The global Bearings Market is anticipated to reach USD 226.60 billion by 2030, registering a CAGR of 10.6% over the forecast period. Bearings are essential in almost every application that involves motion, and they help minimize friction between different mechanical components in several industrial machinery and equipment, resulting in reduced energy consumption. Hence, this machine element finds application in all industries, ranging from automobiles, household appliances, and aerospace to industrial machinery, using machinery or related motor-driven linkages.
The
market is estimated to witness considerable growth in the forthcoming years,
ascribed to the aim to achieve energy efficiency. Energy-saving and bearings go
hand-in-hand. The main objective of this element is saving energy by reducing
friction, be it during the rotation of shafts of a transmission or the wheel of
a vehicle. Additionally, the rising demand for commercial vehicles is expected
to catapult the demand from the automotive sector across the world.
Technological
advancements including smart bearings, the development of advanced materials
and lubricants, and integrating sensor units, are anticipated to provide high
growth potential to the market. With the objective of enhancing performance,
vendors are incorporating sensor units of the product. Sensor units help with
digital monitoring of rotation speed, axial movement, load-carrying capacity
acceleration, and deceleration. These units are presently being used in
conveyors forklifts, road rollers, and electric motors. Furthermore, the
integration of IoT capabilities facilitates manufacturers to monitor
operations constantly.
The
market is mature with a dynamic demand closely related to the state of
engineering industries and capital goods. Companies are offering integrated
products that significantly decrease the number of bearings that go into an
assembled product and reduce the overall cost of equipment. This in turn is
also increasing the shelf-life and reliability of the product. Product
manufacturers are increasingly investing in R&D to address the intensifying
competition by providing innovative products.
List of Key
Players of Bearings Market
·
Brammer PLC
·
Harbin Bearing Manufacturing Co., Ltd.
·
HKT Bearings Ltd.
·
JTEKT Corporation
·
NBI Bearings Europe
·
NSK Global
·
NTN Corporation
·
RBC Bearings Inc.
·
Rexnord Corporation
·
RHP Bearings
·
Schaeffler Group
·
SKF Corporation
·
The Timken Company
Related Press
Release@ Bearing Market Report
Bearings Market Report Highlights
- The
development of cost-effective wind energy-generating products has resulted
in their increased espousal within wind turbine applications that aid in
increasing energy production, reduce lubricant consumption, and enhancing
turbine performance and reliability.
- The roller
bearings segment is anticipated to grow at the fastest CAGR registering
9.8% during the forecast period. Roller bearings are ideal for applications
requiring higher load-carrying capacity than speed. They are used in
heavy-load settings across various industries, including equipment and
machinery, aerospace, manufacturing, and power generation. The aggressive
investments in infrastructure developments, which drive the demand for
heavy-duty equipment and machinery, bode well for the growing demand for
roller bearings.
- Railway and
Aerospace application is estimated to witness the fastest CAGR of over
11.7% during the forecast period to their growing demand in applications
such as shock absorbers, gearboxes, doors, and tilting mechanisms.
Further, different types of bearings are commonly used in locomotives,
traction motors, wagon wheels, freight carriers, and suspension. The
development of the commercial aerospace industry, in line with the growing
demand for aircraft, space vehicles, space shuttles, and satellites, is
expected to drive the growth of the bearing market over the forecast
period.
- The Asia
Pacific is anticipated to witness the fastest CAGR of 10.3% owing to the
rapid expansion of the industrial and construction sector. Further,
growing motor vehicle production coupled with the region's strong
aftermarket demand for industrial equipment and motorcycle repairs augurs
well for the growth in the region.
- Various
leading companies are investing in high-level R&D to come up with
innovative solutions. These solutions are focused on being cost-effective
as well as on enhancing the overall quality of the end-product. Key
players in the market include Brammer PLC, HKT Bearings Ltd., Harbin
Bearing Manufacturing Co., Ltd., NBI Bearings Europe, NSK Global, JTEKT
Corporation, NTN Corporation, Rexnord Corporation, RHP Bearings,
Schaeffler Group, RBC Bearings Inc., SKF Corporation, and The Timken Company.
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Bearings Market Segmentation
For
this study, Grand View Research has segmented the bearings market based on
offering, application, and regions:
Bearings Product Outlook (Revenue, USD Billion; 2017 -
2030)
- Ball
Bearings
- Deep Groove
Bearings
- Others
- Roller
Bearings
- Split
- Tapered
- Others
- Plain
Bearings
- Journal
Plain Bearings
- Linear
Plain Bearings
- Thrust
Plain Bearings
- Others
- Others
Bearings Application Outlook (Revenue, USD Billion; 2017
- 2030)
- Automotive
- Agriculture
- Electrical
- Mining &
Construction
- Railway
& Aerospace
- Automotive
Aftermarket
- Others
Bearings Regional Outlook (Revenue, USD Billion; 2017 -
2030)
- North
America
- U.S.
- Canada
- Europe
- Western
Europe
- Germany
- U.K.
- France
- Italy
- Eastern
Europe
- Russia
- Asia Pacific
- China
- India
- Japan
- Latin
America
- Brazil
- Mexico
- Middle East
& Africa
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