The global bearing market size is predicted surpass around US$ 195 billion by 2027 and growing at a CAGR of 6.85% during the forecast period 2020 to 2027.
OTTAWA, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Bearing Market (By Product: Roller Bearing, Ball Bearing, Plain Bearing; By Application: Oil & Gas, Agriculture, Automotive, Power Transmission, Construction, Aerospace, And Others; By Material: Ceramic, Plastic, And Metal; By Type: Mounted Bearing And Unmounted Bearing; By Distribution Channel: Offline And Online; By Component: Cages, Balls, Rings, Rollers, And Others) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”. View Full Report@ https://www.precedenceresearch.com/bearing-market
Bearings are mechanical assemblies comprises of rolling elements and typically outer and inner races that can beutilized for linear shaft or rotating applications. There are multiple kinds of bearings available in the market such as roller bearings, linear bearings, ball bearings along with mounted versions which are used in plain bearings or rolling element bearing. Ball bearings have sphere-shaped rolling elements employed for lower load applications. On the on other hand, roller bearings utilize cylindrical rolling elements for heavier load carrying works. Bearings diminish friction permitting smooth acceleration in automobiles, accurate microscopes, quiet running ceiling fans, and operative dental drills. Developments in anti-friction bearings have played an important role in the improved mobility of society in the last century.
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Rising production of vehicles is directly prompting the sale for bearings employed in automotive sector. As per data presented by the International Organization of Motor Vehicle Manufacturers (OICA), passenger vehicles production on the global level was around 69 million units in 2018, recording a growth of 2.2% than earlier year. Bearings find application in machinery that required to be supervised continuously to safeguard consistency, competence, reliability, and cost efficacy of the operations. Forthcoming technologies including smart bearings may assist firms tocontinuously supervise bearing operations. These drivers are projected to offer alluring opportunities the global bearing marketplace.
Proliferating demand for high-performance bearings has caused in companies to incorporate enhanced sensor units in their products ranges. These sensor units aid in digital monitoring of deceleration, rotation speed, axial movement, acceleration, and load carrying capability of the product. Moreover, the arrival of Industrial Internet of Things (IIoT) has stimulated implementation and continual monitoring of connected machinery and equipment. Such trends are also expected to support the growth of global bearing market during years to come.
Asia Pacific dominated the global bearing market in 2019 and anticipated to mirror this dominance throughout the forecast period. Stimulating demand from various end user sectors along with stress-free government regulations for establishing of small & medium engineering units is anticipated to lift the growth of the market in this region.
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Europe appeared as second biggest market for bearings on account of presence of huge number of automotive manufacturers in the region. Europe is estimated to reveal huge growth because of the existence of large automobile production facilities and noteworthy demand for high-performance machines from power, construction, and aviation in the region. North America is also expected to exhibit substantial growth during years to come on account of promising government initiatives for the safety of passengers and vehicles. Likewise, steady economy, escalation in demand for bearings from numerous industry verticals including power, aerospace & defense and cutting-edge technology are together projected to lift growth of the market in North America in near future.
Asia Pacific is expected to record fastest growing market with majority of market share in 2019.
The Industry 4.0 trend is one of the prime drivers which is anticipate to lift sale of bearings as industrial and factory automation gets thrust during years to come
Europe emerged as second largest bearing market due to presence of high number of automotive firms in the region
Augmented demand for dedicated bearing solutions that cater several industry specific specifications is expected to lift the demand of bearings worldwide
Automotive sector accounted for higher market share in 2019 due to upsurge in the global automotive production
Key Players & Strategies
Companies are continually strives to improve product designs to upsurge the energy effectiveness and performance. They utilize superior material for cages, raceways, and rolling elements plus redesigned raceway profiles. Additionally, technological progressions in lubrication and seal technologies and application of lightweight materials in high-performance products are promptingvastvisions for the firms. Incorporation of electro-mechanical features straight into the bearings aids in cutbacks in size and cost and improvement in the performance.
Bearing manufacturer SKF is greatly spending in the development of its bearings to keep up with the constantly growing requirement for novel and better bearings. For example, it has designed a variety of ball bearings that surges the mileage that hybrid or electric car can travel. This energy effective SKF e-Drive bearing work by diminishing the levels of heat andfriction andpermits car to travel more competently and advances the power density in order to prolong the battery life.
Prominent firms involved in the bearing market include JTEKT Corporation, NSK Ltd., Schaeffler AG, The Timken Company, SKF, MinebeaMitsumi Inc., NTN Bearing Corporation, Rexnord Corporation, Danaher, and RBC Bearings Incorporated among others.
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Oil & Gas
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