Wilmington, Delaware , June 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Slip Ring Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global slip ring market generated $1.3 billion in 2022, and is anticipated to generate $1.7 billion by 2032, rising at a CAGR of 3.2% from 2023 to 2032.
Prime Determinants of Growth
The rising trend of industrial automation across various sectors, such as robotics, manufacturing, packaging, & aerospace, the growing demand for efficient packaging & material handling solutions, and the expansion of medical device industry are the factors expected to drive the growth of the global slip ring market in the forecast period from 2023 to 2032. However, complex manufacturing processes and high maintenance requirements associated with slip rings may restrict market growth in the coming future. Contrarily, innovations in slip ring technology and the increasing demand for high-speed data transmission in automated systems are expected to offer remunerative opportunities for the slip ring market expansion during the forecast period.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.3 billion |
| Market Size in 2032 | $1.7 billion |
| CAGR | 3.2% |
| No. of Pages in Report | 270 |
| Segments covered | Product Type, End User, and Region |
| Drivers | Rising adoption of automation and robotics Growing demand for packaging & material handling Increasing defense budgets worldwide |
| Opportunities | Innovations in slip ring technology Development of compact & lightweight designs |
| Restraints | Complex manufacturing process |
Product Type: Pancake Slip Rings Sub-segment to Flourish Immensely During the Forecast Period
The pancake slip rings sub-segment accounted for the largest global slip ring market share of 37.5% in 2022 and is expected to hold major share by 2032. This is mainly due to their compact design, which is suited for space-restricted applications. With miniaturization trends across industries like robotics and aerospace the demand for pancake sliprings is surging. Their role in wind turbines, defense, aerospace, and entertainment industries is further propelling the sub-segment's growth.
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End User: Space Sub-segment to Hold the Highest Share by 2032
The space sub-segment held the largest market share of 29.5% in 2022 and is predicted to continue to dominate during the forecast period. This growth is mainly due to slip ring’s crucial role in spacecraft and satellite operations, ensuring seamless data and power transmission. In addition, the need for reliable slip ring technology is on the rise with the growing demand for satellites and space exploration missions.
Region: North America Market to Lead in Terms of Major Share by 2032
The North America slip ring market accounted for the largest share of 32.6% in 2022 and is predicted to continue to hold major share by 2032. This growth can be attributed to rising demand for slip rings from diverse industries in the region like manufacturing, automotive, aerospace, and robotics. Besides, slip rings enable ongoing rotation and the transfer of signals/power in industrial automation. This demand is bolstered by defense modernization initiatives and the flourishing medical device sector, which is driving the need for advanced slip ring technologies.
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Leading Players in the Slip Ring Market:
- Stemmann-Technik GmbH
- NSD Corporation
- Rotac Co.
- COBHAM PLC
- Michigan Scientific Corporation
- Mersen S.A.
- Schleifring GmbH
- United Equipment Accessories, Inc.
- Moog Inc.
- Conductix-wampfler USA
The report provides a detailed analysis of the key players of the global slip ring market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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