Slip rings Market will Generate New Growth Opportunities By 2020-2030

Posted by anna on December 2nd, 2020

Slip Ring Market: Introduction

The global slip ring market is anticipated to reach US$ 1.1 Bn by 2030. The slip ring market is projected to expand at a CAGR of 3% from 2020 to 2030 based on revenue. North America was a significant contributor to the slip ring market in terms of revenue in 2019. The prominent market share of the region is due to the high adoption of slip rings. In Asia Pacific, China is a prominent revenue contributor to the slip ring market. The slip ring market in Asia Pacific is expected to expand at a high CAGR during the forecast period.

Increasing Demand for Green Technologies Driving Slip Ring Market

The upsurge in the adoption of green technologies is gaining popularity across the world. Increase in the installation of wind turbines for clean energy generation is expected to fuel the demand for slip rings in wind turbines to increase the efficiency of machines and enhance their life span. Rise in sales of wind energy converters and wind control cabinets increases wind turbine installation, which indirectly generates demand for slip rings.

High Maintenance Affecting Demand for Slip Rings

Slip rings require regular maintenance as sparking may occur in the presence of dust. Slip rings have complex configurations with more than 10 circuits. Maintenance of slip rings is totally dependent on the type of damage that occurs and which part is damaged. Parameters such as temperature, lubrication, dust, corrosion, noise, and vibration require to be checked on a regular basis. Hence, maintenance of slip rings is a must. This is expected to hinder the growth of the slip ring market in the near future.

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Slip Ring: Market Segmentation

The global slip ring market has been segmented in terms of product type, end user, and region. Based on product type, the slip ring market has been classified into wireless slip rings, pancake slip rings, pneumatic slip rings, miniature slip rings, capsule slip rings, molded slip rings, and others. The pancake slip ring segment dominated the global slip ring market in 2019. Based on end user, the slip ring market has been classified into aviation & aerospace, defense, space, and others.

Slip Ring Market: Regional Outlook

In terms of region, the global slip ring market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the slip ring market during the forecast period. The U.S. is projected to lead the North America slip ring market. This is primarily due to the presence of well-established and technologically advanced players in the region. However, during the COVID-19 pandemic, decrease in production (volume) of several end-use products is expected to hamper the overall demand for slip rings in the region. The slip ring market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period. China, Japan, and India are the key markets in the region. The market in Middle East & Africa and South America is also projected to expand moderately during the forecast period.