Slip Rings Market to Surpass US$ 1 Bn by 2030, Finds Fact.MR
Slip ring manufacturers are investing in research endeavors for material and mechanical design improvements for their offerings bolstering long term industry prospects.
"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.
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.
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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.
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.
PR Source- https://www.factmr.com/