Global Couplings Market to Reach US$1.5 Billion by the Year 2026
Coupling refers to a machine unit which connects two mechanical shafts for transmission of power. Couplings are extensively used in various industries such as chemicals, waste treatment, natural gas, oil & gas, construction, automotive and in gas pipe construction, among several others. The rising focus among industries on improving energy efficiency is expected to augment demand for couplings. Growth is also anticipated to be driven by the market expansion in countries such as Turkey, Nigeria, Indonesia, and Mexico among other developing nations. In recent years, the market has witnessed several advancements in product technology. Companies are focusing on the use of light-weight materials that have improved inertia characteristics for producing couplings, and also on making couplings that are compact.
Amid the COVID-19 crisis, the global market for Couplings estimated at US$1.3 Billion in the year 2020, is projected to reach a revised size of US$1.5 Billion by 2026, growing at a CAGR of 2.3% over the analysis period. Elastomeric, one of the segments analyzed in the report, is projected to grow at a 2.8% CAGR to reach US$689.1 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Metallic segment is readjusted to a revised 2.2% CAGR for the next 7-year period. This segment currently accounts for a 27.2% share of the global Couplings market. Demand for elastomeric couplings is rising on account of the benefits such as improved flexibility and different levels of torsional softness they offer in comparison to metal couplings. The rising adoption of machinery, industrial drives, and HVAC is anticipated to fuel the demand for elastomeric couplings. Metallic-style couplings are completely made of metal. These couplings are highly compact and can manage significant speeds. Given their metallic nature, this kind of coupling can be used for prolonged equipment life in applications that involve high speed.
The U.S. Market is Estimated at $368.5 Million in 2021, While China is Forecast to Reach $283 Million by 2026 Select Competitors (Total 135 Featured)
The Couplings market in the U.S. is estimated at US$368.5 Million in the year 2021. The country currently accounts for a 23.11% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$283 Million in the year 2026 trailing a CAGR of 3.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 1.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.8% CAGR while Rest of European market (as defined in the study) will reach US$335.9 Million by the end of the analysis period. Asia-Pacific is expected to lead the global market, driven by strong demand from the automotive and other manufacturing sectors in India and China. Europe, with the presence of several industries, is also expected to be a key market globally.
Mechanical Segment to Reach $302.7 Million by 2026
The mechanical coupling is capable of accepting misalignment from rolling, sliding, or rocking of metal surfaces. In the global Mechanical segment, USA, Canada, Japan, China and Europe will drive the 1.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$209.7 Million in the year 2020 will reach a projected size of US$231.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$37.1 Million by the year 2026, while Latin America will expand at a 1.5% CAGR through the analysis period.
- ABB Group
- ALMA driving elements GmbH
- Altra Industrial Motion Corporation
- Chr. Mayr GmbH + Co. KG
- Cross & Morse
- ERIKS NV
- JAKOB Antriebstechnik GmbH
- KTR Systems GmbH
- MECVEL S.r.l.
- Motion Industries, Inc.
- NBK America LLC
- Rexnord Corporation
- SKF Group
- Timken Company
- Tsubakimoto Chain Co.
- Voith GmbH & Co. KGaA