Automatic Lubrication System Market Worth 958.5 Million USD by 2023 - Seite 2

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Steel industry held largest share of automatic lubrication system market in 2017 

Rapid industrialization and infrastructure modernization in emerging economies such as China, India, Brazil, Indonesia, and Thailand have resulted in increased demand for steel. Increasing demand for high-quality steel has prompted steel companies to use advanced automated machinery and equipment in their plants. Companies are using automatic lubrication systems in steel plants to properly lubricate plant machinery so that it can withstand the harsh operating environment.

Europe to hold largest share of automatic lubrication system market between 2018 and 2023 

Europe has been at the forefront of industrial revolution. Leading industries such as automotive, mining, steel, electronics manufacturing, and agriculture have been flourishing in the European region for the past few decades. Need for more efficient output has encouraged the European industrial ecosystem to embrace automation and digitization. Increasing necessity to adopt efficient machinery and equipment, and maintenance practices has made Europe a huge market for automatic lubrication systems.

European countries are one of the early users of advanced machinery in industrial plants and the manufacturing units of automotive, metals, and manufacturing sectors. For instance, in France, which is one of the highly advanced and industrialized countries in the world, manufacturing remains the most important industry for the French economy. In France, the manufacturing sector accounts for ~86% of the total production. France's manufacturing sector produces electronics, optical products, machinery and equipment goods, transport products, and rubber and plastic products. The country's manufacturing sector uses advanced automated equipment to increase production output. This equipment requires regular maintenance and lubrication to operate efficiently. Therefore, manufacturing companies are increasingly using automatic lubrication systems to keep their equipment in proper working condition.