The Latin America, Middle East and Africa High Flexible Coupling Market would witness market growth of 7.5% CAGR during the forecast period (2023-2030).
Industry 4.0 can improve the manufacturing sector's sustainability, energy efficiency, and productivity. Decreasing downtime and maintenance expenses boosts productivity. For Industry 4.0 to be adopted more quickly, many improvements are ongoing. For instance, 13 new manufacturing facilities have joined the Lighthouse Network of the World Economic Forum as pioneers in implementing technologies from the Fourth Industrial Revolution to boost productivity and efficiency.
The Colombian government further announced intentions to broaden the transmission line in the nation's north in December 2022 to connect 3,000 MW of renewable energy. Due to the region's growing urbanization, broad appliance use, and other technical improvements, there is a rising need for power, which is the cause of these energy-generating operations. Moreover, the demand is expected to increase in the Middle East and Africa as they are utilized in pumps, drilling rigs, and other equipment in the oil and gas industry. The region has seen consistent investment growth, and new initiatives have been implemented to boost upstream production and downstream processing. Thus, the regional market expansion is boosted by these industries' increased need for High Flexible Couplings in these sectors.
The Brazil market dominated the LAMEA High Flexible Coupling Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $59.9 million by 2030. The Argentina market is experiencing a CAGR of 8.1% during (2023 - 2030). Additionally, The UAE market would showcase a CAGR of 7.2% during (2023 - 2030).
Based on Industry, the market is segmented into Oil & Gas, Automotive, Power Generation and Others. Based on Material, the market is segmented into Steel, Rubber and Others. Based on Type, the market is segmented into Elastomeric Couplings, Disc Coupling, Grid Coupling, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide High Flexible Coupling Market is Projected to reach USD 3 Billion by 2030, at a CAGR of 4.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Timken Company, Kawasaki Heavy Industries, Ltd., Regal Rexnord Corporation (Stromag), VULKAN Group (Hackforth Holding GmbH & Co. KG), ComInTec S.r.l, RENK GmbH, KTR Systems GmbH, Renold plc, Ortlinghaus-Werke GmbH and Flender AG.
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