Bearing Market Economic Aspect with Industry Capacity, Future Prospects & Forecast 2022-2030
Market Overview -
The Global Bearing
Market Size is expected to cross USD 127.56 billion by 2028 at a CAGR
of 8.50% during the forecast period ending in 2028, states the latest Market
Research Future (MRFR) analysis. Bearings is a machine element that is used for
reducing the friction between moving rotary parts and for supporting rotating
parts to obtain desired motion. They are used in different industry verticals
like heavy machinery, railway, aerospace, and automotive.
Various factors are fuelling the global bearing market
growth. As per the recent MRFR market estimates, such factors include the
extensive application in the automotive industry, the rising application in
different industrial sectors like transport, manufacturing, mining and
construction, aerospace, railway, and electronics, the increasing awareness of
the different benefits of using bearings like enhanced equipment performance,
reduction in energy consumption, and reduced lubricant consumption, the rising
use of high capacity bearings in wind turbines, the unprecedented growth of the
automotive industry, and rise in the manufacturing of heavy machinery.
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The additional factors adding market growth include
technological advances like incorporation of the sensor unit with bearings,
increasing investments in R&D by bearing manufacturers to introduce
high-efficiency, cost effective, and innovative bearings, advances in
lubrication technology, inclination towards the use of light-weight components,
and the demand for application-specific bearing.
On the contrary, bearing damages caused in electric
vehicles, high maintenance cost, fluctuating raw material prices, and
increasing vehicle electrification may impede the global bearing market
growth over the forecast period. Besides, the COVID-19 impact such as
lockdowns, shutting down of business operations, closure of production
facilities, decrease in demand for cars, and disruption of supply chain
activities may also limit market growth.
Top Growing Companies
Eminent players profiled in the global bearing market
report include Minebea Mitsumi, Inc. (Japan), GKN plc. (UK), The Danaher
Corporation (US), Robert Bosch GmbH (Japan), JTEKT Corporation (Japan), The
Timken Company (US), NSK Ltd. (Japan), Schaeffler Group (Germany), NTN
Corporation (Japan), and Svenska Kullagerfabriken AB (Sweden), among
others.
The global bearing market is fragmented and competitive with
the presence of many domestic as well as international industry players. They
have incorporated assorted strategies to stay at the forefront and cater to the
surging needs of the customers, including collaborations, partnerships,
contracts, geographic expansions, new product launches, joint ventures, and
more. Additionally, these players are also making heavy investments in research
and development activities for strengthening their portfolios and creating a
hold in the market.
Industry News
According to the latest research, the global ball
bearings market is expected to grow at immense growth due to the rising
focus by the manufacturers on digital operations and connectivity for better
customer interaction and automation is increasing the demand for the product.
Moreover, digital processing helps in developing the
products and increases work efficiency with digital production equipment and
automation is also bolstering the market growth. A popular company Swedish
company launched a mobile app named seals & seals to facilitate the
replacement and installation of bearings.
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Market Segmentation
By product, the global bearing market is segmented
into roller bearing, ball bearing, plain bearing, and others. Of these, the
ball bearing segment will lead the market over the forecast period for its
increasing use in different industry verticals like aerospace, railway, and
automotive.
By application, the global bearing market is segmented into
construction, aerospace and defense, electronics, automotive, and others. Of
these, the automotive segment will dominate the market over the forecast period
for the growing sales of commercial vehicles & passenger cars in the developing
and developed regions.
Regional Analysis
By region, the global bearing market covers the
recent trends and growth opportunity across Europe, the Asia Pacific (APAC),
North America, and Rest of the World (RoW). Of these, the APAC region will sway
the market over the forecast period and at a high CAGR for the growing number
of windmill farms in emerging markets of India and China and improvements in
the infrastructure of electric vehicles.
In Europe, the global bearing market is predicted to hold
the second-largest share over the forecast period. Significant demand for
high-performance machines from aviation, power, and construction sectors and
the presence of large automobile production facilities are adding to the global
bearing market growth in the region.
In North America, the global bearing market is predicted to
have promising growth over the forecast period. Favorable government
initiatives for the safety of passengers and vehicles, stable economy, rise in
demand for bearings from different industry verticals like power, aerospace and
defense, and advanced technology are adding to the global bearing market growth
in the region.
Continue...
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