Low Temperature Bearings Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Material, and Application
The low temperature bearings market was valued at US$ 547. 71 million in 2021 and is projected to reach US$ 752. 72 million by 2028; it is expected to grow at a CAGR of 4. 9% from 2022 to 2028.
New York, June 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Low Temperature Bearings Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Material, and Application" - https://www.reportlinker.com/p06289918/?utm_source=GNW
The low temperature bearings market in North America is segmented into the US, Canada, and Mexico.The region is expected to provide lucrative opportunities to the low temperature bearings market during the forecast period.
The continuous contribution of tech giants in technological advancements has created a stir in the competitive market across the region, thereby integrating advanced technologies in their respective business processes for better future growth. North American countries, especially the US and Canada, are technologically advanced and comprise numerous industries, such as automotive, pharmaceutical, semiconductor, and chemicals, which propels the growth of low temperature bearings market in North America.
NSK has developed new self-lubricating deep groove ball bearings for cryogenic gases, such as hydrogen and LNG, which are handled by submersible pumps.The double bearing of the pump shaft is a significant design feature in these pumps.
Corrosion resistance is critical, and no other lubricant than the medium washing around the bearing may be utilized.NSK bearings are available in a variety of sizes and are suitable to use in big hydrogen pumping plants and decentralized applications, such as hydrogen filling stations.
Additionally, SKF is spending around USD 55 million in North America to improve its industrial footprint and competitiveness.An additional US 20 million will be invested in relocating the production of Tapered Roller Bearings (TRBs) from China to a facility in Mexico.
The move will boost SKF’s North American product range while supporting the Group’s regional manufacturing objectives.
The energy mix used to generate power in the US has shifted throughout time, particularly in recent years.Natural gas and renewable energy sources are growing their proportion of power generation in the country, while coal-fired electricity output is decreasing.
Coal accounted for 20% of total utility-scale power generation by the end of 2020, while coal accounted for 19% of total utility-scale energy generation. As a result, the country’s expanded energy & power industry presents a huge potential for the low temperature bearings market suppliers.
Organic chemical manufacturing; train, subway, and transit car manufacturing, and semiconductor machinery manufacturing are among the 151 industries in the Canada manufacturing sector.The increase of revenue, company, and employment varies greatly per industry.
Kaman delivers maintenance-free bearings that boost reliability and application life while lowering operating costs in demanding applications throughout industries.Kaman offers a variety of self-lubricating bearing liners, and the user’s decision will be determined by the application.
Some liners are designed for high-speed or high-load applications, while others are designed for high-temperature or high-impact environments. As a result, the growing manufacturing sector in the country propels the demand for mechanical components, such as low temperature bearings.
NTN Corporation, SKF Group, Timken Company, DuPont, Nachi-Fujikoshi Corp, Albeco Buchalter, American Roller Bearing Company, GEBR.Reinfurt GMBH and CO KG, Durofit Technologies Private Limited, and ZYS Bearing Research Institute Co.
Ltd. are among the key companies operating in the low temperature bearings market.
The COVID-19 pandemic affected the majority of businesses globally.The continuous growth in the count of virus-infected patients compelled respective government authorities to impose respective curbs on the movement of humans, goods, and commodities with travel restrictions, mass lockdowns, and business shutdowns.
The imposition of lockdown resulted in the lesser production of commodities and goods and lowered the frequency of service offerings.The manufacturing and aerospace industries witnessed a notable decline in their revenues due to the temporary shutdown of operations.
In the first quarter of 2020, after the imposition of a nationwide lockdown in most nations, many industrial sectors came to a standstill.Further, low temperature bearings is extensively used in the pharmaceutical industry, aerospace, and manufacturing industry.
However, as the situation has normalized , the low temperature bearings market is expected to grow remarkably worldwide.
The COVID-19 pandemic negatively impacted several end-use industries, such as manufacturing and aerospace, due to the interruption in the supply chain of raw materials and the temporary shutdown of production facilities.Further, low-temperature bearing is used to improve the pump performance in end-use industries; hence, the demand for the low-temperature bearing is closely tied to the functioning of production facilities.
As a result, disruptions in manufacturing operations are projected to have a negative impact on the global low temperature bearings market in the future. Low temperature bearings market players globally faced severe challenges due to supply chain disruptions of low temperature bearings components, which led to a supply-demand gap that negatively influenced the low temperature bearings market growth.
The overall global low temperature bearings market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the low temperature bearings market.
The process also serves the purpose of obtaining an overview and forecast for the low temperature bearings market analysis with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the low temperature bearings market.
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