Automatic Lubrication System Market Worth 958.5 Million USD by 2023
PUNE, India, June 22, 2018 /PRNewswire/ --
According to the new market research report "Automatic Lubrication System Market by Lubrication Type (Grease, Oil), System Type (Single-Line, Dual-Line, Multi-Line, Series Progressive, Circulating Oil, Oil & Air), Industry (Steel, Manufacturing, Cement), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 769.4 million in 2018 to reach USD 958.5 million by 2023, at a CAGR of 4.5% between 2018 and 2023. Factors such as reduction in machine downtime associated with manual lubrication, effective lubrication with automatic lubrication systems, increasing focus on worker safety, and rising labor costs are driving the automatic lubrication system market.
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Grease-based lubrication system to hold largest share of automatic lubrication system market between 2018 and 2023
Grease-based lubrication systems mainly find application in heavy-duty bearing lubrication applications. Grease-based automatic lubrication systems are ideal for machines and equipment that require infrequent lubrication and work under heavy load at slow speed. Furthermore, the rugged nature of grease-based lubricants also makes them ideal for harsh working conditions, making them the preferred choice for most machines and equipment.
Single-line lubrication system to hold largest market share during forecast period
Single-line lubrication system is expected to hold the largest share of the market between 2018 and 2023. Single-line lubrication systems are the easiest to operate and maintain. These systems are designed for low-pressure oil lubrication and can lubricate up to 100 points. Single-line automatic lubrication systems are ideal for compact and medium-sized machines and equipment with closely configured bearing clusters. One of the important features of a single-line lubrication system is that it continues to operate even if any lubrication point is blocked. Easy installation, ease of expansion, and suitability for all kinds of lubricants are some of the main advantages of using single-line automatic lubrication systems.
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Steel industry held largest share of automatic lubrication system market in 2017
Rapid industrialization and infrastructure modernization in emerging economies such as China, India, Brazil, Indonesia, and Thailand have resulted in increased demand for steel. Increasing demand for high-quality steel has prompted steel companies to use advanced automated machinery and equipment in their plants. Companies are using automatic lubrication systems in steel plants to properly lubricate plant machinery so that it can withstand the harsh operating environment.
Europe to hold largest share of automatic lubrication system market between 2018 and 2023
Europe has been at the forefront of industrial revolution. Leading industries such as automotive, mining, steel, electronics manufacturing, and agriculture have been flourishing in the European region for the past few decades. Need for more efficient output has encouraged the European industrial ecosystem to embrace automation and digitization. Increasing necessity to adopt efficient machinery and equipment, and maintenance practices has made Europe a huge market for automatic lubrication systems.
European countries are one of the early users of advanced machinery in industrial plants and the manufacturing units of automotive, metals, and manufacturing sectors. For instance, in France, which is one of the highly advanced and industrialized countries in the world, manufacturing remains the most important industry for the French economy. In France, the manufacturing sector accounts for ~86% of the total production. France's manufacturing sector produces electronics, optical products, machinery and equipment goods, transport products, and rubber and plastic products. The country's manufacturing sector uses advanced automated equipment to increase production output. This equipment requires regular maintenance and lubrication to operate efficiently. Therefore, manufacturing companies are increasingly using automatic lubrication systems to keep their equipment in proper working condition.
Major players in the automatic lubrication system market are SKF (Sweden), Graco (US), BAIER + KOEPPEL (Germany), Timken (US), and Bijur Delimon (US).
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