Slip Ring Market
Slip Ring Market (Product Type: Wireless Slip Rings, Pancake Slip Rings, Pneumatic Slip Rings, Miniature Slip Rings, Capsule Slip Rings, Molded Slip Rings, and Others; and End User: Aviation & Aerospace, Defense, Space, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Entry of New Technologies and Evolving End-use Applications to Drive Innovations
A slip ring is an electromagnetic device, which primarily enables the transmission of power and electric waves from a stationary object to the rotating framework. Slip rings are used across a plethora of industrial automation applications as well as in equipment such as jib cranes and towers, hose winders, and more. In addition, some of the primary end users of slip rings include companies and organizations operating across the defense, space, power generation, aviation & aerospace, and transport among others. Due to evolving applications and technological advancements, a range of slip rings, including wireless slip rings, pneumatic slip rings, capsule slip rings, and molded slip rings, are currently available in the market.
Market players operating in the current slip ring market are projected to focus on product innovation and improve the salient features of their products to gain an advantage in the global market. As applications of slip rings continue to evolve at a rapid pace, with it, innovations across the slip ring market are expected to gain considerable momentum during the forecast period– a trend that is likely to propel the demand for slip rings in the upcoming years. Mechanical and material engineers operating in the global slip ring market are increasingly focusing on leveraging new materials and technologies to improve the quality and overall performance of slip rings.
At the back of these factors, along with widening applications of slip rings, the global slip ring market is expected to reach US$ 1.1 Bn by the end of 2030.
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High Demand for Slip Rings to Manufacture Wind Turbines to Propel Market
Over the past couple of decades, due to mounting environmental concerns and regulatory pressure, the demand for sustainable, green, and clean energy has compelled power generation companies to deploy wind turbines to attain these objectives. As the demand for green energy continues to grow at an exponential rate around the world, the number of annual turbines installed in various countries continues to increase. The upward growth in the demand for wind turbines is a major factor expected to provide a boost to the slip ring market, as slip rings are one of the core components of wind turbines. In addition, as power companies focus on improving efficiency levels by minimizing operating and maintenance costs, slip rings play a key role in achieving these goals.
Research and development activities are expected to witness a steady rise across the slip ring market in the upcoming years, as the production of insulation materials gains momentum. With the entry of a range of insulating materials that offer higher resistance to high-temperature levels, slip rings manufactured using advanced materials are gaining popularity. As engineers and technicians aim to improve the efficiency of wind turbines and move toward a sustainable path, slip rings are expected to play a key role in achieving these targets.
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Growing Adoption in Crane Technology to Boost Market Growth
Slip rings are extensively used in the crane technology for data and power transmission applications– a trend that is expected to gain further momentum during the assessment period. At present, Rotar X slip rings are widely used in cranes to improve durability and ensure minimum downtime. Slip rings are used in the crane technology for a range of factors, including higher flexibility for various applications and the ease at which slip rings can be adjusted using slip rings. Some of the other applications wherein the demand for slip rings is on the rise include tower cranes, cable reels, pillar jib cranes, bucket-wheel excavators, and more. Slip rings are widely used in AC generators and DC motors– a factor that is expected to shape the growth of the global slip ring market.
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Market Growth to Remain Sluggish amid COVID-19 Pandemic
The COVID-19 pandemic is expected to clip the wings of the global slip ring market in 2020, as operations on both, the supply as well as the demand side continue to take a major hit. With stringent lockdown measures implemented by governments in the second quarter of 2020 in several regions of the world, activities across the industrial sector in developing as well as developed regions have remained slower than usual. The demand for slip rings has declined in 2020 amid the COVID-19 pandemic, due to the dwindling demand from end-use sectors. However, the market is likely to show signs of recovery toward the last quarter of 2020, as government bodies continue to ease out lockdown restrictions and stringent regulations pertaining to cross-border trade and transportations.
The global slip ring market is expected to expand at a moderate CAGR of 3% during the forecast period. The market growth can be primarily attributed to factors such as the growing demand for slip rings from the power generation sector, especially for the development of wind turbines. The growing demand for wind turbines is projected to have a direct impact on the growth of the slip ring market during the assessment period. In addition, advancements in technology coupled with the entry of new materials are anticipated to drive the production of advanced and innovative slip rings during the assessment period.
Slip Ring Market: Overview
- The global slip ring market is expected to reach US$ 1.1 Bn by 2030 from US$ 808 Mn in 2020, expanding at a CAGR of 3% from 2020 to 2030
- The global slip ring market is currently driven by growing demand for customized slip rings from various application. The slip ring market in Asia Pacific is projected to expand at a high CAGR during the forecast period. The market in Asia Pacific is anticipated to expand at a rapid rate, owing to increasing government initiatives for green technology or energy.
- China is the most attractive slip ring market in Asia Pacific. The incremental opportunity is significantly higher for China, as it accounts for a dominant share of the slip ring market in the region.
- The slip ring market report provides analysis of the global slip ring market for the period 2018 - 2030, wherein 2019 is the base year, 2020 is the estimated year, and 2021 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- A slip ring is an electrical device mainly used in electromechanical applications to transfer power, electrical signals, and data through a 360° rotating joint from a stationary to a rotating structure. Slip rings can provide continuous rotation while transmitting data and power. It simplifies the operation, improves application performance, and eliminates risk of damage to wiring between movable parts.
- In this report, we analyze the challenges industries and manufacturers face in acquiring the right slip ring that can cope with rapidly changing needs of the industry. The report highlights the total volume and revenue generated through the sale of slip rings across various key regions worldwide. The report also considers the impact of COVID-19 on revenue and volume of slip rings across key regions.
North America Slip Ring Market Snapshot
- The slip ring market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America remains the leading market for slip rings, with revenues in 2020 estimated at US$ 255.97 Mn.
- Strong presence of slip ring vendors, along with increasing demand for wireless slip rings in North America is a crucial factor driving the market. Additionally, the U.S. has the highest budget for space exploration and is active in space exploration projects.
- India and China are adopting slip rings in petrochemical and oil & gas plants due to the increasing demand for petrochemical/chemical products in these countries
Key Growth Drivers of Slip Ring Market
- Increasing Exploration in Space: Currently, almost every country is active in space projects and activities. Space-based applications/services have grown in recent years across the globe. These activities generate demand for ground vehicles, missiles, satellites, etc., which indirectly generates the need for slip rings. This is expected to boost the demand for slip rings during the forecast period.
- Increasing Demand for Green Technologies: Upsurge in adoption of green technologies is gaining popularity across the world. Increase in the installation of wind turbines for clean energy generation is expected to fuel the demand for slip rings in wind turbines to increase the efficiency of the machines and enhance their life span.
Key Challenges Faced by Slip Ring Market Players
- Slip rings require regular maintenance as sparking may occur in the presence of dust. Slip rings have complex configuration with more than 10 circuits. Maintenance of slip rings is totally dependent on the type of damage that occurs and which part is damaged. Parameters such as temperature, lubrication, dust, corrosion, noise, and vibration require to be checked on a regular basis. Hence, maintenance of slip rings is a must. This is expected to hinder the market growth in the near future.
Slip Ring Market: Competition Landscape
- In April 2020, United Equipment Accessories (UEA) implemented 3D printing capabilities in slip ring parts to manufacture customized and efficient design of slip rings
- In December 2019, Moog, Inc. acquired GAT Inc., a German company that develops and manufactures high-end fluid rotating unions and slip rings
Slip Ring Market: Company Profile Snapshot
- Cobham Limited: Incorporated in 1934, Cobham Limited is a British manufacturing company engaged in manufacturing, design, and sale of equipment, and specialized systems and components for defense, aerospace, electronics, and energy industries
- Moog Inc.: Moog Inc. develops, designs, and manufactures advanced motion control products for defense, aerospace, medical, and industrial applications. The company operates under three business segments: Aircraft Control, Industrial System, and Space & Defense.
Slip Ring Market Players
- Other major players operating in the global slip ring market and profiled in the report include -
- MERSEN Property
- Combinent Oy Ab
- Moflon Technology Co. Limited
- Pandect Precision Components Ltd.
- ROTAC Co.,Ltd.
- Schleifring GmbH
- SPINNER GmbH
Slip Ring Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global slip ring market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the slip ring market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the slip ring market is expected to progress during the forecast period, 2020-2030.
The report offers intricate dynamics about the different aspects of the slip ring market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the slip ring market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the slip ring market and estimate statistics related to the market progress in terms of value (US$ Mn) and volume (Thousand Units).
The study covers a detailed segmentation of the slip ring market, along with cross-country analysis, key information, and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the slip ring market, wherein, various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Slip Ring Market
The report provides detailed information about the slip ring market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the slip ring market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for slip ring market players?
- Which factors will induce a change in the demand for slip rings during the assessment period?
- How will changing trends impact the slip ring market?
- How will COVID-19 impact the slip ring market?
- How can market players capture low-hanging opportunities in the slip ring market in developed regions?
- Which companies are leading the slip ring market?
- What are the winning strategies of stakeholders in the slip ring market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the slip ring market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the slip ring market?
Research Methodology - Slip Ring Market
The research methodology adopted by analysts to compile the slip ring market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the slip ring market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the slip ring market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the slip ring market.
Slip Ring Market – Segmentation
TMR’s research study assesses the slip ring market on the basis of product type, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the slip ring market.