Slip ring manufacturers are investing in research endeavors for material and mechanical design improvements for their offerings bolstering long term industry prospects.
ROCKVILLE, MD / ACCESSWIRE / November 4, 2020 / The slip rings market is estimated to reach a US$ 1billion valuation in the period between the years 2020 and 2030. The ongoing coronavirus outbreak has resulted in a short-term slump in demand for slip rings. Lockdown restrictions on manufacturing industries associated with aerospace, power generation, and defense applications are expected to hinder growth through 2020. Recovery is likely to be strong towards 2021 as manufacturing activities move back to normal.
"The steadily rising demand for wind turbines around the globe is a key factor contributing to the slip ring market. Furthermore, as power companies focus on improving efficiency levels and renewables will generate a favorable environment towards slip ring adoption in the near term," says the Fact.MR analyst.
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Slip Rings Market - Important Takeaways
- Wireless slip rings are estimated to reflect faster growth rates in the forecast period, owing to reduced downtime and maintenance requirements in comparison to conventional alternatives.
- Wind turbine applications will gain significant impetus in the near future, supported by investments by public and private bodies towards renewable energy generation projects.
- Asia Pacific is expected to be a fast-growing regional market for slip rings, led by China, driven by investments into eco-friendly technology by public and private parties in the region.
Slip Rings Market - Driving Factors
- International climate change prevention agreements, coupled with developments in clean energy generation technologies are major drivers for the adoption of slip rings.
- The demand for wireless slip rings as a cost-effective alternative to electromechanical alternatives is expected to boost market growth in the long term.
- Efforts by manufacturers towards customized slip ring offerings for varied end use industries will positively influence the market.
Slip Rings Market - Leading Constraints
- Space constraints on slip ring designs for high power applications remains a challenge for market players.
- Slip ring rotors are prone to relatively fast wear and tear, affecting downtime and productivity, hurting adoption.
Anticipated Market Impact by Coronavirus Outbreak
The coronavirus pandemic has had a moderately negative impact on the global slip rings market. Extensive lockdown and health & safety restrictions on end user industries during the crisis has limited the adoption and installation of slip rings. Further, renewable energy policies have taken a backseat to the pandemic limiting slip ring applications in wind turbine projects. These factors are likely to limit the scope of market growth for the industry.
Recovery is likely to be steady towards 2021 as restrictions are gradually lifted, particularly for the construction equipment and aerospace sectors, in addition to freer trade from supplier countries.
Explore the global slip ring market with 146 figures, 60 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5208/slip-ring-market
Competition Landscape
Some of the top manufacturers in the global slip ring market include but are not limited to STEMMANN-TECKNIK, Cobham Ltd., SPINNER GmbH, Combinent Oy, Schleifring GmbH, MERSEN Property, ROTAC Co. Ltd., Moflon Technology, Pandect Precision Components Ltd., and Moog Inc.
Players in the slip ring market have invested in product development initiatives aimed towards a wider portfolio with customized offerings for heavy duty applications in varied end user sectors.
For example, WEG has unveiled its M series slip ring motors customized for heavy duty mining and cement processing industries with a power range from 250kW to 10 MW. Similarly, Siemens has also unveiled its new Simotics brand HV M slip ring motor for cement and mining industry applications between 0.5 to 8.2 MW. Further, Orbex Group has released IP65 rated stainless steel slip rings for heavy duty use in outdoor and industrial environments, operational in temperatures from -40 to 80°C.
More on the Report
The FACT.MR's market research report provides in-depth insights on the worldwide slip ring market. The market is classified according to product (wireless, pancake, pneumatic, miniature, capsule, molded, and others), and end user (aviation & aerospace, defense, space, and others), across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).
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SOURCE: Fact.MR
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https://www.accesswire.com/614421/Slip-Rings-Market-to-Surpass-US-1-Bn-by-2030-Development-of-Non-Contact-Slip-Ring-Variants-to-Generate-Lucrative-Growth-Opportunities-FactMR
