The global bearings market is expected to reach USD 172.2 billion by 2025,
according to a new report by Grand View Research, Inc. The market is
anticipated to witness a healthy growth, ascribed to achieve energy efficiency
coupled with high demand across the automotive sector. The increasing demand
for commercial vehicles is anticipated to propel demand across the automotive
sector over the coming years. Bearings are necessary in nearly all applications
that involve motion, so all industries, ranging from household appliances,
automobiles, and industrial machinery to aerospace, using machinery or related
motor-driven linkages use bearings.
The global bearings
market is mature with a dynamic market demand closely related to the state of
engineering industries and capital goods. Manufacturers in the bearings
industry invest in R&D to address the rising competition by offering
innovative products.
The technological
advancements, such as smart bearings and lubrication technology, incorporating
sensor units in bearings, are estimated to offer high growth opportunities to
the market. Companies are offering integrated products that drastically reduce
the number of bearings required in an assembled product and minimize the
overall cost of the equipment. Moreover, it improves the reliability and
shelf-life of the product.
Access Research Report of Bearings Market@ www.grandviewresearch.com/industry-analysis/bearings-market
Further key findings from the report suggest:
· The development of bearings that enable
cost-effective wind energy generation has led to their increased adoption
across wind turbine applications that help increase energy production, enhance
turbine performance & reliability, and reduce lubricant consumption
· Roller bearings are expected to outpace
ball bearings, as the largest product segment over the next few years, owing to
their capacity to carry heavy loads and shock or impact loading
· The railway & aerospace segment is
anticipated to witness the fastest growth at a CAGR exceeding 8% over the
forecast period, owing to their rising demand in applications including
gearboxes, shock absorbers, tilting mechanisms, doors, among others
· The Asia Pacific region is expected to
emerge as the fastest growing region with a CAGR exceeding 5% over the forecast
period on account of the increased demand for fuel-efficient passenger
vehicles, swift infrastructure development, and industrialization across the
region
· The key purveyors comprise NSK, Schaeffler,
Timken, SKF, JTEKT, and NTN. Several leading vendors are investing in
high-level R&D to come up with innovative bearing solutions. These
solutions are focused not only on improving the overall quality of the
end-product, but also on being cost-effective.
Grand View Research has
segmented the bearings market based on product, application and region:
Bearings Product Outlook (Revenue, USD Billion; 2014 -
2025)
·
Ball Bearings
·
Roller Bearings
·
Others
Bearings Application Outlook (Revenue, USD Billion; 2014
- 2025)
·
Automotive
·
Agriculture
·
Electrical
·
Mining & construction
·
Railway & Aerospace
·
Automotive aftermarket
·
Others
Bearings Regional Outlook (Revenue, USD Billion; 2014 -
2025)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
The Middle East & Africa
Access Press Release of Bearings Market@ www.grandviewresearch.com/press-release/global-bearings-market
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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