Pune, May 25, 2020 (GLOBE NEWSWIRE) -- The global cross roller bearings market size is projected to reach USD 1,519.9 million by 2026, exhibiting a CAGR of 2.36% during the forecast period. Rising demand for service robots across the globe will be the central growth driver for this market, states Fortune Business Insights™ in its report, titled “Cross Roller Bearings Market Size, Share and Industry Analysis by Type (Single Inner and Split Outer Ring, Split Inner and Single Outer Ring, Others), By Dimension (18 to 50mm, 50 to 150mm, 150 to 250 mm, 250 to 400 mm, 400 to 630 mm, 630 to 800 mm, >800 mm), By Industrial Vertical (Industrial Machinery, Medical Systems, Robotics, Semiconductor Manufacturing Equipment) and Regional Forecast 2019-2026”. The International Federation of Robotics reported that worldwide sales of private service robots in 2018 were around 35 million units, with domestic robots leading the charge. Cross roller bearings are a crucial component in robots, giving them the necessary rigidity and strength to move on uneven surfaces. These bearings make in-line contact with the surface and provide the robots with the required level of friction and load-bearing capacity, ensuring minimum damage and high accuracy. Thus, as robotics technology makes inroads in diverse economic activities, the demand for cross roller bearings is set to rise proportionately, fueling the market growth in the process.
As per the report findings, the market value was at USD 1,261.9 million in 2018. The other highlights of the report include:
- In-depth examination of the various factors shaping the growth trajectory of the market;
- Detailed analysis of the hindrances facing the market;
- Comprehensive study of the regional and competitive dynamics influencing the market; and
- Careful assessment of the individual market segments.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Market Driver
Promising Growth in Wind Energy to Create New Expansion Avenues
Recent findings released by the International Renewable Energy Agency (IRENA) reveal that by the end of 2018, global renewable energy capacity stood at 2,351 GW. While hydro energy accounted for the majority share, wind energy’s share was at 24% followed by solar. The numbers, thus, indicate that there has been a substantial increase in wind installations around the globe. This bodes well for the cross roller bearings market growth because these components ensure that the wear & tear of wind turbines happens at a stable rate. Research on wind turbines by the National Wind Technology Center in the US found that the most common failure in these machines is bearing axial cracks, arising from friction between the rolling components and high pressure on the bearings. As a result, the demand for cross roller bearings is steadily climbing with growing adoption of renewables.
Regional Analysis
Rapid Industrialization to Augment the Market in Asia-Pacific
Accelerating pace of economic development, reflected by the speedy industrialization in India and China, will be the key factor enabling Asia-Pacific dominate the cross roller bearings market share in the foreseeable future. Moreover, increasing construction activities in these countries and rising deployment of robotics in the medical and renewables sectors in Japan and South Korea will further propel the regional market. In 2018, the market size in Asia-Pacific stood at USD 422.7 million.
In North America, heavy investments in construction equipment, communications technologies, and medical technologies will augur well for the market. On the other hand, the market in Europe is set to experience a high growth phase owing to active adoption of smart factories, warehouses, and distribution centers, along with robust healthcare infrastructure.
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Competitive Landscape
Strengthening of Portfolio to Hold Players’ Attention
Competition in this market is increasingly being characterized by the strategies adopted by key players to tighten their hold on the market. One of the most preferred measures taken by these companies is the strengthening of their product portfolio to showcase diverse offerings to customers. Innovative products are also allowing new entrants to mark their presence in the global market.
Industry Developments:
- February 2020: Schaeffler introduced its next-gen XZU conical thrust cage needle roller bearing and RTWH precision gearbox. The bearing solution is designed for robot and cobot (collaborative robots) joints, assuring low friction and high rigidity quotient, while the RTWH gearbox comprises of speed-reduction gears to be used in robot articulated joints.
- January 2020: NTN Bearing Corporation of America announced the release of its new Bower Type E bearing, engineered to deliver superior performance in the harshest application areas. A cast iron, spherical roller bearing, the product boasts of enhanced performance in a variety of demanding industries such as construction, water treatment, steel, cement, and mining.
List of Key Players Covered in the Cross Roller Bearings Market Report are:
- Luoyang Ouna Bearing Co. Ltd. (ONA)
- Luoyang Huigong Bearing Technology Co., Ltd. (CHG)
- ISB Bearing
- Hiwin Corporation
- CPM S.p.A
- NTN Bearing Corporation
- Schaeffler Technologies AG & Co. KG
- NSK Ltd.
- LYC Bearing Corporation
- JTEKT Corporation (Koyo)
- IKO International, Inc. / Nippon Thompson Co., Ltd.
- Franke GmbH
- AEC
- SKF
- THE TIMKEN COMPANY
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- Porter’s Five Forces Analysis
- Consolidated SWOT Analysis for Key Players
- Price Trend Analysis
- Global Cross Roller Bearings Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (US$ Mn)
- Single inner and split outer ring
- Split inner and single outer ring
- Others
- Market Sizing Estimations and Forecasts – By Dimension (Bore Diameter in mm) (US$ Mn)
- 18 to 50 mm
- 50 to 150 mm
- 150 to 250 mm
- 250 to 400 mm
- 400 to 630 mm
- 630 to 800 mm
- >800 mm
- Market Sizing Estimations and Forecasts – By Industry Vertical (US$ Mn)
- Industrial Machinery
- Machine Tools
- Textile Machinery
- Food Processing Equipment
- Packaging Equipment
- Medical Systems
- CT Scanners
- Medical Diagnostics Equipment
- Robotic Surgery Devices
- Oncology Treatment Machines
- Robotics
- Cobots
- Industrial Robots
- Semiconductor Manufacturing Equipment
- Positioners
- Lapping/Polishing Equipment
- Wafer Transfer
- Pick and Place
- Others
- Industrial Machinery
- Market Analysis, Insights and Forecast – By Geography (US$ Mn)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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