Global Lubrication Systems Market to Value US$5,281.16 million by 2022, APAC to be Dominant Region: Transparency Market Research
By Business Wire News
By Business Wire News
The mounting need for timely and optimal lubrication in mining, construction, and automotive industries will drive the global lubrication systems market in the near future, says Transparency Market Research. In their latest report titled Lubrication Systems Market – Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2014-2022, the U.S.-based business intelligence firm says that the global lubrication systems market will register a somewhat sluggish CAGR of 2.14% from 2014 through 2022. The market was pegged at US$4,367.10 million in 2013, and is projected to touch US$5,281.16 million by 2022.
The report segments the global lubrication systems market on the basis of type as: manual and centralized/automated lubrication systems. Likewise, based on process, the global lubrication systems market is classed into dry sump and wet sump lubrication. TMR analysts forecast that the adoption of automated or centralized lubrication systems will surpass that of manual systems as the latter help save time and prevent human error.
Furthermore, the report analyzes the market by end-user industries as steel, cement, automobile, mining and mineral processing, and others. While in 2013, the lubrication systems market was led by the segment of other industries, the fastest growth is forecast in the mining and mineral processing industry through the report’s forecast period.
On the basis of region, the global lubrication systems market is segmented into: North America, Europe, Asia Pacific, and Rest of the World. The global lubrication systems market will be largely dominated by the APAC region through the report’s forecast horizon. In 2013, the region accounted for over a quarter (28%) of the global lubrication systems market. In the same year, the RoW was reported as the least attractive region for the lubrication systems market.
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Transparency Market Research (TMR) is a U.S.-based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.