The global Bearings Market size is expected to value at USD 172.2 billion by 2025. The market is subject to witness a substantial growth due to the rising demand from heavy machinery manufacturing sector. In addition, increase in the number of application of high capacity bearings in wind turbines is predicted to boost overall market demand for bearing in the upcoming years. Increasing adoption of high capacity bearings in wind turbines helps to improve turbine reliability and performance.
Some of the typical advantage of the industrial bearing include reduction in lubricant consumption and increase in the energy production. Recent advancement in energy & power sector has led to the development of cost effective solution in the market of bearings. These factors are expected to fuel market growth of bearing industry over the next seven years. Globally, the bearings industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Addition of electro-mechanical accessories into the bearings offers substantial performance enhancement along with reductions in size of the product. Incorporation of advanced sensor units with high performing bearing are anticipated to rocket market demand for bearing in the near future. The advanced sensor system helps to digitally monitor of axis movement, sequence speed, acceleration, deceleration, and load carrying capacity of the bearings.
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Development of advanced lubrication technology and seal technologies coupled with use of lightweight materials in high-performing systems are expected to offer lucrative growth opportunities for industry participants over the forecast period. The bearings market is broadly categorized into two major segments based on the application type such as ball bearings and roller type bearings. The ball bearings is considered as one of the fastest growing segment in the market of bearings with substantial revenue generation in the last few years. Growing popularity of the ball bearings segment is attributed to their ability to function very smoothly and frictionless. Increasing demand for ball bearing along with thrust and radial loadings in two and four-wheeled automobiles is estimated to escalate market demand for ball bearings segment. The roller type bearing segment has also witnessed substantial growth owing to their capacity to support radial and axial loads, thus reducing overall rotational friction.
The automotive sector is one of the fastest growing application in the bearing market owing to large-scale production of automobiles across the globe. Recent advancement in the automotive industry coupled with rising sale of vehicles in the Asia Pacific region are projected to stimulate market growth over the next seven years.
Furthermore, increasing demand for bearing from the railway & aerospace segment is predicted to generate massive revenue owing to the ascribed rise in the number of commuters using public transportation. Improved infrastructure and local transportation systems in developing economies is expected to favor market growth of railway & aerospace application segment.
The bearings market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the automotive sector, increase in the number of R&D activities in the region, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the bearings market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with strong economic growth in the region, growing automotive sector, massive growth in robust construction and mining equipment market and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the bearings industry are NTN Co., SNL Bearings Limited, KCI Bearings (India) Pvt. Ltd., AB SKF Group, NSK Global Ltd., The Timken Company Co., Schaeffler Technologies AG & Co., KG, and JTEKT Co.
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Bearings Product Outlook (Revenue, USD Billion; 2014 – 2025)
• Ball Bearings
• Deep Groove Bearings
• Roller Bearings
• Split Bearings
• Tapered Bearings
Bearings Application Outlook (Revenue, USD Billion; 2014 – 2025)
• Mining & construction
• Railway & Aerospace
• Automotive aftermarket
Bearings Regional Outlook (Revenue, USD Billion; 2014 – 2025)
• North America
• Eastern Europe
• Asia Pacific
• Latin America
• The Middle East & Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/machinery-and-machine-parts
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