26-Aug-2019: The global bearings market
size is expected to reach USD 186.1 billion by 2025, according to a new report
by Grand View Research, Inc. It is projected to register a CAGR of 9.1% during
the forecast period. Bearings are essential in almost every application that
involves motion and they help minimize friction between different mechanical
components in several industrial machinery and equipment, resulting in reduced
energy consumption. Hence, this machine element finds application in all
industries, ranging from automobiles, household appliances, and aerospace to
industrial machinery, using machinery or related motor-driven linkages.
The bearings market
is estimated to witness considerable growth in the forthcoming years,
ascribed to the aim to achieve energy efficiency. Energy-saving and bearings go
hand-in-hand. The main objective of this element is saving energy by reducing
friction, be it during the rotation of shafts of a transmission or the wheel of
a vehicle. Additionally, rising demand for commercial vehicles is expected to
catapult the demand from the automotive sector across the world.
Technological
advancements including smart bearings, development of advanced materials and
lubricants, and integrating sensor units, are anticipated to provide high
growth potential to the market. With the objective of enhancing performance,
vendors are incorporating sensor units of the product. Sensor units help
digital monitoring of rotation speed, axial movement, load-carrying capacity
acceleration, and deceleration. These units are presently being used in
conveyors forklifts, road rollers, and electric motors. Furthermore, the
integration of IoT capabilities facilitates manufacturers to monitor bearing
operations constantly.
The market is
mature with a dynamic demand closely related to the state of engineering
industries and capital goods. Companies are offering integrated products that
significantly decrease the number of bearings that go into an assembled product
and reduce the overall cost of equipment. This, in turn, is also increasing the
shelf-life and reliability of the product. Product manufacturers are
increasingly investing in R&D to address the intensifying competition by
providing innovative products.
In
depth research report on Bearings Market
Further key findings from the study suggest:
·
The development of cost-effective wind energy generating
product has resulted in their increased espousal within the wind turbine
applications that aid in increasing energy production, reduce lubricant
consumption, and enhancing turbine performance and reliability
·
Roller bearings is anticipated to emerge as the largest
product segment by 2025 and outpace ball bearings, ascribed to their ability to
carry heavy loads and shock or impact loading
·
Railway and aerospace segment is estimated to witness the fastest
CAGR of over 8.0% over the foreseeable years, due to their growing demand in
applications such as shock absorbers, gearboxes, doors, and tilting mechanisms
to name a few
·
Asia Pacific is anticipated to witness the fastest CAGR of
over 5.0% by 2025 attributed to the increased demand for fuel-efficient
passenger vehicles, industrialization, and swift infrastructure development
·
The key competitors operating in the bearings market include
SKF, NSK, Timken, Schaeffler, NTN, and JTEKT. Various leading companies are
investing in high-level R&D to come up with innovative solutions. These
solutions are focused on being cost-effective as well as on enhancing the
overall quality of the end-product
Grand View Research
has segmented the global bearings market on the basis of product, application,
and region:
Bearings Product Outlook (Revenue, USD Billion, 2014 - 2025)
·
Ball
·
Deep Groove
·
Other
·
Roller
·
Split
·
Tapered
·
Others
·
Others
Bearings Application Outlook (Revenue, USD Billion, 2014 -
2025)
·
Automotive
·
Agriculture
·
Electrical
·
Mining & construction
·
Railway & Aerospace
·
Automotive aftermarket
·
Others
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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