Flexible Shaft Couplings Market Size, Share, Growth, and Industry Analysis, By Type (Elastomeric Couplings, Gear Couplings, Bellow Couplings, Disc Couplings and Other), By Application (Oil and Gas Industry, Power Plants, Mining and Metal Industry and Others), Regional Insights, and Forecast To 2032

Updated On: 08 July 2024

flexible shaft couplings market REPORT OVERVIEW

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The global flexible shaft couplings market size was 1630.4 million in 2022 and is expected to reach USD 1905.2 million by 2028, exhibiting a CAGR of 2.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the flexible shaft couplings experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Flexible shaft couplings are mechanical devices used to connect two shafts while allowing for some degree of misalignment and flexibility. They play a critical role in various industrial applications where precise and reliable torque transmission is required. The primary function of a flexible shaft coupling is to transmit torque from one shaft to another while accommodating misalignment, axial motion, and angular displacement between the two shafts. There are several types of flexible shaft couplings available in the market, each designed for specific applications. Some common types include elastomeric couplings, beam couplings, bellows couplings, and gear couplings.

The key advantages of flexible shaft couplings include compensation for misalignment; they can handle parallel, angular, and axial misalignment, extending the life of connected equipment. Vibration and shock absorption, they dampen vibrations and shocks, reducing wear and tear on machinery and Torque transmission, they efficiently transmit torque while maintaining flexibility.

COVID-19 IMPACT: Increased Focus on Automation and Robotics to Boost Demand Significantly

COVID-19 had a life changing impact globally. The flexible shaft couplings market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for flexible shaft couplings experienced an increased demand.

Many industries scaled back or temporarily halted their operations due to lockdowns and social distancing measures. This reduction in industrial activity could have reduced the demand for flexible shaft couplings, especially in sectors such as automotive, aerospace, and manufacturing. Many businesses adopted a cautious approach during the pandemic, delaying or scaling down capital expenditures. This could have affected investment in new machinery or equipment, indirectly impacting the flexible shaft couplings market.

The pandemic accelerated the adoption of automation and robotics in various industries, including manufacturing and logistics. With social distancing measures and a need for reduced human intervention, industries turned to automation to maintain operations. Flexible shaft couplings are essential components in robotic systems, and this increased adoption drove demand for these couplings. E-commerce experienced significant growth during the pandemic, driven by a surge in online shopping as people avoided physical stores. This growth increased the demand for automated conveyor systems and material handling equipment in warehouses and distribution centers, where flexible shaft couplings are often used. The market is anticipated to boost the flexible shaft couplings market following the pandemic.

LATEST TRENDS

"Integration of New Technologies to Broaden Market Growth"

The adoption of Industry 4.0 principles and the Industrial Internet of Things (IIoT) has been influencing the flexible shaft couplings market. Couplings with built-in sensors and connectivity capabilities have gained popularity. These smart couplings enable real-time monitoring of equipment health, performance, and predictive maintenance, contributing to reduced downtime and increased efficiency. With the increasing demand for high-speed machinery in industries such as automation, robotics, and aerospace, there has been a growing need for flexible shaft couplings capable of handling high rotational speeds and providing precision torque transmission.

Coupling manufacturers are emphasizing designs that reduce the need for maintenance and extend the lifespan of couplings. Features like self-lubrication, maintenance-free designs, and enhanced durability help minimize downtime and operational disruptions. These latest developments are anticipated to boost the flexible shaft couplings market share.

flexible shaft couplings market SEGMENTATION

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• By Type

Based on type, the market is divided into Elastomeric Couplings, Gear Couplings, Bellow Couplings, Disc Couplings and Other.

• By Application

Based on application, the market is bifurcated into Oil and Gas Industry, Power Plants, Mining and Metal Industry and Others.

DRIVING FACTORS

"Industrial Growth to Boost Market Share"

The growth and expansion of various industries such as manufacturing, automotive, aerospace, renewable energy, and robotics drive the demand for flexible shaft couplings. As industries expand their operations, they require efficient and reliable torque transmission solutions. The renewable energy sector, including wind and solar power, relies on machinery that requires flexible shaft couplings for torque transmission and alignment. As the demand for clean energy sources grows, so does the market for couplings.

 As older industrial machinery and equipment require maintenance and upgrades, there is a consistent demand for replacement and retrofitting of flexible shaft couplings to enhance system performance and efficiency.

"Automation & Robotics to Boost Market Size"

The increasing adoption of automation and robotics in manufacturing and other industries requires precise and flexible torque transmission solutions. Flexible shaft couplings play a vital role in these applications, supporting the movement and alignment of robotic arms and machinery. Ongoing advancements in materials science and manufacturing technology lead to the development of more efficient and durable flexible shaft couplings. These advancements enhance their performance and lifespan. These factors are anticipated to drive the flexible shaft couplings market.

RESTRAINING FACTOR

"Economic Uncertainty to Hamper Market Share"

Economic downturns and uncertainties can lead to reduced capital expenditure by industries, affecting the demand for flexible shaft couplings. Companies may delay or scale back investments in machinery and equipment during economic downturns. Fluctuations in the prices of raw materials, such as metals and polymers, can impact manufacturing costs and potentially lead to increased product prices. Trade restrictions and tariffs can affect the global supply chain and the cost of importing or exporting couplings, potentially impacting market dynamics. The factors are anticipated to hinder the flexible shaft couplings market growth.

flexible shaft couplings market REGIONAL INSIGHTS

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"North America to Dominate the Market owing to Strong Manufacturing Base"

North America, particularly the United States, has been a major player in the flexible shaft couplings market. The region is home to numerous manufacturing industries, including automotive, aerospace, and machinery production. The demand for couplings in these industries has been substantial. Additionally, the presence of several leading coupling manufacturers and suppliers in North America has contributed to its significant share in the market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Altra Industrial Motion [U.S.]
• Rexnord [U.S.]
• SKF (Svenska Kullagerfabriken AB) [Sweden]
• Timken [U.S.]
• Tsubakimoto Chain [Japan]
• Voith [Germany]
• ABB (Asea Brown Boveri) [Switzerland]
• Siemens [Germany]
• Cross+Morse [U.K.]
• DieQua [U.S.]
• Eide [Spain]
• Jakob Antriebstechnik [Germany]
• Mayr [Germany]
• Nabeya Bi-tech Kaisha (NBK) [Japan] 
• Regal Beloit [U.S.]
• Ringfeder Power Transmission [Germany]
• Zero-Max [U.S.]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.