New York , Nov. 08, 2022 (GLOBE NEWSWIRE) -- Persistence Market Research, a research and consulting firm, has published a new market research report on the global automatic lubrication systems market that contains industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The global automatic lubrication systems market is anticipated to witness a growth rate of 4.5% over the 2022-2032 study period. Market growth is attributed to the rise in industrial growth, high adoption of automated lubrication over manual lubrication, various benefits of using automatic lubrication systems, and growing automation in industries.
The main driver for market expansion is increased awareness about the benefits of adopting automatic lubrication systems over regular manual types of lubrication. Industry 4.0 is an age where everything is created and engineered to make the process simple.
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“Demand for automatic lubrication systems is being driven by rising automation in the industrial sector, their several advantages over manual lubrication systems, and a broad array of applications in various end-use industries,” says a Persistence Market Research analyst.
Key Takeaways from Market Study
- Global demand for automatic lubrication systems is forecasted to reach a value of US$ 1.55 Bn by the end of 2032.
- Europe is anticipated to remain one of the key markets accounting for 27.3% global market share.
- By end use, transportation is anticipated to exhibit a CAGR of 5.2% over the decade.
- Oil-based automatic lubrication systems will remain dominant and account for 64.2% market share on a volume basis.
- The market in East Asia is expected to grow at a CAGR of 5.1% between 2022 and 2032.
Businesses have tightened up to fulfill the supply requirements as consumer product demand rises, making the best use of the capabilities of their machinery. Industry 4.0, on the other hand, automates every operation in an organization, including lubrication systems, creating several commercial prospects.
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Competitive Landscape
The global market for automatic lubrication systems has been identified as a consolidated space; leading companies account for more than two-thirds of the market share.
Some of the key market players included in the report are Lubrication Engineers, Graco Inc., DropsA USA, Inc., Application Equipment, a division of Price Engineering, Cenlub Systems, Lubecore International Inc., H-T-L perma, Digilube Systems, Inc., Sloan Lubrication Systems, Acumen Technologies Inc., ALLFETT , Mountain Regional Equipment Solutions, BAOTN Intelligent Lubrication Technology(Dongguan) Co. Ltd., Groeneveld-BEKA, and Industrial Autolube International Inc.
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