The global couplings market is valued at US$ 1.3 billion in 2023 and is expected to reach US$ 1.7 billion by 2033. This is because worldwide sales of couplings are predicted to increase steadily at a CAGR of 3% through 2033. The couplings market refers to the industry that produces and sells mechanical couplings used to connect two rotating shafts together. These couplings are typically used in machinery and equipment such as pumps, generators, compressors, and turbines
There are many different types of couplings available on the market, including flexible couplings, rigid couplings, and fluid couplings, among others. Each type of coupling has its own specific benefits and applications. The global couplings market is expected to continue growing due to increasing demand from various industries, such as oil and gas, power generation, and automotive. The market is also being driven by advancements in technology, which are leading to the development of more efficient and reliable couplings
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Key Takeaways from Market Study
- The global couplings market is valued at US$ 1.3 billion in 2023.
- Demand for couplings in China is predicted to expand at a CAGR of 4.5% during the forecast period.
- Sales of elastomeric couplings are expected to rise at a CAGR of 4% through 2033.
- Demand for metallic couplings is predicted to increase at a CAGR of 3% from 2023 to 2033.
Region wise InsightsNorth America: The North American couplings market is driven by the increasing demand for couplings in various industries, including oil and gas, power generation, and aerospace. The United States is the largest market in this region due to its strong manufacturing industry and high demand for machinery and equipment. Europe: The European couplings market is expected to experience steady growth due to the presence of a large number of manufacturing industries and the increasing demand for automation in various sectors. Germany is the largest market in this region, followed by the UK and France. Asia-Pacific: The Asia-Pacific region is the fastest-growing couplings market, with countries such as China, India, and Japan leading the way. The region's growth is driven by increasing industrialization, urbanization, and infrastructure development. The rising demand for power and energy and the growing automotive industry are also contributing to the growth of the market. Latin America: The Latin American couplings market is expected to grow at a moderate pace due to the increasing demand for energy and infrastructure development in the region. Brazil is the largest market in this region, followed by Mexico and Argentina. Middle East and Africa: The Middle East and Africa couplings market is expected to experience significant growth due to increasing investments in infrastructure development and the growing oil and gas industry in the region. The United Arab Emirates, Saudi Arabia, and South Africa are the largest markets in this region.
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Key players in the couplings market are being encouraged by rapid industrialization and expansion in the aerospace & defence, healthcare, and industrial sectors to produce cutting-edge products to fulfil end users' demand, which is further enhancing their earnings.
Leading firms in this market are using a variety of organic and inorganic marketing strategies, according to Fact.MR, a source of market research and competitive information.
- The development of its brand-new Rotex series intermediate shaft couplings was unveiled by KTR Systems GmbH in June 2022. The shaft lengths that may be supported by these aluminium shaft couplings are up to 4,000 mm.
Key Companies Profiled
- ABB Ltd.
- Altra Industrial Motion Corporation
- Boston Gear
- Challenge Power Transmission Ltd
- Camozzi Industries spa Societa Unipersonale
- Bea Ingranaggi SpA
- Chr. Mayr GmbH + Co. KG
- ALMA driving elements GmbH
- Colder Products Company
- Colly Flowtech
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Key Questions Covered in the Couplings Market ReportWhat is the current market size of the couplings industry and what is the projected growth rate over the forecast period? What are the major drivers, challenges, and opportunities in the couplings market and how are they likely to impact the market growth? What are the different types of couplings available in the market and how do they differ in terms of their features, applications, and benefits? Which regions are expected to witness the highest growth in the couplings market and what are the key factors driving this growth?
Who are the major players operating in the couplings market and what are their market shares, product portfolios, and business strategies?
Original Source of the original story >> Global Couplings Market Set to Grow Rapidly due to Increasing Industrialization and Infrastructure Development