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.
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.
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.
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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
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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
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