Global Bearing Market Analysis
The global bearing market will touch USD 297622.4 million by 2030at an 8.50% CAGR during the forecast period 2022 – 2030, 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. 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.
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Key Players
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)
· Svenska Kullagerfabriken AB (Sweden)
Industry Updates
May 2021- Bowman International has launched its new split roller bearing.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global bearing market based on product and application.
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.
Market Drivers
Technological Advancements: Manufacturers have been investing in research and development to introduce innovative bearing technologies that offer higher load-carrying capacity, improved durability, and reduced maintenance requirements. Advances in materials, coatings, and sealing technologies have contributed to the overall performance of bearings.
Industry Trends: One of the key trends in the bearing market is the increasing adoption of smart bearings with integrated sensors and data monitoring capabilities. These smart bearings provide real-time information on performance, allowing predictive maintenance and enhanced operational efficiency.
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.
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