Global automatic lubrication system market to reach $ 1.277 bn by 2025
Global automatic lubrication system market is expected to reach $ 1,276.8 million by 2025 at a CAGR of 5.2 per cent from 2018 to 2025, according to a report of Fior Markets.
Global automatic lubrication system market is expected to reach $ 1,276.8 million by 2025 at a CAGR of 5.2 per cent from 2018 to 2025, according to a report of Fior Markets. Increase in various costs, like labor cost, is leading to increase in use of automatic lubrication systems. Priority on safety of workers is also mobilising the growth of market.
An automatic lubrication system (ALS) is defined as a self-operating system which delivers appropriate amounts of lubricant to required locations on a machine while it is in process. It is also known as centralised lubricating system which requires a manual pump or button activation to conduct its operation.
Automatic lubrication systems are designed in such a way that they replace manual labor with automated and controlled processes as and when it needs lubrication at different intervals of time. These systems minimise the risk of lubricant contamination, provide safety to workers and provide better control of the amount of lubricant dispensed.
According to Fior Markets, Grease-based lubrication system held the largest market share of 64.30 per cent in 2017 as they are perfect for heavy-duty processes in industries like manufacturing, agriculture, transportation, mining, construction, and power. Multi-line segment is anticipated to grow with the highest CAGR of 8.21 per cent during 2018-2025 period. Multi-line lubrication systems aid in heavy-duty and continuous operations and are appropriately used in multiple lubricants. The steel segment is playing a chief role in shaping the business growth and valued around $ 302.21 million in 2017. Rapid industrialisation and infrastructure modernisation in developing economies have fuelled the demand for steel.
Europe region dominated the global automatic lubrication system market with the market value of $ 303.58 million in 2017 where as the Asia Pacific region held the second dominant position in the market. Europe is dominant region in terms of market share as there are various leading industries like automotive, mining, steel, electronics manufacturing, and agriculture which are flourishing and developing in the European economy for the past few decades. Asia Pacific is the second fastest growing region due to the rise in the use of passenger cars which is expected to drive the lubrication systems market.