The automatic lubrication system market is majorly driven by oil-based lubrication as compared to grease-based lubrication. For instance, drilling mud, under application type, is expected to hold approximately 60% of market share through the forecast period. Reduction in operating costs, high adoption rate in heavy-duty machines, higher productivity, and several advantages over manual lubrication systems are some of the key factors driving the growth of the automatic lubrication system market.
On the back of these factors, the global automatic lubrication system market is estimated to expand at a CAGR of 4% by value during the forecast period of 2020-2030.
Key Takeaways of Automatic Lubrication System Market Study
- Integration of smart sensors in lubrication systems is a new trend prevailing in the automatic lubrication system market.
- Tier-1 manufacturers involved in the automatic lubrication system market are SKF, The Timken Company, and Graco Inc.
- Industry consolidation has become a crucial strategy through which major companies have expanded their revenue in the automatic lubrication system market.
- Asia Pacific is expected to be a prominent region, and is estimated to hold more than 1/3 share in the global automatic lubrication system market.
- One of the primary challenges in this market space is high initial installation cost.
“The COVID-19 pandemic has affected a majority of countries around the world, leading to the shutting down of industrial and commercial activities. New or ongoing projects across many industries such as construction, mining, and others are facing several challenges in terms of planning, project execution, and management risks due to the pandemic. The value chain, supply & demand scenario, and long-term supply contracts of automatic lubrication systems have also been disturbed due to the pandemic. The global automatic lubrication system market is estimated to recover slowly over the next one to two years.” says a PMR analyst.
Market Landscape Moving towards Consolidation
Some prominent players involved in the global automatic lubrication system market are shifting their focusing on mergers & acquisitions and partnerships & contracts to further strengthen their market presence in regional and global markets. For instance, in 2018, SKF signed a contract with Big River Steel in Arkansas to deliver condition monitoring, seals, lubrications systems, unique knowledge, and application expertise to drive plant efficiency. Also, in September 2019, The Timken Company completed the acquisition of Beka Lubrication to expand its leadership in the global automatic lubrication system market.
What Does the Future Hold?
Multiline lubrication systems combine multiple pumps into a single entity sharing a common reservoir and drive. The most common applications of multi-line lubrication systems are found in cement plants, sugar mills, rolling mills, hydro-turbines, calendaring machines, stone crushers, batch mixers, and forging hammers. This is expected to lead to the high adoption of multiline lubrication systems in the coming years.
Want to Know More?
Future Market Insights has published a market research report on the automatic lubrication system market that contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides insightful analysis of the automatic lubrication system market through four different segments - system type, end use, lubrication type, and region. The automatic lubrication system market report also provides supply and demand trends and a comprehensive list of suppliers and distributors in the market, along with a detailed overview of the parent market.
For additional insights on how the automatic lubrication system market will shape up over the projection period, write to firstname.lastname@example.org
About PMR – Industrial Automation
The Industrial Automation team at Persistence Market Research provides expert opinions and incisive inputs about a broad array of products used extensively in the manufacturing industry. The team has compiled comprehensive market research reports on gears, valves, bearings, special purpose machinery, and other key segments in this evolving landscape. In addition to offering syndicated market research studies, the team consults clients from all across the globe on their unique, strategic needs. Need help with your next project? Feel free to reach out.