LONDON–The latest market research report by Technavio on the global rigid sleeve couplings market predicts a CAGR of around 5% during the period 2017-2021.

The report segments the global rigid sleeve couplings market by end-user (oil and gas, mining and metals, and power generation), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global rigid sleeve couplings market, according to Technavio industrial automation researchers:

  • Increase in renewable power generation: a major market driver
  • In 2016, the oil and gas segment dominated the market by occupying almost 32% share
  • EMEA dominated the global rigid sleeve couplings market with more than 36% share in 2016
  • Altra Industrial Motion, Regal Beloit, Rexnord, Ruland, and Timken are the leading players in the market

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Increase in renewable power generation: a major market driver

Increase in renewable power generation is one of the major factors driving the global rigid sleeve couplings market. The wind energy sector is the key end-user of rigid sleeve couplings. Wind turbines use couplings to provide interconnection between turbines and generators. The aligned turbines require rigid couplings to connect the turbine and the shafts in a wind turbine assembly.

According to Kalle Deepak, a lead analyst at Technavio for research on automation, “The rise in concerns about environmental pollution and global warming, has led governments around the world to increase investment in renewable power sources such as wind energy. This increase in investments in wind energy will drive new turbine installations and expansion of existing wind farms, which will drive the demand for rigid sleeve couplings.”

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EMEA: largest rigid sleeve couplings market

Technavio researchers anticipate high growth for the global rigid sleeve couplings market in EMEA. Contribution from countries such as Germany, Italy, and the UK had underpinned the regional dominance of EMEA in the global market in 2016. In Europe, electricity production from renewable sources has been on the rise. The UK produced more power from solar, wind, and nuclear sources combined than from gas and coal in 2016. Rigid sleeve couplings are used in the mining industry due to high-pressure application requirement to extract minerals. Majority of the demand for rigid sleeve couplings, in the mining industry, will originate from Africa.

Competitive vendor landscape

The global rigid sleeve couplings market is witnessing a stable growth with the presence of a good number of established vendors. The market is expected to witness the entry of new vendors owing to the increasing demand for rigid sleeve couplings. The growing trend for improved energy efficiency in shafts will drive the demand for rigid sleeve couplings, thus making the market attractive for new vendors. Altra Industrial Motion, Regal Beloit, Rexnord, Ruland, and Timken are the key vendors in the market.

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