Automatic Lubrication Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Automatic Lubrication System Market Introduction
With the increasing trend of industrialization worldwide, the demand for automatic lubrication systems has reached new heights. Automatic lubrication systems are being adopted to ensure the long life of manufacturing equipment and optimum performance of the whole machinery. A variety of industrial end-users are adopting advanced technology of automatic lubrication systems to attain more reliability of mechanical components and a significant reduction in production downtime.
The global market for automatic lubrication systems was pegged at US$ 742 million in 2017, and increasing awareness about the advantages of implementing high-tech automatic lubrication systems is expected to trigger growth of the market in the upcoming years. The growth prospects of the market are mainly attributed to the industrial growth and continually evolving lubrication technologies.
In addition, the improved accuracy and efficiency of automatic lubrication systems with developments in technologies is expected to attract more customers in the coming future. Thereby, leading players in the automatic lubrication system market are adopting next-generation technologies to introduce advanced and innovative features, which will sync with end-users demands, to boost their profitable sales.
However, unawareness about the operational technicalities about automatic lubrication systems remains a major impediment for growth of the automatic lubrication system market. Dearth of skilled workers and lack of knowledge about the system’s maintenance cycles can lead to an automatic lubrication system’s failure, which is likely to restrict market growth in the upcoming years.
Automatic Lubrication System Market – Notable Developments
Some of the most prominent competitors operating in the competitive landscape of global automatic lubrication systems market include –
Automatic Lubrication System Market Dynamics
Preference for Automatic over Manual Lubrication Remains a Major Driver for Market Growth
The global manufacturing industry is undergoing technological transformations and machines are replacing human resources in a variety of operational sectors in the industry. The similar trend has been contributing to the increasing demand for automatic lubrication systems, as the manual lubrication processes carried flaws and lacked efficiency.
A majority of end-users are opting for automatic lubrication systems over their manual variants, especially where the position of nature of its application is unreachable for the human resources. In addition, automatic lubrication systems are provide more cost-efficient as compared to manual lubrication processes and consume less time, thereby offering improved productivity.
In addition, the ongoing developments in technologies is further expanding the scope for innovations in the design of automatic lubrication systems, which will further improve prospects of the automatic lubrication system market in the coming years.
Increasing Growth of the Steel Industry will broaden the Range of Applications
According to the World Steel Association, which is an international trade body for the iron and steel industry, the global steel production increased from 1.4 billion tons to nearly 1.7 billion tons between 2010 and 2017. Increasing growth of the global steel industry is mainly attributed to the favorable global economic momentum and increasing use of steel in a wide range of industrial sectors including automotive, packaging, and construction.
Growth of the automotive lubrication market mainly hinges on the developments in and expansion of the global steel industry as increasing use of high-quality steel has triggered the need for efficient and high-performance automatic lubrication systems. Growing adoption of manufacturing equipment made of high-quality steel is expected to boost sales of automatic lubrication systems to ensure the durability and operational efficiency of the equipment. This is expected to play an important role in growth of the automatic lubrication system market.
Automatic Lubrication System Market Segmentation
The automatic lubrication system market is segmented based on:
Based on the types of systems, the automatic lubrication system market is segmented into:
Based on the types of lubrication, the automatic lubrication system market is segmented into:
Based on the end-use industries, the automatic lubrication system market is segmented into:
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