According to a report on Radiant Insights, Inc.; the worldwide bearings market is projected to attain significant revenue by 2021. It is expected to expand at a remarkable CAGR over the forecast period (2011 to 2021). High demand from automotive sector and production of high-end vehicles are the key market drivers. Advances in sealing technologies and lubricants are expected to further support the demand. Wind turbines may emerge as a new avenue for lucrative growth in the near future. Rising interest in renewable energy generation can positively impact the market.
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Bearings are a vital component in any machine which reduces friction between the parts, ensuring its smooth function. Plain bearings are the most common type, followed by flexure, magnetic, fluid, and jewel bearings. Demand for these bearings is driven by engineering and manufacturing industries globally. Companies are manufacturing components with attached bearings to reduce equipment costs. This results in high durability and reliability of the product.
Demand for high-performance bearings has led to integration of sensor units in the production line. These sensors monitor the rotational speed, load capacity, and movement of bearings. For instance, ISB Iguchi Kiko Co.,Ltd., a Japanese manufacturer, has developed revolutionary ball transfer, that can convey heavy loads in all directions. Another Japanese manufacturer Minebea Co., Ltd. developed the world’s smallest bearing at nearly 1.5 mm (millimeter). It is ideal for handheld medical devices, model cars, watches, and other applications.
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The global bearings market is segmented on the basis of products, applications, and regions. According to products, the segments comprise ball, spherical plain, roller, and other bearings. Ball bearings led the overall market on account of demand in 2015. Roller bearings are anticipated to dominate the market in terms of demand in the years ahead. High capacity to endure heavy loads is the key growth driver. Increasing adoption by aerospace, automotive, and home appliance manufacturing industries is expected to further support the expansion.
Major market applications are vehicles, aerospace, industrial, and others. ‘Others’ includes agriculture, electrical, mining, automotive aftermarket, railways, and others. Automotive led the overall market in 2015. Growing automotive production is the key market driver. Demand for technologically advanced automobiles is expected to further influence growth during the forecast period. Railway and aerospace may display high growth till 2012. Increased number of passengers relying on public transportation can boost business opportunities in the near future.
Key regions in the bearings market are Japan, Taiwan, China, Korea, Europe, and North America. Japan, China, Taiwan, and Korea can witness high demand in the forthcoming years due to the continuous growth of automotive sector and impressive aftermarket sales. Europe and North America are mature markets that may continue witnessing demand due to frequent motor production cycles and continuous funding.
Prominent market players are SKF, The Timken Company, SNK Global, Schaeffler Technologies AG & Co. KG, and NTN Bearing Corporation of America. Most companies focus on research & development to create specific and efficient bearings. For instance, NTN Bearing Corporation has developed lubrication grease for high-speed groove ball bearings. NSK has developed spherical roller bearings which can be used in conveyor belt drive pulleys. These bearings are easy to install and they can withstand heavy loads.
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