Bearing Market size is poised to surpass USD 75 billion by 2027, according to a new research report by Global Market Insights Inc.
Increased demand for high-performance and durable ball bearings has enabled several manufacturers to integrate advanced sensor modules into their equipment. These sensor modules aid the digital monitoring of several parameters such as axial movement, rotational speed, acceleration, speed control, and load-bearing capacity of the system. In addition, the introduction of the Internet of Things (IoT) and its emphasis on the use of connected sensors, big data, independent machinery & artificial intelligence have encouraged the acceptance of continuous monitoring ball bearings in different industry equipment.
Growing concerns of climate change and global warming in recent years have shifted consumers' focus on electronic cars as they reduce greenhouse gas emissions. Low cost of ownership, charging of infrastructure delivery, less expensive repairs, and more efficient use of energy will increase growth rate in the future. This, in turn, will have a positive impact on product penetration across e-vehicle systems to reduce friction and allow smooth rotation between moving parts, thus improving vehicle efficiency.
Get more details on this report - Request Free Sample PDF
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 [Tapered, Split, Others], Ball Bearings [Deep Groove Bearings, Others]), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
The roller bearing market is anticipated to grow at more than 8% CAGR through 2027 driven by growing demand from mining & construction and rail & aerospace applications. Roller bearings, also known as rolling bearings, carry a load by placing rolling parts, such as cylinders, needles, and taper, between two loading rings called races. Rolling bearings have high mechanical efficiency, easy installation, repair, and flexibility coupled with accuracy and long service life.
Roller bearings are further segmented into tapered, split, and other rolling bearings that mainly consist of needle and cylindrical. Tapered rolling bearings dominate the demand for rolls with a more than 50% of the bearing market share by 2027. This is due to their widespread use in heavy machinery and equipment throughout the mining and aerospace industries. Moreover, the ability of the roller bearings to transfer load uniformly with friction reduction will enhance the product penetration.
Increasing need for bearings in railway and aerospace for smooth traction
The application of bearings in the rail and aerospace sectors will increase significantly at a growth rate of 9.4% till 2027. The rising trend of tourism and travel impelled by an increase in people spending money on tourism will increase the need for all types of travel modes, especially by air and train owing to less travel time and better comfort. Safe and economical air travel has increased the number of passengers over the years, which has created a demand for the aviation industry. A growing focus on better and smoother performance while traveling on a variety of transport modes will fuel bearings demand for seating equipment, overhead compartments, cargo space, hinges, and latches in the segment.
Growing demand from various industrial applications in Asia Pacific
The Asia Pacific bearing market is likely to witness 8.7% gains through 2027 led by China, which also has a significant share. Increasing demand in the automotive, mining, and construction industries is boosting the regional market growth.
Investments in product innovations & differentiation to enhance competition
Prominent manufacturers include SKF, JTEKT Corporation, NSK Global, NTN Corporation, The Timken Company, and Schaeffler Group. Companies are focusing on product innovations & differentiation to attain a competitive edge in the market. For instance, in 2020, SKF launched a range of ball bearings that provides better protection and is environmental-friendly.