PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1410079
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1410079
The global coupling market is estimated to grow at a CAGR of 4.27% during the forecast period.
A coupling is a mechanism that connects two shafts to transfer power, providing flexibility to accommodate misalignment or movement. It facilitates the connection between rotating equipment components while allowing for shaft end adjustments. Various industries utilizing couplings include automotive, power and energy, mining, oil and gas, and several other industries. The coupling market size is experiencing significant expansion primarily driven by the rising energy and power transmission applications coupled with the expansion of the automotive industry.
Couplings play a crucial role in the automotive due to their ability to connect and transmit power between various components, such as engines, transmissions, and wheels. They enable efficient power transfer, ensuring smooth operation and optimal performance of vehicles. The automotive industry is experiencing significant growth driven by increasing population and booming demand for new vehicles and such growth has subsequently fuelled the expansion of the coupling industry. According to the European Automobile Manufacturers' Association, In 2022, the European Union witnessed production of 10.9 million passenger cars, marking an impressive 8.3% growth compared to the previous year.
Couplings are utilized in the power and energy sector due to their ability to efficiently transmit power between generators, turbines, motors, and other equipment. They ensure reliable power transmission, allowing for smooth operations and minimizing energy losses. The growing global energy demand coupled with an increasing shift towards sustainable energy sources and infrastructure development has propelled the power & energy sector growth which has simultaneously accelerated the demand for couplings. According to the Ministry of Power, in the ongoing year 2023-24, India is projected to experience a peak power demand of approximately 229 GW during the summer season.
Couplings are extensively used in the mining industry due to their vital role in power transmission and equipment functionality. In mining operations, couplings are crucial for connecting various components, such as motors, pumps, conveyors, and crushers, thereby enabling the smooth transfer of power and torque. Hence, with the growing demand for minerals and resources worldwide, the mining industry is experiencing significant growth in its activities which has provided growth opportunities to the couplings industry. According to the Ministry of Mines, India's mineral production witnessed a significant growth of 6.8% in March 2023, as compared to the corresponding period in March 2022. This positive trend reflects a promising increase in overall mineral production.
North America will account for a significant share of the coupling market due to the growing automotive production and mining activities in the region which is creating a surge in the demand for couplings for power transmission. According to the USGS National Minerals Information Centre, in 2022, nonfuel mineral commodities produced by US mines reached an approximate value of $98.2 billion, showing a notable increase of $3.6 billion (around 3.8%) compared to the revised total of $94.6 billion in 2021. Also, as per the National Institute of Statistics and Geography (Inegi), in the first quarter of 2023, vehicle production in Mexico witnessed a notable growth of 8.61% compared to the corresponding period of 2022.
Industries place greater emphasis on optimizing operational efficiency and reducing costs as a result the demand for maintenance-free or low-maintenance solutions has significantly increased. Couplings that necessitate frequent maintenance or lubrication may encounter limitations in the market due to their higher maintenance requirements. For example, gear couplings, which require more frequent lubrication compared to other coupling types may face challenges in meeting the growing demand for hassle-free and cost-effective solutions in various industries. Gear coupling manufacturers recommend a regreasing interval of at least 12 months, involving a comprehensive procedure that includes disassembly, cleaning, inspection, and hand-packing the coupling with fresh grease.