Slip Ring Market to Join Billion Dollar Club by 2030; Market to Gradually Recover After Initial Setbacks Brought on by COVID-19 Outbreak
Published : 12 Oct 2020 Industry: Industrial Goods
The global slip ring market is estimated to be valued at over US$ 1 billion by the end of the forecast period in 2030. The industry is expected to be negatively impacted by the coronavirus outbreak owing to declining activity in a number of end-use industries and limited production, which has reduced demand for slip rings. However, the market is likely to witness faster growth in the years ahead driven by initiatives towards the development of renewable energy generation infrastructure such as wind turbines, and the growing investments by the industrial sector towards automated processes.
Slip ring market players are increasingly focusing on improvements towards specialized slip rings with wireless capabilities to improve power transmission capabilities, while leveraging demand from mobile industrial equipment manufacturers, aiding growth prospects for the future.
Key Takeaways from Slip Ring Market Study
- The global slip ring market is projected to create an absolute $ opportunity of over US$ 200 million and is expected to rise at a CAGR of around 3% through 2030.
- In terms of product type, pancake slip rings are anticipated to remain dominant with significant market share through 2030, on the back of growing demand for miniaturization in industrial automation.
- By end user, space and renewable energy sectors are likely to witness higher demand, driven by major investments from governments and private sector end user companies.
- North America is expected to hold major market share in the slip ring market, with the market valued at more than 250 Mn in 2020, aided by easier access to new technology and a larger presence of leading market players.
- With reduced industrial activities during the COVID-19 pandemic, the slip ring market will experience sluggish growth in the near future.
“Rising demand for wind turbines around the world is expected to positively impact on the rise of the slip ring market through 2030. Furthermore, improvements in terms of materials used for production and new technologies in wireless slip rings are expected to bolster the long-term prospects of the industry,”says a Fact.MR analyst.
Product Development and Launch Strategies Gain Ground
Leading players in the slip ring market are Cobham Limited, Combinent Oy, MERSEN Property, Moflon Technology, Moog Inc., Pandect Precision Components Ltd., ROTAC Co. Ltd., Schleifring GmbH, SPINNER GmbH, and STEMMANN-TECHNIK, among others. The market is moderately fragmented with a number of regional players. The competitive landscape of the slip ring industry has been largely characterized by efforts towards product development and launches.
- Moog Inc. has introduced a new pitch control slip ring aimed towards applications in the wind energy market, for varying sizes of turbines, with lower costs of maintenance and ownership. The company has featured control over rotor flanges for ease of installation, minimal torque, and capabilities to isolate signals from power.
- SPINNER GmbH has unveiled fiber optic rotary joints for application in single and multi-channel slip rings under the designation FORJ 1.17 and FORJ x.40. The products have been revealed to come with IP68 ratings aimed towards applications in underwater vehicles and offshore industrial settings.
- Schleifring GmbH has unveiled a range of contactless slip rings for power and data applications including industrial EtherNet, Fast-EtherNet, PowerLink, GigaBit, Modbus TCP, Profinet, EtherNet IP, EtherCAT, and Sercos III, with minimal energy and signal loss and low interference for external sources for customer-specific use, with separation between power and data transmission.
Find More Valuable Insights on Slip Ring Market
In its latest report, Fact.MR has provided readers with an unbiased, detailed, analysis of the global slip ring market, comprising data on historical demand (2015-2019), and forecast statistics for 2020 and 2030. The study gives key actionable insights on the slip ring market on the basis of product (wireless, pancake, pneumatic, miniature, capsule, molded, and others) and end user (aviation & aerospace, defense, space, and others), across five regions.
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