Research Nester assesses the growth and market size of global lubrication equipment market which is anticipated to be on account of the rise in automation in industries and rising e-commerce.
New York – November 3, 2023 - Research Nester’s recent market research analysis on “Lubrication Equipment Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global lubrication equipment market in terms of market segmentation by type, base oil, equipment, application, sales channel, end-use, and by region.
Growing Concern for the Prevalence of Industry 4.0 to Promote Global Market Share of Lubrication Equipment
The increasing use of industrial and automotive machinery is fueling the market's expansion and increasing demand for lubricants, which are becoming more and more essential. The rise of the industrial sector is expected to fuel the demand for lubrication equipment in the future years. According to estimates from the Department of Labour Statistics, the equipment manufacturing sector employed about 1.3 million Americans in 2020.
In addition, the need for energy-efficient equipment is increasing due to efforts to reduce energy expenses and their impact on the environment. Equipment lubrication is done to improve mechanical efficiency, which raises the equipment's demand. The market for lubricating equipment is also characterized by ongoing technological advancements. The development of new and advanced lubrication equipment, like automatic lubrication systems, is expected to propel the market in the following years.
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Some of the major growth factors and challenges that are associated with the growth of the global lubrication equipment market are:
Growth Drivers:
• Surge in Automation in the Construction Industry
• Rising Need for E-Commerce Industry
Challenges:
Numerous goods in the lubricating equipment business are no longer being produced as a result of the COVID-19 pandemic and the lockdown that followed in many countries. The lockdowns imposed by COVID-19 in 2020 had an impact on lubricating equipment sales, although a comeback is anticipated in 2021. The bulk of the lubricating equipment market was dominated by nations including the United States, China, Germany, the United Kingdom, and India until the corona virus spread. This demand has since decreased as a result. Moreover, the ramifications of the lockdown remain uncertain, and a company's capacity to bounce back financially is contingent only upon its cash reserves. To cut costs, numerous market participants put a stop to their manufacturing for a few weeks. Small and medium size businesses and lack of skilled professionals are some of the major factors anticipated to hamper the global market size of lubrication equipment.
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By type, the global lubrication equipment market is segmented into greasing equipment, oiling equipment, horse reels, waste oil handling, specialty pumps, drum handling, airline accessories and consumables. The greasing equipment segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. Grease guns (manual, pneumatic, and electric), one of the most common tools in manufacturing plants; push pumps; various grease dispensers capable of applying the molybdenum; and molybdenum-containing grease are among the grease equipment for industrial maintenance workshops, agricultural, public works, trucks, and cars. Grease pumps suitable for grease distribution in pipe works & installations where simultaneous grease supply on different distributing points at high pressure or in large volume is required. Global auto production reached 85.4 million in 2022, up 5.7% from the previous year.
By region, the Europe lubrication equipment market is to generate the highest revenue by the end of 2036. A rise in industrial activity across several industries is driving up the requirement for industrial lubricants in Europe. As the manufacturing sector and economy grow, lubricants become increasingly important to keep machinery and equipment operating efficiently. In sectors like manufacturing, aircraft, automotive, and construction, lubricants play a significant role in reducing friction. These would not only increase effectiveness and performance but also help to prevent wear and tear.
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This report also provides the existing competitive scenario of some of the key players of the global lubrication equipment market which includes company profiling of LSP Industries, Inc., LDI Industries, Inc., Howard marten Company, Ltd., Graco Inc., American Lubrication Equipment Corporation, Taiwan Lube-Up Co., Ltd., and others.
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