NEWARK, Del, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the large scale bearing market is expected to be worth US$ 353.5 Million in 2023. The market is likely to reach US$ 760.3 Million by 2033, expanding at an 8.0% CAGR throughout the forecast period. The large scale bearing industry is driven by several factors, including quick development of wind power generation and high demand for renewable energy.
Large-scale bearings have emerged as the ideal solution for numerous sectors of the power generating area as a result of continued expansion of wind power generation. Important regions where this requirement is projected to keep growing include East Asia and North America.
Requirement for heavy gear and equipment has increased as industrialization and automation in numerous areas have progressed more quickly. Large bearings that can support big loads and offer smooth rotation are essential as businesses strive for better efficiency and production.
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Demand for big scale bearings has also increased as energy generation and distribution operations have increased. Development of wind turbines, hydroelectric power plants, and thermal power plants are examples of this, as they all depend on bearings for effective rotation and power production.
Need for large scale bearings is also significantly influenced by the transportation and logistics sector. In order to maintain smooth flow of products and commodities, reliable and long-lasting bearings are required in cars, trains, ships, and conveyor systems due to expansion of global trade and e-commerce.
Key Takeaways from the Large Scale Bearing Market Study:
- The global market for large scale bearings grew at 6.7% CAGR from 2018 to 2022, reaching US$ 353.5 Million in terms of value in 2023.
- The United States large scale bearing industry is expected to reach a valuation of US$ 685.3 Million by 2033.
- The United Kingdom large scale bearing market is expected to cross a value of US$ 11.9 Million by 2033.
- China large scale bearing industry is anticipated to top a valuation of US$ 144.7 Million in 2033.
- With a CAGR of 8.6% estimated from 2023 to 2033, the gearbox bearing segment is anticipated to rule the global large scale bearing market by application.
“Ongoing construction of infrastructure projects, including power plants, bridges, and dams has increased demand for large scale bearings. These projects require strong, dependable bearings to support the operation of diverse components, assuring lifetime and trouble-free operation.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
How Does Competition Look in the Large Scale Bearing Market?
The large scale bearing industry is highly consolidated with a significant number of players vying for high shares. Several significant participants in this industry comprise SKF Group, Thyssenkrupp GmbH, Schaeffler Group, Timken Company, and NTN Corporation among others.
The large scale bearing industry is characterized by intense competition among leading players, who are investing heavily in research & development to develop innovative and cost-effective products. These companies are also expanding their product offerings and strengthening their distribution channels to meet the changing demands of customers.
Collaborations and partnerships with other firms are becoming increasingly common in the market, allowing participants to leverage each other's capabilities and expand their reach. Mergers and acquisitions are being used by key players to enhance their position and gain access to new markets, particularly in rapidly growing economies such as India and China.
In these markets, key players are expanding their presence by setting up local manufacturing facilities and improving their distribution networks. They are also focusing on providing cost-effective solutions to customers to gain a competitive edge.
For instance,
- NSK expanded their line of electrical erosion immune bearings in March 2023 for eAxles. These bearings have insulating polymer coatings and conductive brushes. These will strengthen NSK's flexibility to respond to different client needs regarding electrical erosion and help to increase EV dependability and range.
- Minebea Mitsumi announced Honda Lock Mfg. Co., Ltd.'s full acquisition of all of its shares in January 2023. The company and Honda Motor Co., Ltd. had a share transfer agreement in existence prior to August 2022 for the purchase of Honda Lock Mfg. Co., Ltd. shares.
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Key Players Profiled in the Large Scale Bearing Market:
- Thyssenkrupp AG
- AB SKF
- NTN Corporation
- Schaeffler AG
- The Timken Company
- NSK Ltd.
- Nachi-Fujikoshi Corp.
- JTEKT Corp (KOYO Bearing Koyo Seiko Co., Ltd.)
- Wuxi MBY Bearing Technology Co., Ltd
- LAULAGUN BEARINGS, S.L.
- NIPPON THOMPSON CO., LTD. (IKO Bearings)
- Luoyang LDB
- TGB Group Technologies
- Defontaine Group
- Kaydon Bearings
- ILJIN POWER CO LTD
- THK CO., Ltd.
Find More Valuable Insights into Large Scale Bearing Market Report:
The research report analyzes the market demand trends of large scale bearings. The global market estimation and growth projection are based on factors such as end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of continuous miners.
As per Future Market Insights (FMI) research scope, the large scale bearing industry has been studied and segmented on the basis of product type (plain bearing, roller bearing, slew bearings, and electrically insulated bearings), diameter (500 to 1000 mm, 1000 to 1500 mm, 1500 to 2000 mm & 2000 to 2600 mm), application (main bearing, pitch bearing, generator bearing, gearbox bearing, flange bearing & yaw bearing), and regions. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and demand side.
Large Scale Bearing Industry Segmentation Analysis:
Product Type:
- Plain Bearing
- Deep Groove
- Four Point Contact
- Roller Bearing
- Cylindrical
- Tapered
- Spherical
- Slew Bearings
- Electrically Insulated Bearings
By Diameter:
- 500 to 1000mm
- 1000 to 1500mm
- 1500 to 2000mm
- 2000 to 2600mm
By Application:
- Main Bearings
- Pitch Bearings
- Generator Bearings
- Gearbox Bearings
- Flange Bearing
- Yaw Bearings
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltic Countries
- East Asia
- South Asia & Pacific
- The Middle East & Africa
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About the Industrial Automation Division at Future Market Insights (FMI)
The industrial automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the industrial automation sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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