Pune, India, March 15, 2021 (GLOBE NEWSWIRE) -- The growing demand for coated bearings from various applications is a key factor enabling growth of the bearings market, says Fortune Business Insights, in a report, titled “Bearings Market Size, Share & Industry Analysis, By Type (Ball Bearing, Roller Bearing), By Application (Automotive, Industrial Machinery, Aerospace, Others), and Regional Forecast, 2019-2026.” The global bearings market was valued at USD 39.46 billion in 2018 and is expected to reach USD 52.44 billion by 2026, exhibiting a CAGR of 3.6% during the forecast period (2019 – 2026).
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As per the report, on the basis of application, the bearings market is segmented into automotive, industrial machinery, aerospace and others. The automotive segment is expected to hold maximum share owing to the expansion of the automobile industry. The rising emphasis on weight reduction will further aid the growth of the segment. The increasing demand for bearings in the automotive industry owing to its advantages such as the ability to rotate at high speed with precision and high durability along with noise and vibration reduction property. Furthermore, the rising focus of manufacturers towards the production of lighter bearings by adopting various technologies such as better forging techniques, low tolerances, and lightweight alloys will further propel the growth of the market. For instance, SKF developed bearing cages from titanium alloys used in gearbox applications. These titanium bearings offer high component strength and; temperature resistance properties especially applicable for high acceleration applications
The report is dedicated to offering the best statistics, an explanatory study comprising of various characteristics allowing key players to remain robust in the market. It also discusses in-depth the recent innovations and advancement in the bearings market.
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Rising Demand For Precision Bearing Will create Growth opportunities
The increasing demand for precision bearing owing to industrial automation will boost the market revenue during the forecast period. The increasing demand from various applications including the aerospace industry and machine tools has resulted in the adoption of precision bearings. The growing requirement for miniature bearings in industrial robots will propel the growth of the market. For instance, according to secondary sources, in 2017, 2.1 million stand-alone industrial robots were installed globally. The rising technological advancement in office automation, medical equipment, and audio-visual equipment will fuel demand for miniature bearings. In addition, the growing focus of manufacturers for the development of miniature bearings will boost the growth of the market. For instance, SKF offers a wide range of miniature ball bearings available in stainless steel along with seals or shields for various applications.
Increasing Availability Of Tailored Bearing Will Aid Expansion
The increasing availability of tailored bearing is a factor enabling the growth of the market. The emergence of application-specific bearings is also one of the bearing market trends. The manufacturers are thus offering specialized bearing to suit specific requirements in applications such as weaving looms, agriculture machinery, vacuum pumps, and turbochargers. For instance, NTN-SNR manufacture fully customizes bearings with four points crossed rollers for robotic transmission applications. Furthermore, the development of an advanced ball bearing is predicted to stimulate the growth of the market. For instance, JTEKT Corporation has developed creep resistance features for ball bearing which are primarily used in the transmissions of hybrid; electric vehicles and, CVTs of engine cars.
Moreover, the acquisition of Timken India Ltd is predicted to favor market growth. For instance, Timken India Ltd. A subsidiary of Timken Company acquired ABC Bearings Ltd, an Indian manufacturer of cylindrical, tapered and, spherical roller bearings.
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List Of Key Companies Operating In The Global Bearings Market Are:
- NSK Ltd
- Nachi-Fujikoshi Corp
- myonic GmbH
- LYC Bearing Corporation
- Luoyang Huigong Bearing Technology Co., Ltd.
- Koyo
- ISB Speak to Our Analyst- Industries
- NTN Bearing Corporation
- SKF
- The Timken Company
- THB Bearings
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Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Bearings Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Ball Bearings
- Roller Bearings
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- Industrial Machinery
- Aerospace
- Others
- Market Analysis, Insights and Forecast – By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Bearings Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Ball Bearings
- Roller Bearings
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- Industrial Machinery
- Aerospace
- Others
- Market Analysis, Insights and Forecast – By Country (Value)
- United States
- Canada
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