, and others. The rubber segment recorded a significant revenue share in the market in 2022. Rubber has excellent vibration-damping properties, which makes rubber flexible couplings effective in reducing vibrations and shocks. This helps protect connected equipment from excessive vibrations, extending their lifespan and improving overall operational performance. The vibration-damping and shock absorption properties of rubber flexible couplings also reduce noise.
Based on type, the market is characterized into elastomeric couplings, grid coupling, disc coupling, and others. The elastomeric coupling segment garnered the highest revenue share in the market in 2022. This kind of coupling transmits torque between the shafts using pliable elastomeric parts. Because the elastomeric composition can stretch and bend under pressure, it can absorb shocks and vibrations brought on by movement or alterations in speed among the connected shafts. Due to this, it is a good option for applications like those in the automotive and aerospace industries, where there will be a lot of vibration or movement between the shafts. The extensive use of these couplings is propelling the growth of the segment.
By industry, the market is divided into oil & gas, automotive, power generation, and others. The oil & gas segment witnessed the maximum revenue share in the market in 2022. The oil and gas industry makes substantial use of flexible shaft couplings to transmit high torque. In addition to offering combined torque capacity and dampening of vibration in pump applications in oil refineries and pipelines, these flexible shaft couplings can withstand high humidity, pressure, and temperature conditions.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 2.1 Billion |
| Market size forecast in 2030 | USD 3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.9% from 2023 to 2030 |
| Number of Pages | 203 |
| Number of Table | 370 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Material, Type, Industry, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment procured the highest revenue share in the market in 2022. Because of rising demand from sectors including mining, metals, oil and gas, and power plants, the region is anticipated to maintain its dominance during the projection period. Rapid industrialization and population growth have increased energy consumption across nations. This is expected to enhance product demand throughout the region. Over the next few years, growth is also projected to be fueled by increased government expenditures in infrastructure development.
Free Valuable Insights: Global High Flexible Coupling Market size to reach USD 3 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Timken Company, Kawasaki Heavy Industries, Ltd., Regal Rexnord Corporation (Stromag), VULKAN Group (Hackforth Holding GmbH & Co. KG), ComInTec S.r.l, RENK GmbH, KTR Systems GmbH, Renold plc, Ortlinghaus-Werke GmbH and Flender AG.
By Industry
By Material
By Type
By Geography
The Market size is projected to reach USD 3 billion by 2030.
Demand for EVS continues to rise are driving the Market in coming years, however, Availability of cheaper couplings from the unstructured market of Asia restraints the growth of the Market.
The Timken Company, Kawasaki Heavy Industries, Ltd., Regal Rexnord Corporation (Stromag), VULKAN Group (Hackforth Holding GmbH & Co. KG), ComInTec S.r.l, RENK GmbH, KTR Systems GmbH, Renold plc, Ortlinghaus-Werke GmbH and Flender AG.
The expected CAGR of this Market is 4.9% from 2023 to 2030.
The Steel segment is generating the highest revenue share in the Global High Flexible Coupling Market by Material in 2022 thereby, achieving a market value of $1.7 billion by 2030.
The Europe market dominated the Global High Flexible Coupling Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1 billion by 2030.
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