According to analysts at Vantage Market Research, the Shaft Coupling Market is expected to reach USD 2,253.05 Million by 2028, growing at a CAGR of 5% between 2021 to 2028. There are different flexible shaft couplings used in the end-use industries such as industrial, mining, etc. The significant growth of these end-use manufactures will project to improve the market of flexible shaft couplings market in the future. Various end-use industries across the world are trying to improve their operational efficiency by executing the six-sigma method, which will, in turn, improve the growth of the shaft couplings market. The manufacturers are trying to advance the couplings by using materials of low weight, offering good qualities of inertia, and minimizing the space that is required.
- The flexible couplings segment is projected to expand at the fastest CAGR exceeding 5.5% over the forecast period due to the utilization in various applications for providing high torque with minimum space usage.
- The oil and gas industry segment held a market share of around 30% in 2020. This share is due to the increasing need for material handling operations to perform the assigned task efficiently.
- Asia Pacific is expected to expand at a CAGR of over 5.8% from 2021 to 2028. This surge is attributed to the rising in material handling equipment with focusing on using 3D printing and short time duration and easy customization of products in developing economies such as China and India.
The growing industries on the improvement of energy proficiency are expected to increase interest for couplings, huge demands likewise expected to be driven by market extension in emerging nations. The market has seen a few improvements in product innovation. Organizations are utilizing lightweight materials that have further developed inactivity qualities for delivering couplings.
North America region is poised to record the highest CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The Asia Pacific region has become the hub for many of the manufacturing industries. North America and Europe are following in the footsteps of the Asia Pacific region. Owing to the developing and existing manufacturing industries Russia, Brazil, and Eastern European countries will project to trigger the flexible shaft couplings market in the coming years.
Some of the key players in the Shaft Coupling Market include Altar Industrial Motion, Rexnord, Jakob Antriebstechnik, ALMA, SKF, Voith, Timken, ABB, Motion Industries, KTR Systems, ERIKS, Tsubakimoto Chain, MecVel, Cross+Morse, NBK, among others. The market is comprised of a high degree of competition due to the presence of numerous key players.