Acumen Research and Consulting, Recently Published Report titled “Bearings Market Size, Share, Growth Opportunity, Sales, Trends and Forecast, 2019-2026”.
LOS ANGELES, Jan. 28, 2020 (GLOBE NEWSWIRE) -- The global bearings market is expected to grow at a CAGR of around 9.5% over the forecast period 2019 to 2026 and reach the market value of around US$ 213,685 million by 2026.
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In 2018, Asia Pacific led the global bearings market and the region is also expected to maintain its dominance over the forecast period from 2019 to 2026. The rapidly growing automotive sector of the major economies of the region, such as China and India is supporting the market growth. The presence of strong aftermarket for industrial equipment and motor vehicle repair is also contributing the market value. In addition, the rapidly increasing demand from defense and aerospace industries for protection and aerospace hardware manufacturing is further expected boost the bearings market growth. For instance, in China 24,961,948 units of passenger vehicles were sold in 2017 and 24,376,902 units in 2016.
In terms of type, ball bearing segment dominated the market with prominent share. The benefits associated with the use of ball bearing such as easy replacement with cheaper cost, increased motor performance, and easy availability in the market are propelling the segment growth. Along with these, ball bearing can operate in large temperature ranging from 40 to 180 degree and comes with better sealing to prevent lubricant leaking are also important factors favoring the segment growth. Ongoing R&D activities by the major players are further supporting the market value. For instance, SKF has launched its advanced ball bearing products complying with the Japanese Industrial Standards (JIS) in September 2018.
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By application, automotive segment dominated the global bearings market in the year 2018 and the segment is also expected to maintain its dominance over the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA) production statistics, total number of cars and commercial vehicles produced worldwide is registered 95,634,593 units in 2018. Apart from these, technological advancements in automotive bearings are further accelerating the segment growth. For instance, Schaeffler has developed a low friction transmission bearing in 2018 denoted as angular roller unit (ARU). Additionally, a global player NSK has developed a high-performance taper-roller hub unit bearing with a hub shaft for pickup trucks, large SUVs, and commercial vehicles.
Some of the leading competitors are C&U GROUP LTD., Tenneco Inc., JTEKT Corporation, NKE AUSTRIA GmbH, NSK Ltd., Schaeffler AG, SKF, THK CO., LTD., The Timken Company, and NTN Corporation. Bearings companies have announced mergers and acquisitions to expand their position in the bearings industry. Major players are also moving into new regions or advanced technologies for the expansion of market share.
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Some of the key observations regarding bearings industry include:
- NSK Ltd. has developed a new tapered bearing for electric vehicles including hybrid, fuel cell, and battery electric vehicles in 2019. The bearings are designed to offer a long life even under severely lean lubrication conditions.
- SKF, Gothenburg (Sweden) based bearings manufacturer has announced that the company agreed for the performance-based deal with BillerudKorsnas to reduce maintenance costs and to improve production output and sustainability performance at its Karlsborg mill in 2019.
- In 2019, Thordon bearings are likely to collaborate with the Polish Academy of Sciences to enter into the hydropower market with the development of pollution-free, efficient, low-noise, double-regulated Kaplan-type turbines based on Permanent Magnet (PM) technology.
- Schaller Automation is a company having 50 years of experience in developing, producing and selling safety systems for large diesel, gas and dual-fuel engines, is developing BEAROMOS 2020, an intelligent monitoring system, which is likely to provide early indications of journal bearing anomalies. The new product is intended to maximized engine safety.
- Janney Montgomery Scott LLC has announced that the company has acquired 1,070 Shares of RBC Bearings Incorporated in the third quarter of 2019. After the acquisition of 1,070 shares the institutional investor now owns 22,593 shares which worth US$3,748,000 or equal to 0.09% of RBC Bearings.
- In 2019, Schaeffler has developed a new electric system for monitoring the spindle bearings on machine tools.
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