Several reasons, including the rising need for automated systems in numerous industries, the increased focus on energy efficiency, and rising industrial automation, are driving the market's expansion. Additionally, the market for alignment systems is growing as a result of the increasing construction of new industrial and power facilities. Additionally, the market is expanding as a result of the rising use of cutting-edge technologies like laser alignment and optical alignment.
The demand for alignment systems in industrial applications is predicted to expand, which would help the global market. Technology improvements, stricter regulatory standards, and the growing need for increased operational effectiveness and product quality are some of the main factors influencing the use of alignment systems across numerous industrial verticals. Also, throughout the course of the projected period, market participants should benefit significantly from the rising investment in research & development activities to build enhanced systems.
The market for alignment systems is anticipated to expand rapidly in the upcoming years as a result of its many advantages over manual alignment systems. Compared to conventional methods, which need physical work, time, and money, an automated alignment system can offer a more expedient and accurate alignment process. In many sectors, using an automated system reduces costs because it does not require staff or physical work. By being accurate and precise, automated alignment systems can also eliminate errors and save time.
Instruments that aid in aligning the connected objects are called alignment systems. To maintain their proper operation, vibrations must be kept to a minimum, and part wear and tear must be minimised. Belt alignment and shaft alignment are the two primary divisions of alignment systems. Machines with laser shafts, dial indications, and magnetic bases are included in shaft alignment. Contrarily, there are two additional categories for belt alignment: string-based and laser-based.
At a CAGR of 7.0%, the market for alignment systems is predicted to increase from USD 1.52 billion in 2021 to USD 6.4 billion by 2031. The market is expanding due to the rising demand for shaft alignment and belt alignment systems from a variety of end-use sectors, including the manufacturing, chemical, power, and other industries.
The high cost involved with the installation, use, and maintenance of these systems is the main factor limiting the growth of the alignment systems market. This market's expansion may also be hampered by the difficulty of correctly aligning shafts and belts and by a shortage of qualified experts. Additionally, the development of this industry may be hampered by elements including escalating rivalry from replacement items and unstable raw material prices. However, technological improvements and the rising demand for accurate alignment systems across a range of industries may open up new market prospects. The manufacturing sector's growing tendency toward automation and digitization will also contribute to the market's expansion.
The Fluke Corporation, SKF, WEG S.A., Schneider Electric SE, ABB Ltd., Siemens AG, General Electric Company, Softing Industrial Automation GmbH, Rockwell Automation Inc., and Woodward Inc. are the major companies in the global alignment systems market.
The Shaft Alignment Type to Emerge as the Most Lucrative Segment
Shaft alignment, belt alignment, and other segments make up the worldwide alignment systems market. The most common sort of alignment system is shaft alignment, which finds extensive use across a variety of industries including industrial, chemical, and power. More than 50% of the market for shaft alignment is anticipated to exist in 2021. Due to its growing use in numerous industrial applications, belt alignment is anticipated to be the second-largest category.
The Most Popular Application Segment is Manufacturing Industry
The manufacturing sector, the chemical industry, the power industry, and other industries make up the application-based segments of the worldwide alignment systems market. Due to its broad use in industrial procedures such component assembly, the manufacturing industry dominated the market and retained the greatest share in 2021. The rising demand for chemicals is anticipated to cause the chemical sector to grow significantly throughout the forecast period. Due to their use in power plants, alignment systems are expected to have a significant increase in demand in the power industry throughout the projected period.
North American region to render Adequate Financing Avenues
The North America, South America, Europe, Asia Pacific, and Middle East & Africa regions make up the segments of the worldwide alignment systems market. Due to the quick uptake of cutting-edge technologies like automation and robotics in a variety of industries, North America accounted for the highest share of the market in 2021. Additionally, the presence of important firms in the area is fostering market expansion. The market in Asia Pacific is anticipated to grow significantly during the projected period as a result of the region's rapid industrialization and manufacturing activity in nations like China and India. Due to the growing demand for effective production methods, the market in Europe is also anticipated to have a significant increase.
COVID-19 Impact and Market Status
The global market for alignment systems has seen interruptions due to the COVID-19 epidemic. The supply chain disruption and global lockdown limitations had a significant negative impact on the manufacturing industry, which is a significant consumer of alignment systems. Additionally, the scarcity of workers resulted in a reduction in industrial activity. Despite this, a slow recovery in the market is anticipated in 2021 as economies begin to return to normal. Increasing demand from various industries is expected to cause the market to reach its pre-pandemic levels and keep expanding over the forecast period of 2021–2031.
Latest Innovations in the Global Alignment Systems Market: A Snapshot
• For the alignment of industrial machinery, SKF debuted a new version of their TKSA 41 Laser Shaft Alignment Tool on March 31, 2021. Users may now quickly and accurately take measurements thanks to this updated edition.
• The Fluke Corporation will introduce its new 810 Handheld Vibration Tester on April 20, 2021. This tester aids users in identifying and resolving mechanical issues with rotating machinery.
Alignment Systems Market Scope
|Revenue forecast in 2031
|USD 6.4 billion
|CAGR of 7.0% during 2021-2031
|by Type, By Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Fluke Corporation, SKF, WEG S.A., Schneider Electric SE, ABB Ltd., Siemens AG, General Electric Company, Softing Industrial Automation GmbH, Rockwell Automation Inc., and Woodward Inc.
Key Segments of the Alignment Systems
• Shaft Alignment
• Belt Alignment
By Application Overview, 2021-2031 (USD Billion)
• Manufacturing Industry,
• Chemical Industry
• Power Industry
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa