Bearings Market size set to exceed $140bn by 2022
Published Date: January 11, 2017 Author: Global Market Insights, Inc.
Global Bearings Market size is set to exceed USD 140 billion by 2022; according to a new research report by Global Market Insights, Inc.
Escalating demand for energy efficient products is predicted to drive the bearings market growth over the forecast period. Stringent regulations and standards to conserve the global environment have encouraged the development of innovative application-specific bearings. The demand for large-bore anti-friction bearings in the heavy machinery and manufacturing industries as well as in the renewable energy sector such as for wind turbines will fuel growth.
The increasing focus of the developed countries to diminish the dependence on petroleum products for transportation and reduce the level of fossil fuels will lead to growing demand. The trend of developing pressure and heat resilient bearings for various applications in the renewable energy sector is expected to broaden the opportunity for the ceramic bearings market size.
Growing penetration of commercial vehicles across the globe will drive demand over the coming years. Increasing requirement for high performance, light weight automobiles, to enhance energy efficiency and curtail friction-based energy loss is contributing towards the demand for efficient products. Moreover, customer preferences to utilize fuel-efficient, advanced vehicles equipped with additional safety features is expected to boost the ball bearings market share over the forecast period.
The rise of counterfeit products may pose a restraint to the bearings market growth. In addition to presenting a growth challenge to companies operating in the industry, imitation products also lead to low consumer confidence and a considerably negative impact on brand value.
Browse key industry insights spread across 160 pages with 90 market data tables & 59 figures & charts from the report, “Bearings Market Size By Application (Agriculture, Electrical, Automotive, Mining & Construction, Railway & Aerospace), By Product (Roller Bearings, Ball Bearings), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Japan, China, India, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022” in detail along with the table of contents:
Key insights from the report include:
- Ball bearings market size is expected to grow substantially with a CAGR of over 7.5% over the forecast timeline primarily due to its ability to decrease friction even across minor contact surfaces. In addition, they are utilized to augment radial and thrust load bearing abilities due to their capability to spin effortlessly.
- The railway & aerospace applications are projected to exhibit rapid growth over the next few years. Rising number of travelers using public transportation is predicted to be the key growth factor. High demand for precision components used in aircraft engines will positively impact the ball bearings market size. Increasing investments to improve the railway and aerospace infrastructure motivated by the increasing rail and air traffic are forecast to present attractive growth opportunities to industry participants.
- The mining & construction applications are expected to observe growing bearings market share. The long service life in harsh operating conditions to maximize uptime and reduce maintenance costs for enhanced productivity at the mining sites is the chief driver.
- China bearings market is anticipated to witness substantial growth at a CAGR of over 8% over the forecast period. This is due to the significant demand across various end-use industries such as automotive, electronics, and industrial equipment. The Chinese government has been encouraging the manufacturers of electronic and mechanical bearings to expand domestic productivity and to increase the value of Chinese exports. Chinese manufacturers used to majorly focus on low-end products, however, with the growing significant investments on manufacturing instruments and scientific research, the production of high-end products is expected to boost the ball bearings market share in the region.
- The industry participants include Brammer PLC, Timken, NSK Global, SKF, Daido Metal Company Limited, Minebea Company Limited, JTEKT, NTN Corporation, and Schaeffler Group. Manufacturers are focusing on new product development and expansion strategy to gain prominence in the ball bearings market.
- In November 2016, NSK developed the ultra-high speed contact angular ball bearing using the latest SURSAVE cage. It can be applied to the NSKROBUST range of bearings for the main spindle of machine tools. The latest product meets the increasing demand for high speed rotation, higher accuracy coupled with the environment friendly features.
Bearings market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2012 to 2022, for the following segments:
Bearings Market by product
- Roller Bearings
- Ball Bearings
Bearings Market by application
- Mining & Construction
- Railway & Aerospace
The above information is provided on a regional and country basis for the following:
- North America
- Eastern Europe
- Asia Pacific
- Latin America