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.
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