Bearing Market size worth over $70 Bn by 2026
Published Date: September 8, 2020 Authors: Kiran Pulidindi, Akshay Prakash
Bearing Market size to exceed USD 70 Billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing demand for high-performance and durable bearings has enabled several manufacturers to integrate advanced sensing modules into their equipment/machinery. These sensing modules provide assistance in the digital monitoring of several parameters such as axial movement, rotation speed, acceleration, deceleration, and load carrying capacity of the system. Additionally, the introduction of Industrial Internet of Things (IIoT) as a part of Industry 4.0 and its emphasis on the use of connected sensors, big data, autonomous machines, and artificial intelligence have encouraged the adoption of various constant monitoring equipment applications across different machinery.
The roller bearing market share is growing at over 8% through 2026 driven by its escalating demand from mining & construction as well as railway & aerospace applications. Roller bearings, also known as rolling bearing, carry load by positioning rolling components such as cylinders, needle, and taper, between two bearing rings called races. Rolling bearings possess high mechanical efficiency, easy installation, repair, and interchangeability coupled with high precision and long service life.
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Browse key industry insights spread across 190 pages with 100 market data tables & 11 figures & charts from the report, “Bearings Market Size By Product (Roller Bearings [Split, Tapered, Others], Ball Bearings [Deep Groove Bearings, Others]), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Roller bearings are further categorized into split, tapered, and other rolling bearings that mainly include needle and spherical. Tapered rolling bearings dominate the roller bearing demand with a reasonable share of over 50% in 2019. This is due to their wide applications in heavy equipment and machinery across the mining and aerospace industry. Further, roller bearings’ ability to transfer load evenly while rolling and reducing friction will positively influence product penetration.
Transformation in harvesting practices to support revenue generation
The bearings demand from agriculture applications has witnessed a significant growth in bearing market size over the recent years owing to modernization in harvesting activities through tractors, mowers, backhoes, cultivators, harvesters, seeders sprayers, tillers, plows, and planters. These equipment/machinery use bearings for smooth & better functioning of moving parts in mechanical devices.
Proliferating demand from multiple applications to drive North America penetration
North America bearing market is likely to witness 7.5% CAGR during 2020-2026 driven by the U.S. which also accounts for a significant share. Increasing product demand from automotive and mining & construction industries to drive the industry growth.
Bearing demand from the automotive industry is largely driven by new, pre-owned, and e-vehicles that use product for movement and rotation of various moving parts in different sub-systems including gearboxes, engines, transmissions, steering, wheels, pumps, and electrical motors. Further, the rising demand from the well-established aerospace industry will surge product penetration in landing gear, engine, flight control system, and aerostructure applications.
Investments in product innovations & differentiation to enhance competition
Prominent manufacturers in the bearings industry include, SKF, JTEKT Corporation, NSK Global, NTN Corporation, The Timken Company, and Schaeffler Group. Industry players are focusing on product innovations & differentiation to attain a competitive edge in the market. For instance, in 2020, SKF introduced a new range of UC ball bearings that offer better protection against environment contamination in heavy-duty applications.