In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
Misalignment of shafts is mandatory because a shaft, in major cases, is adjoined when a machine is unloaded. Additionally, operational force also makes shafts to bend. Moreover, factors such as thermal expansion, human and installation errors and worn out bearings also considered to exist as the major cause of misalignment of shafts.
Flexible shaft couplings are utilized in applications that need extreme torque transmission in the oil and gas industry. Coupling types which are Non-lubricated including diaphragm, elastomeric, bellow, and disc couplings are generally embraced in the oil and gas industry. Flexible shaft couplings furnish combined with torque capacity limit including vibration damping in pump applications in pipelines and oil refineries. This kind of adaptable shaft coupling can hold high temperatures and pressure as well as humidity level. Resultant of which, the proximity of harm in the equipment gets minimizes, propagating positive effects on machine life cycle cost.
There exist wide array applications of versatile shaft couplings among end-use industries which includes manufacturing, mining. Discernible growth of several end-use industries can penetrate to enhance the market of Flexible shaft couplings market in forthcoming years. Several utilizing industries across the globe constantly innovating and are trying to enhance their operational potential by implementing the six sigma technique thereby, improve the expansion of the flexible shaft couplings market.
The global Flexible shaft couplings market is perceived to maintain a constant CAGR of 5% on the advent of growth in manufacturing industries during the forecast period. Additionally, the global flexible shaft couplings market is estimated to exist at a significant level in 2017. Growth in manufacturing industries aligned to power and energy, steel industry, tire manufacturing, aerospace industry, automotive industry, marine industry, food processing industry, mining industry positively driving the flexible shaft coupling market globally. The developing regions such as South and South Eastern Asia, Southern Africa, Eastern Europe, Mediterranean countries manifests positive growth due to emergence as well the existence of increasing market demand of flexible coupling shafts.
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Asia Pacific attains elite market share of the global flexible shaft couplings on the account of emergence of demand from countries such as China and India. Excruciating demand from Asia Pacific emerged as the global hub for significant manufacturing industries. North America and Europe also contributed to exist and hold significant share in Flexible shaft couplings market across the globe. Russia and Eastern European countries are anticipated to boost the market growth over forthcoming years on the account of existing manufacturing capabilities. Countries such as South Africa and Brazil also anticipated bolstering the growth due to their emerging manufacturing capacity.
Flexible Shaft Coupling pertains its utilization among end use industry such as mining, manufacturing. On the account of elevation of such industries propagating demand for flexible shaft couplings market.
Several end-use industries across the globe are establishing efforts to improve the operational constraints by sustaining the six sigma technique to supplement the growth of the flexible shaft couplings industry. The industrial manufacturers are implementing several efforts to enhance the couplings quality by using materials of lighter weight, providing significant inertia, and minimizing the surface required. The above stated factors increase flexible shaft couplings demand.
Several factors which includes the barrier to the market of flexible shaft couplings are the deteriorating export conditions and the development of the products that are of low quality by vendors are impacting the market negatively. Downgrading export situation and constraints aligned the introduction of substandard products provided by local competitors are negatively impacting the growth of global flexible shaft couplings market.
Our-in depth analysis of the global flexible shaft coupling market includes the following segments:
On the basis of regional analysis, global Flexible Shaft Couplings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific attains significant market share of the global flexible shaft couplings on the account of emergence of demand from countries such as China and India. Expanding demand from Asia Pacific emerged as the global hub for significant manufacturing industries.
Global Flexible Shaft Couplings market is further classified on the basis of region as follows:
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