Bearing Industry - Segments & Key Trends To 2027
As per Market Research Future’s report on COVID-19 facts and insights, the global bearing market has been amongst the least affected sectors due to COVID and is estimated to reach approximately USD 190 billion by the year 2025, at a pace of ~8.5% CAGR over the assessment period (2019–2025).
The report indicates that industrial automation and equipment companies have not only regained the share price drop since the start of lockdown, but the share prices are also now higher even in YTD (year-to-date) terms. These are indications of positive sentiments in the global bearing marketplace about the industrial automation and equipment sector.
Various types of bearings are widely used across a host of industrial sectors such as automotive, construction, power transmission, and oil & gas. The last couple of decades have observed consistent advancements in technology and innovations in the bearing market, wherein substantial effort has been made to progress the performance and bearing life. Due to exponential surge in demand for durable and high-performing bearings that can function at higher speeds, handle heavy loads, the bearing market might inflate at a steady pace during the assessment period.
Numerous market players operating in the bearings market landscape are progressively focusing on testing and development of products to establish a strong brand presence and market share, which is letting the market to expand more even in the time of lockdown due to Coronavirus pandemic. On the other hand, manufacturers operating in the bearing market are gradually inclined toward the manufacturing of novel patented products to fulfil the mounting demand for optimized materials and designs.
The Industry 4.0 trend is yet another critical factor that is probable to boost the demand for bearings during the assessment period, as factory and industrial automation gains momentum. Market players are more and more focus on improving the internal designs of their products while at the same time optimizing the other features such as cage design and others. Consistent advancements in the bearing technology, mainly, for high-speed applications is also an essential factor that is estimated to boost the market augmentation in the future.
In terms of product segment, the global bearing market has included ball bearing, plain bearing, roller bearing, and others. Among these, the ball bearing segment might be leading throughout the assessment period owing to rising uses from various industry verticals such as railway, automotive, and aerospace.
In terms of application segment, the global bearing industry has included electronics, automotive, construction, aerospace & defence, and others. Among these, the automotive segment is noted to be accounted the largest share in the global bearing market over the assessment period in support of the swelling sales of passenger cars and commercial vehicles in the developed regions. At the back of these factors, beside widening applications of bearings across an array of industrial sectors, the global bearing market shows optimistic expectancy to attain a towering market value in future.
Asia Pacific region is the leading and fastest-growing bearing market among other regions.
Europe grabbed the second-largest position at the global level and is likely to exhibit considerable growth over the forecast period owing to the incidence of enormous automobile production facilities and significant demand for high-performance machines from construction, power, and aviation sectors.
However, the market in North America is also projected to record momentous growth over the estimated period owing to favourable government initiatives for vehicle and passengers safety. Furthermore, advanced technology, stable economy, and mount in demand for bearings from various industry verticals such as aerospace & defence and power are possible to boost the market growth in North America.
The top players operating in the global bearing market are NTN Corporation (Japan), Svenska Kullagerfabriken AB (Sweden), NSK Ltd. (Japan), Schaeffler Group (Germany), JTEKT Corporation (Japan), GKN plc. (UK), The Timken Company (US), The Danaher Corporation (US), Robert Bosch GmbH (Japan), and Minebea Mitsumi, Inc. (Japan).
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