Global Automatic Lubrication System Market 2018 Technology Progress, Consumer Needs, Economic Environmental Change 2025
The global automatic lubrication system market is expected to grow from USD 853.7 Million in 2017 to USD 1,276.8 Million by 2025 at a CAGR of 5.2% during the forecast period from 2018-2025. Europe has the highest market share as it has various leading industries like automotive, mining, steel, electronics manufacturing, and agriculture which are flourishing and developing the European economy for the past few decades.
Global Automatic Lubrication System Market by Lubrication Type (Grease, Oil), System Type, Industry (Steel, Manufacturing, Cement), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
Prominent companies in the industry include Graco Inc., Bijur Delimon, Cenlub Systems, SKF, Shaan Lube Equipment Pvt. Ltd., among others. Various countries (U.S, Germany, U.K, China and Japan) are playing important role in shaping the market structure by continuously focusing on R & D activities and new developments to obtain market share. In 2018, SKF, the cooper roller bearing product range renamed as SKF cooper split bearings, was made to be used in marine, mining, construction and energy sectors.
The lubrication type segment is classified into grease and oil. Grease-based lubrication system held a largest market share of 64.30% in the automatic lubrication system market in 2017 as they are widely used in heavy-duty processes in industries like manufacturing, agriculture, transportation, mining, construction, and power. System type segment includes single-line, dual-line, multi-line, series progressive, circulating oil, oil & air. Multi-Line segment is anticipated to grow with the highest CAGR of 8.21% over the forecast period. Multi-line lubrication systems helps in heavy-duty and continuous operations and are appropriately used in multiple lubricants. Therefore, the demand for multi-line lubrication systems is rising. Industry segment is divided into segments such as steel, manufacturing and cement. The steel segment is dominating the market and valued around USD 302.21 Million in 2017. Rapid industrialization and infrastructure modernization due to advancement of technology in developing economies have fuelled the demand for steel and has impacted the market in positive way.
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Increase in various costs like labor cost forces the use of automatic lubrication systems which is a major factor driving the market. Also, machine downtime gets reduced due to automatic lubrication. In addition, it also focuses on safety of workers which is fuelling the growth of market. But improper lubricant selection and lack of awareness in developing countries may obstruct the growth of market. Nevertheless, new inventions in product and technology and use of remote monitoring process with automatic lubrication systems will lead to growth and will boost up the market in coming years.
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