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 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.
According to Precedence Research, the global bearing market size is predicted to garner revenue over US$ 195 billion by 2027 growing at a compound annual growth rate (CAGR) of around 6.85% during period 2020 to 2027.
Rising production of vehicles is directly prompting the sale for bearings employed in the automotive sector. As per data presented by the International Organization of Motor Vehicle Manufacturers (OICA), passenger vehicle production on the global level was around 69 million units in 2018, recording a growth of 2.2% than the earlier years. 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 to continuously supervise bearing operations. These drivers are projected to offer alluring opportunities to the global bearing marketplace.
Proliferating demand for high-performance bearings has caused in companies to incorporate enhanced sensor units in their product 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 the Industrial Internet of Things (IIoT) has stimulated the implementation and continual monitoring of connected machinery and equipment. Such trends are also expected to support the growth of the global bearing market during the years to come.
The 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.
Europe appeared as the second biggest market for bearings on account of the presence of a 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 the years to come on account of promising government initiatives for the safety of passengers and vehicles. Likewise, a 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.
Key Players & Strategies
Companies are continually striving 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 the application of lightweight materials in high-performance products are prompting vast visions 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 and friction and permits the 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.
- The Asia Pacific is expected to record the fastest-growing market with the majority of market share in
- The Industry 4.0 trend is one of the prime drivers which is anticipated to lift sale of bearings as industrial and factory automation gets thrust during years to come
- Europe emerged as the second-largest bearing market due to presence of high number of automotive firms in the region
- Augmented demand for dedicated bearing solutions that cater to 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