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. According to Ingeteam Corporación, SA, a manufacturer of electrical equipment, motors, generators & converters, etc., has seen strong sales of wind energy converters and wind control cabinets in the 2019. Sales are increasing due to the increasing investment in key emerging markets such as India and Brazil. These factors are likely to drive the demand for high-end and technologically advanced slip rings during the forecast period.
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.
The report provides in-depth segment analysis of the global slip ring market, thereby providing valuable insights at macro as well as micro levels. In-depth geographic analysis has also been included as part of the slip ring market.
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Slip Ring Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global slip ring market. Key players profiled in the report include Moog Inc., Cobham Limited, MERSEN Property, Combinent Oy Ab, Moflon Technology Co. Limited, Pandect Precision Components Ltd., ROTAC Co., Ltd., Schleifring GmbH, SPINNER GmbH, and Stemmann-TECHNIK.