- The global slip ring market is anticipated to rise at a CAGR of 3% during the forecast period of 2020–2030. Increased adoption of green technologies is likely to drive market sales in the upcoming years
- North America is projected to show rapid expansion due to the presence of many players and high demand for slip rings in the region
ALBANY, N.Y., Oct. 14, 2021 /PRNewswire/ --
Slip Ring Market: Overview
Major companies engaged in the global slip ring market are increasing their R&D activities, which are focused on the discovery of new technologies and materials that advance the quality and performance of slip rings.
Slip rings are gaining impetus as they hold the ability to improve application performance, thus eliminating the possibility of damage to wiring between movable parts, and simplify the operations. Pancake slip rings, wireless slip rings, miniature slip rings, pneumatic slip rings, molded slip rings, and capsule slip rings are some of the key products available in the global market.
The analysts at Transparency Market Research (TMR) note that the global slip ring market is expected to expand at a CAGR of 3% during the forecast period of 2020–2030.
The players in the global market are experiencing high demand for customized slip rings for different applications.
Increase in Production of Wind Turbines Boosts Sales Opportunities in Global Market
The world is experiencing increased need for using green, sustainable, and clean energy sources due to growing environmental concerns. As a result, manpower generation companies are witnessing demand for wind turbines wherein slip rings are one of the key components.
Adoption of Crane Technology to Create Prominent Avenues for Market Growth
In the crane technology, slip rings are utilized for different purposes, including power and data transmission. Some of the key properties promoting the use of slip rings in the crane technology include superior flexibility for varied applications. Presently, the market players are experiencing high demand for Rotar X slip rings, owing to their growing use in cranes to ensure minimum downtime and improve durability.
In recent years, many countries across the globe have increased investments in different space-related activities and projects. This scenario is resulting into increased requirement of missiles, satellites, and ground vehicles, wherein slip rings are a key component. Thus, increase in the number of space-related projects is expected to generate high demand for slip rings in the near future.
With increased initiatives by government bodies of many countries, the adoption of green technologies is increasing across the globe. As a result, the demand for wind turbines is increasing, which, in turn, is anticipated to boost sales opportunities in the slip ring market.
Slip rings find wide application in DC motors and AC generators. In addition, players operating in the slip ring market are anticipated to gain high sales avenues, owing to increased product use in cable reels, tower cranes, bucket-wheel excavators, and pillar jib cranes.
In terms of region, the slip ring market is expected to attain prominent growth avenues in Asia Pacific. This growth can be attributed to increased initiatives by regional government authorities to promote the use of green technologies.
Companies engaged in the global slip ring market are increasingly adopting in acquisition activities. Furthermore, several players are incorporating advanced technologies in their production activities. These strategies are helping them to stay ahead in the competition.
Slip Ring Market: Key Players
The report performs profiling of key players operating in the slip ring market. Thus, the research document delivers all important information including the company overview, product portfolio, financial overview, recent developments, and business strategies of each player operating in the market.
Some of the key players in the slip ring market are:
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