Cranes, turbines, silos, and large pipes and lines are just some of the parts of many industries. These are heavy-duty instruments and equipment that require special attention in terms of managing their wear and tear. Heavy-duty machinery works under, and exert, extreme forces for extended times, if required. In these situations, it is important for a manufacturer to protect these industry assets, not only from events that could cause major damage, but also from general wear and tear. In practice, however, there is no method or protection system that can impart complete invulnerability to any instrument. Their goal is to extend the life of a tool and to ensure that it is working at optimum parameters.
Asia Pacific Emerging as a Good Heavy-duty Industry Investment
The global heavy-duty wear protection systems market was recorded at US$1.4 bn in 2014. After demonstrating a consistent CAGR of 4.3% between 2015 and 2023, this market can rise to a potential value of US$2.1 bn by the end of 2023. The key players that are expected to benefit from this market growth the most are Thejo Engineering Limited, Sulzer Ltd, ThyssenKrupp Industrial Solutions AG, Bradken Limited, Kalenborn International GmbH & Co. KG, FLSmidth & Co. A/S, CeramTec GmbH, Metso Corporation, and Sandvik Construction.
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While a substantial portion of these key players are based in developed economies from North America and Europe, their attention is being diverted towards Asia Pacific. The global heavy duty wear protection systems market is currently being spearheaded by this region, thanks to the rapid rate of industrialization observed here. The massive number of industries that are building themselves up in the developing economies of China and India, along with other nations, is creating lucrative opportunities for players in the global heavy-duty wear protection systems market. Asia Pacific already held 40% of this market in 2014 and is expected to keep increasing its demand in the near future.
Prevention is Better than Cure
The global heavy-duty wear protection market is one of the best illustrations of why it is better to take preventive measures than spend significant sums fixing issues once they arise. In the case of heavy-duty machinery, the cost incurred through machine breakdown or the wearing out of components is quite substantial, not to mention that the cost of installing the machinery itself is already high enough. In situations like these, a manufacturer is much better off installing heavy-duty wear protection systems than bearing the expenses of replacing, or even repairing, one of the company’s heavy machines.
The global heavy-duty wear protection market also extends to the safety of personnel operating the heavy machinery as well, without keeping it as a separate market to pursue.