The automatic lubrication system market is expected to grow from USD 769.4 million in 2018 to USD 958.5 million by 2023, at a CAGR of 4.5% between 2018 and 2023
The automatic lubrication system market is expected to grow from USD 769.4 million in 2018 to USD 958.5 million by 2023, at a CAGR of 4.5% between 2018 and 2023.
NEW YORK, July 23, 2018 /PRNewswire/ -- Automatic lubrication system market to witness significant growth between 2018 and 2023
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The automatic lubrication system market is expected to grow from USD 769.4 million in 2018 to USD 958.5 million by 2023, at a CAGR of 4.5% between 2018 and 2023. Key factors driving the growth of the automatic lubrication system market include reduction in machine downtime associated with manual lubrication, effective lubrication with automatic lubrication systems, increasing focus on worker safety, and rising labor costs. However, constraints associated with proper lubricant selection and the lack of awareness among end-user industries in developing countries are the key factors restraining the market growth.
Market for oil-based lubrication system to grow at higher CAGR during forecast period
The market for oil-based lubrication system is expected to grow at a higher CAGR between 2018 and 2023.Oil-based lubrication systems mainly find application in enclosed gear assemblies.
Physical properties such as better heat management and efficient performance in cold working conditions drive the growth of oil-based automatic lubrication systems.
Automatic lubrication system market in APAC to grow at highest CAGR during forecast period
The automatic lubrication system market in APAC is expected to grow at the highest CAGR between 2018 and 2023.The presence of industrialized economies such as India, China, and Indonesia; increasing awareness about automatic lubrication systems; and rising labor rates are a few key factors driving the demand for automatic lubrication systems in APAC.
Huge domestic demand for products and services, and significant business growth opportunities have led to the establishment of the manufacturing units of various industries, such as cement, steel, and energy, in the region. This offers an attractive opportunity for the automatic lubrication system market growth in APAC.
The breakup of the profiles of primary participants for the report is as follows:
• By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
• By Designation: C-Level Executives – 45%, Directors – 35%, and Others – 20%
• By Region: North America – 40%, Europe – 30%, APAC – 25%, and RoW – 5%
Key players operating in the automatic lubrication system market include SKF (Sweden), Graco (US), BAIER + KOEPPEL (Germany), Timken (US), Bijur Delimon (US), Samoa (Spain), Klueber Lubrication (Germany), Perma-tec (Germany), Woerner (Germany), Dropsa (Italy), Cenlub Systems (India), ATS Electro-Lube (Canada), I.L.C. S.r.L. (Italy), Oil-Rite (US), and Simatec (Switzerland).
Research Coverage:
This report on the automatic lubrication system market analyzes and forecasts the market based on lubrication type, system type, industry, and region.By lubrication type, the market has been segmented into grease-based lubrication system and oil-based lubrication system.
By system type, the automatic lubrication system market has been classified into single-line, dual-line, multi-line, series progressive, circulating oil, and oil & air lubrication systems.By industry, the automatic lubrication system market has been classified into steel, manufacturing, cement, paper & printing, transportation, construction, agriculture, mining, and power.
By region, the automatic lubrication system market has been classified into North America, Europe, APAC, and RoW.
Key Benefits of Buying This Report:
Illustrative segmentation, analysis, and forecast of the market based on lubrication type, system type, industry, and region have been conducted to offer an overall view of the automatic lubrication system market.
The value chain analysis has been performed to provide an in-depth insight into the automatic lubrication system market.
The report provides a detailed overview of major drivers, restraints, opportunities, and challenges influencing the growth of the automatic lubrication system market.
The report also includes competitive landscape, along with in-depth analysis and revenue of key players.
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