At 2.67% CAGR, Middle East ,Africa and Europe Bearing Market to hit USD 26.59 Billion to 2027, Says Brandessence Market Research
LONDON, Jan. 10, 2022 /PRNewswire/ -- The Middle East ,Africa and Europe Bearing Market in terms of revenue was worth of USD 21.75 Billion in 2020 and is expected to reach USD 26.59 Billion in 2027, growing at a CAGR of 2.67% from 2021 to 2028.
Europe is set to dominate the bearing market and is poised to maintain its dominance owing to the presence of many leading companies. Major players like SKF, NSK, and Schaeffler group have well-established production facilities for different kinds of bearings in Europe. Europe is followed by Turkey, which is the leading market in the region, representing around one-third of the total regional demand.
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Scope of Bearing Market:
Bearing is a key component in all kinds of machinery including but not limited to automobiles, airplanes, industrial machinery, turbines, and even satellites far away in space. Momentum towards low to no friction bearings is enhancing the market value for itself. Improvement in growth and evaluation efficiency by utilization of artificial intelligence and simulation is making bearings more significant across the EMEA. Voluminous bearings also facilitate the desired motion as much as possible, such as by creating the latest innovations like sensorized bearings, IoT-related bearings, etc.
Bearings are developing its strength in each business including the automotive business, industrial machinery business, hydrogen industry, and others. Regarding the core products, key shaft bearings for wind turbines are becoming larger as wind turbines become larger. It is essential to develop manufacturing technologies, such as advanced efficient heat treatment technology. Since the introduction of renewable energy is expanding to achieve carbon neutrality and realize a decarbonized society. As rolling bearings are fundamental components of renewable energy systems. As well, spherical roller bearings from Schaeffler are previously playing a significant part in numerous high profile European wave and tidal energy systems, comprising the Pelamis P2 wave energy converter. New bearing designs can be industrialized and tailored to specific wind turbine necessities across the EMEA region in the coming years as well.
Besides, hydrogen is also drawing attention as a next-generation energy source, and a number of peripheral devices are being considered and developed. Bearing is not only used in fuel-cell vehicles but also in infrastructural systems like compressed pumps. The pressure in these devices is higher than that of conventional nitrogen. Hence, higher reliability and durability are needed for mechanical elements such as bearings. SKF has collaborated to accelerate the enlargement of fossil-free bearing steel using hydrogen. In this partnership, the company is designing vigorous, reliable hydrogen systems, with the lowest possible effect on the environment and on the overall cost of operation. This has led to considerable demand for bearings notably within the hydrogen industry in this region.
Over and above that, 4th stage of industrial revolution wherein technologies such as internet of things (IoT), connectivity, automation & etc. are approved for better flexibility in production and also led to profit maximization of bearings. The rise of revolutionary technologies and developments in IT systems has the factual potential to deliver enhanced effectiveness for suppliers. The journey of manufacturing automotive bearings and related components has already started and expanded across the world as well as the EMEA region. One of the leading companies, NSK has developed sensor bearings that have a magnetic encoder to detect rotating speed and direction. The megatrend of digitalization and climate crisis throughout the regionalized world are sturdily influencing manufacturers of bearings in this region. In addition to the above segment, precisely designed bearings are used to advance robot reliability. As robot bearings are used to manage the balancing act between zero clearance, low friction, high load capacity, as well as small installation space. At manufacturing sites, there is a rising demand for manpower savings and further efficiency enhancement due to labor shortages. Numerous manufacturers are contributing to labor-saving and automation through the use of high value-added products such as bearings with manifold modern technologies and innovations.
Furthermore, the world is constantly moving to the tune of electrification, miniaturization, and digital transformation. Due to these eras, the technical need for automotive parts such as bearings are becoming higher in terms of high-speed rotation, need for lighter weight as well as durability. Based on the design, the number of bearings used per unit in hybrid electric vehicles is generally expected to increase. Eastern Europe has displayed the maximum growth in the electric vehicles industry. Since the demand for bearings is predicted to grow moderately over the next 10 years owing to the growth of hybrid electric vehicles. However, it is assumed that the demand for bearings may decrease due to the further expansion of battery electric vehicles. Withal, the trend of lightweight and miniaturization is driving the manufacturers to tailor specialized bearings across the EMEA region. In addition to this, the latest generation of spherical bearings industrialized by the German company Hirschmann Spherical Bearings is constructing its own noteworthy contribution to this trend: aluminum-titanium low-weight bearings which accomplish just as well as the generally used standard bearings but with only half the weight. Such developments in diverse segments are creating tremendous opportunities for bearing.
Moreover, by admiring all aforementioned aspects and the use of bearings in a range of segments, the masses of leading market players are potentially investing in the bearing market. Major international players (SKF, NSK, Schaeffler group, Timken, NTN, and JTEKT) who have a huge presence in the EMEA region are showing their great interest in innovating specified bearings. These top bearing manufacturers are representing more than half of the global rolling bearing market. For instance, SKF, the leader in the bearing market itself manufactured more than 7 million bearings till now. Also, NSK has also industrialized a third-generation ultra-high-speed ball bearing for electric vehicle motors. This new bearing is the world's fastest grease-lubricated deep groove ball bearing for automotive applications. Along with this, NTN Corporation is building sales and technical service systems in Dubai, the United Arab Emirates with the aim of escalating sales in the Middle East and Africa.
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The Middle East ,Africa and Europe Bearing market research reports segments as follows:
Bearing Market: By Product Type
- Ball
- Roller
- Others
Bearing Market: By Application
- Automotive
- Mining & Construction
- Agriculture
- Railway & Aerospace
- Electrical
- Steel Industry
- Paper and Pulp Industry
- Petrochemical
- Automotive Aftermarket
- Others
Bearing Market: By Distribution Channel
- OEM
- Aftermarket
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Market Trends of Bearing Market
Bearings are the staple of the industry which is basically used to reduce the mechanical friction. Bearings are known as the most critical components of all machinery and are also a component that just on its own merit is said to be "eco-friendly". They not only facilitate the desired motion as much as possible but also support load, maintain alignment, transmit power, and therefore facilitate the efficient operation of equipment. The bearing sector is deliberated as a traditional industry dominated by firms in the business, functioning resourcefully for manifold decades. Preceding few years have been more vigorous than before, few industry trends are noticeable and playing a momentous role in shaping the industry in this decade. Certain metallurgy processes, new materials, innovations, are creating emerging trends in the bearing market across the globe. This will generate a plethora of opportunities for loads of businesses in the forthcoming years in EMEA bearing market.
The Megatrends of Digitalization, and the Movement towards a Regionalized World Making Bearing Market in Trend in EMEA
Customization:
There is an intensifying trend in industry (mainly automotive & aerospace) for integrated bearings where the nearby components of the bearings become a fundamental part of the bearing itself. Such kinds of bearings are industrialized to diminish the number of bearing components in the ultimate assembled product. As a consequence, usage of integrated bearings lessens the equipment cost, upsurges reliability, delivers ease of installation, and increases service life. Necessities for application-specific solutions are gaining thrust and boosting customer interest worldwide. The overall bearing industry is shifting to developing novel kinds of applications particularly bearings. As specially designed bearings aid motor racing teams to respond to definite conditions within high-performance cars.
Withal, an internal geometry of bearing can be tailored to specific applications. For instance; when great axial stiffness is required, the contact angle of an angular contact ball bearing can be augmented without disturbing other bearing desires. NSK has produced a customized ball and roller bearing which includes highly specialized designs. Similarly, SKF Company also designed specialized custom bearings which optimize performance in a variety of separate applications such as a wheel or gearbox bearing. Accordingly, customized rolling bearings enrich the performance in applications. Thus, bearing suppliers are proposing particular bearings to suit precise necessities in applications like weaving looms in the textile sector, agricultural machinery, and turbocharger in an automotive application.
Rotary Bearings with IoT Functionality and Predictive Maintenance:-
The prevalent implementation of condition monitoring technologies such as vibration analysis is a testimony to the initial adopters who pioneered their use within the business in this region. Most significantly, the industrial internet of things (IIoT), coupled with lessening sensor costs, has further accelerated the adoption of these technologies. They also allowed remote monitoring of real-time data, automated analysis, and instantaneous alerts. One challenge that is normally seen is customers becoming disenfranchised with the technology since it wasn't applied appropriately to the asset and, as a result, does not deliver a progressive warning of faults or deprivation.
Materials Science Leads Bearing Innovation & Coatings:
Machinery probably has the risks of contamination from neighboring moving parts. Single bearings are reaching their boundaries in terms of material, geometry performance, or heat treatment. Hence to go beyond these physical limits, bearing manufacturers are developing coatings and thermochemical procedures. By far, the greatest momentous aspect of manufacturing high-quality ball bearings is the materials that are used. The bearing commerce is now using hard coatings, ceramics, and novel specialty steels. Improvements in materials have prolonged the working life of bearings, even under severe operating situations. These numbers of materials along with exact heat treatments and precise geometry are able to handle extremes in temperature as well as cope with situations like particle contamination & extreme loads. Timken uses polymers that are optically noticeable as well as bearing inserts with all stainless-steel constituents for metal detectability. These engineered polymer bearings are both optical and metal detectable. Novel and improved materials and metallurgy procedures have produced a number of innovations in ball bearing manufacturing. Here are the top three innovations and evolving trends in bearing materials:
- Tungsten Carbide Increases Durability:
- Chrome Steel:
- Advances in Plastic:
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On Special Requirement Bearing Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC,
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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