Automatic Lubrication Systems Market 2022
According to Persistence Market Research, the global automatic lubrication systems market will grow to be worth $1.55 billion at a CAGR of 4.5% by 2032. This growth is driven by a number of factors, including the increasing demand from end-use industries and the rising awareness of the benefits of automatic lubrication systems.
The global Automatic Lubrication Systems market is expected to witness significant growth during the forecast period. The increasing demand from end-use industries is projected to drive the market growth. Additionally, the rising awareness about the benefits of using automatic lubrication systems is also expected to boost the demand for these systems in the forthcoming years.
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Key Takeaways from the Automatic Lubrication Systems Market Study
- The forecast period will witness automatic lubrication systems market emphasizing on creating awareness regarding the benefits of automatic lubrication system, especially considering the present scenario that there are numerous minor components that could prove to be troublesome as not all users are knowledgeable in this regard.
- Asia-Pacific is expected to hold more than 30% of the market share. This could be credited to Japan being the flag bearer. Also, majority of companies are shifting their base to the Asia-Pacific.
- North America has been leading the market till date. It is into the saturation mode as of now. This situation is expected to continue furthermore as well. Europe comes in second.
- The shakers, thrusters, valves, generators, cranes, fans & blowers, pumps, and compressors – which need precise lubrication for functioning well, could be best served by automatic lubrication systems, with added benefits in the form of “big data”. Also, there are ultrasonic high- and low-level options. Moreover, as these systems are compatible with iOS and Android apps, lubrication could be well-managed. Apprising users about these benefits could trigger growth of automatic lubrication systems market going forward.
Automatic Lubrication Systems Market: Structure to look for
The key players in the automatic lubrication systems market include Pricol Limited, Lubrite Industries, Oil-Rite Corporation, LUBE Corporation, ILC Srl, H-T-L Perma USA, LP, CENLUB SYSTEMS, Advanced Fluid Systems, Dropsa USA, Kluber Lubrication, Graco Inc., The Timken Company, and SKF.
The players are moving towards inorganic expansion to gain a competitive edge over one another. For instance – Graco, Inc., in Jan 2020, did launch Compact Dyna-Star (CDS), and automatic lubrication system designed to address heavy-duty earth-moving machines that need to be used in extreme conditions. Of late, Schaeffler introduced “CONCEPT1”, a single-point automatic lubrication system in the US.
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Key Questions Answered in Automatic Lubrication Systems Market Report –
Who are the Major Manufacturers and Suppliers of Automatic Lubrication Systems?
What will the Automatic Lubrication Systems Market growth rate in Future?
What are the key factors driving the global Automatic Lubrication Systems Market?
Who are the key manufacturers in Automatic Lubrication Systems Market space?
What are the opportunities and threats faced by the vendors in the global Automatic Lubrication Systems industry?
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