PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555564
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555564
The market for Slip Ring was projected to reach USD 1,512.6 million in 2023 and expand at a CAGR of 4.50% between 2024 - 2032.
A slip ring, sometimes referred to as a rotary electrical joint, is a mechanism that transfers power and electrical data from a rotating component to a stationary structure. It is frequently employed in electromechanical systems when it is necessary to maintain power or electrical signal transfer while allowing for continuous rotation. The slip ring is made up of two primary components: the rotor, which is attached to the spinning component, and the stator, which is installed on the stationary structure and is stationary.
Slip Ring Market- Market Dynamics
Growing Trend of Industrial Automation
The increasing trend of industrial automation in several industries, including robotics, packaging, automotive, and manufacturing, necessitates smooth communication between rotating and stationary parts. Slip rings make it possible for data, control signals, and power to be transmitted, which enables dependable and effective operation of automated machinery. Furthermore, the field of robotics is expanding quickly, and slip rings are essential to the operation of robotic systems. Because their joints rotate often, robots need a constant power source and signal transfer for their motor control, sensors, cameras, and other accessories. Slip rings offer a dependable answer to these needs. Additionally, slip rings are used by automated packing equipment like labelers, capping machines, and rotary fillers to transmit power and signals to spinning elements. This makes it possible to regulate the packing process precisely and guarantees a seamless, continuous workflow. Additionally, a lot of production processes use spinning machinery, like printing presses, CNC machines, winding machines, and textile machinery. These machines use slip rings to send control signals and power to motors, sensors, feedback systems, and other parts.
Slip Ring Market- Key Insights
According to our research analyst's analysis, the global market is projected to expand at a CAGR of approximately 4.50% during the forecast period of 2024-2032.
The pancake slip rings category was projected to have the highest market share on the basis of product type segmentation in 2023.
The heavy equipment category emerged as the top segment based on application segmentation in 2023.
Asia Pacific held the largest revenue share by region in 2023.
The Global Slip Ring Market is segmented into Product type, Material, Application, and Region.
On the basis of product type, the slip ring market is segmented into Wireless Slip Rings, Pancake Slip Rings, Fiber Optic Slip Rings, Capsule Slip Rings, Pneumatic Slip Rings, Molded Slip Rings, and Others. In 2023, the sub-segment with the largest market share was pancake slip rings. In situations when there is a lack of space, and conventional cylindrical slip rings would not fit, pancake slip rings are recommended. The need for slip rings that are more compact and smaller has grown as systems and gadgets become smaller. Pancake slip rings are essential because they can manage many circuits and data channels in a small space, which is necessary as industries seek higher speeds for data transmission and power. Slip rings that can manage intricate motion and exact control are needed in the expanding automation and robotics sectors.
Furthermore, the application segment is divided into Military & Defense, Renewable Energy (Wind), Medical, Marine, Factory Automation, Aerospace, Semiconductor, Heavy Equipment, Construction, Oil & Gas, and Others. Out of all of these, the heavy equipment subsegment will grow at the fastest rate in the forecast years. Applications for slip rings can be found in cranes, hoists, and rotating machinery, among other heavy machinery used in manufacturing and industrial processes. The need for slip rings in heavy machinery is projected to rise along with the growth of the manufacturing sector. Heavy machinery like cranes, excavators, and drilling rigs are needed for the building and development of infrastructure projects, including roads, bridges, airports, and power plants. In these machines, slip rings play a crucial role in transferring power and signals between fixed and rotating sections.
Slip Ring Market- Geographical Insights
The Slip Ring market is widely distributed geographically in North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. These areas are further separated based on the countries that provide business.
The manufacturing, automotive, aerospace, and robotics industries-all of which rely significantly on slip rings for power and signal transmission in rotating machinery-are well-represented in North America. The need for slip rings is projected to rise as industrial automation continues to rise as these sectors embrace increasingly complex machinery and robotic systems. Furthermore, wind power, in particular, has been growing in North America's renewable energy market. Slip rings are used for wind turbines to transmit electricity from the revolving blades to the stationary parts. The need for slip rings in this industry is rising along with the number of wind energy installations. In addition, slip rings are widely used in the aerospace and defense sectors in North America for a variety of purposes, including turrets, radars, communication systems, and surveillance apparatus.
Furthermore, throughout the forecast period, the slip ring market in Asia-Pacific will develop at the fastest rate. Some of the top industrial industries in the world have historically been found in Asia-Pacific. The need for slip rings in machinery used in industrial processes, such as CNC machines, robotics, packing machinery, and others, is rising in tandem with the expansion of these industries. Furthermore, the need for slip rings in solar tracking systems and wind turbines is being driven by the rising need for renewable energy sources like solar and wind power. In renewable energy systems, slip rings are crucial parts that allow electricity to be continuously transferred from revolving panels or blades to stationary components.
To increase their market share, a number of significant businesses, including Schleifring GmbH, Moog Inc., MERSEN PROPERTY, Conductix-Wampfler, and Stemmann-TECHNIK, are putting different strategies into practice. These include partnerships, mergers and acquisitions, strategic alliances, and geographic expansion. One of the most important tactics used by market participants is the launch of new products. Key competitors in the slip ring market are concentrating on growing their market share by offering competitive pricing as demand for the product rises across numerous industries worldwide.
July 2024: A producer of purification and machining services for graphite, carbon, and graphite composites, GMI group (Graphite Machining, Inc.), has been acquired by Mersen. By making this acquisition, the company would strengthen its position in markets including aerospace, process industries, and energy while increasing its machining capacity in the US for isostatic, extruded graphite, and insulating materials. In an effort to handle emerging technical difficulties, the company is also concentrating on providing custom-built solutions and essential items to end-user sectors.
August 2023: Samjeong Pandect was a joint venture established in Hwaseong City by Pandect in the UK and Samjeong Automation in South Korea. Within Samjeong's broader defense subsystems offering, the joint venture seeks to provide South Korea's defense industry with specially developed slip ring assemblies (SRAs). Radar, UAV, and gimballed anti-aircraft gun systems, along with missile launchers, are already included in this.
June 2023: In order to create a Wi-Fi 6 product that is just available for Conductix-Wampfler, Conductix-Wampfler and R3 Solutions partnered. Conductix-Wampfler is able to increase its capabilities in wireless data transmission solutions through its partnership with R3 Solutions. With the knowledge and assistance of R3 Solutions, Conductix-Wampfler strengthens its standing in the market by promoting innovation in the areas of data transmission, wireless connection, and power supply and management.