Bearing Market Is Projected To Be Around $69.15 Billion By 2022
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A research study titled, “Bearing Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the bearing market is projected to be around $69.15 billion by 2022.
The global bearing market was evaluated around USD 33.00 billion in the 2012 and is expected to reach approximately USD 69.15 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 6.89% over the forecast period. A bearing is an element of the machine that reduces friction between moving parts and cut down relative motion out of the desired motion. Bearing facilitates the required motion by reducing friction. Bearings are segmented widely on the basis of the operation type, the allowed motions, or to the direction guidelines of the loads (forces) employed to the parts. Bearings are also known to as anti-friction elements that decrease resistance and enhance the mobility of machine parts. These machine parts are extensively used in pumps, gearboxes, and automobiles. These components make easy effective machinery operations. They can vary from a huge diameter bearing to a series of slender bearings. Bearings are mostly used to achieve the purpose of friction reducing. The other fundamental functions involve sustaining weight, alleviating efficient power transmission, and securing appropriate alignment of the movable machine component.
The global bearing market is projected to demonstrate extensive growth with a decent compound annual growth rate over the forecast period of 2012 to 2022. Rising demand for auto components and automobiles has propelled the growth of the global bearings industry. Technological innovations like seal technologies, lightweight materials in high-performance products, and lubrication technology are generating massive opportunities for the players in global bearings market. Furthermore, the rise in demand for passenger cars and commercial vehicles in the developing countries involving China and India are anticipated to boost the growth of bearings market during the forecast period. The rise in the high-performance bearings demand has directed manufacturers to incorporate superior sensors units in the products concerning bearings industry. The sensor units assist in supporting digital supervising of rotation speed, axial movement, deceleration, acceleration and load-bearing capacity.
The key industry participants for the bearing market are; Schaeffler Group, NTN Corporation, SKF Group, NSK Global, JTEKT Corporation, and Timken. According to the products, the global market is split into, Ball Bearings: Deep Groove bearings and others; Roller Bearings: Split bearings, Tapered bearings and others; and others. By Application, the market industry is divided into; Automotive, Agriculture, Electrical, Mining & construction, Railway & Aerospace, Automotive Aftermarket, and Others. Geographically, the global bearing market is segmented into regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada) and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the bearing market
- Rising demand for automotive industry and technological innovations in this industry are the factors boosting the growth of the market.
- Roller bearings are anticipated to surpass ball bearings, as the leading product section during the approaching years, due to their capability to bear heavy loads and impact or shock loading.
- The aerospace and railway section is expected to show the fastest growth at a compound annual growth rate over 8% during the projected period, due to their growing demand in applications involving doors, shock absorbers, gearboxes, tilting mechanisms, among others.
- The Asia Pacific is projected to appear as the top growing area with a compound annual growth rate more than 5% during the forecast years owing to the augmented demand for swift infrastructure development, fuel-efficient passenger vehicles, and industrialization around the region.
- Key participants of this market are Schaeffler Group, NTN Corporation, SKF Group, NSK Global, JTEKT Corporation, and Timken.