The
coupling market size has the potential to grow by USD 126.57 million by 2024, and the market’s growth momentum will accelerate during the period. As couplings have a wide range of applications across various industries including the oil industry, natural gas industry, water treatment companies, and chemical industry, among others, the market looks quite positive and influencing. However, the increasing cost of labor and deteriorating exports are factors responsible for the alteration of the couplings market globally.
The customers are seeking value additions as the product technology of industrial couplings has matured, hence becoming a key purchase criterion for couplings. The developing couplings that require less space, usage of low weight materials with better inertia qualities for manufacturing couplings are significantly trending with the innovations that are happening in the market today.
The demand for manufacturers who can bring a big diversity of product range, with interchangeability for many other competitors products with better pricing and better quality. The players in this segment also have to have the capability to fulfill the demands of the clients as per their requirements.
"To make the manufacturing process more efficient, a robust ecosystem with the digital-first approach and a single platform that manages information and applications across various manufacturing operations is required," stated Divyesh Kumar, Director at Linkez Technologies. Hence, it has become somewhat imperative for players in Coupling manufacturing to adopt technologies so as to stay relevant with the changing market dynamics and gain edge over competitors. Also, deliverability is a major parameter one should look at while offering products and services to the clients.
Market Restraints
However, the lack of new application potentials of the industrial couplings has also been hindering the market growth. Moreover, as there is a restricted capital expenditure across various end-user industries such as the manufacturing and oil and gas industry, it has been considerably constraining the market growth. Also, due to the deteriorating exports and increase in cost have been some critical factors that can hinder the global couplings market. Also, the lack of new application potentials of the industrial couplings is hindering the market growth.
One of the noticeable advantages of couplings is that it prevents shafts from disconnecting during operation. Also, it prevents shafts from disconnecting during operation. Furthermore, couplings also reduce downtime and maintenance costs significantly. Some of the nations where the market looks promising with rapidly increasing demand across India, Russia, Brazil, China, and also the European countries. This is because these countries have become the global centers of the manufacturing industry.
Furthermore, the material handling sector in the Middle East and the mining industry in Africa are also expected to be the fastest-growing regions for couplings shortly. However, the developed economies are likely to witness slower growth over the forecast period.
