The automatic lubrication system market is projected to grow at a CAGR of 3.77% over the forecast period of 2017-2023. Automatic lubrication systems are also referred to as centralized lubrication system, is a system which is responsible for delivering a specific amount of lubricants to a machine while it is under operational. Increasing investment in industrial automation and long-term cost-effectiveness of these systems are the major factors driving the demand for automatic lubrication system market. In addition, increasing focus on improving worker safety will further propel the growing demand for these systems. However, limited awareness regarding the advantages of automatic lubrication amongst end users will restrict the growing demand for these systems.
By industry vertical, the automatic lubrication system market has been segmented as energy and power, oil and gas, manufacturing, construction, automotive and others. The automotive industry held a significant market share in 2017 owing to increasing investment in factory automation and rising demand for automotive worldwide. In the automotive industry, these systems are mostly used for the lubrication of pumps, electric motors and pumps. The energy and power industry is expected to grow at an impressive rate owing to increasing investment to harvest renewable energy throughout the forecast period.
By geography, the automatic lubrication system market has been segmented as North America, South America, Europe, Middle East and Africa and the Asia Pacific. Each region has been further segmented into major countries of their respective regions. Europe and North America held a significant market share due to the early adoption of technology and the trend towards factory automation. Improving the lifespan of critical wear parts to reduce the operating and maintenance cost will drive the demand for these systems. The Asia Pacific region will witness impressive growth in the coming years due to the favourable government policies promoting the manufacturing industry and increasing overall manufacturing output.
Major industry players profiled as part of the report are Can- Serv, Inc., Interlube Limited (Subsidiary of The Timken Company), Cenlub Systems, Valin Corporation, Groeneveld Lubrication Solutions, and Graco, Inc. among others.
The automatic lubrication system market has been analyzed through the following segments:
By Lubrication Type
By Industry Vertical
Energy and Power
Oil and Gas
Middle East and Africa