Bearing Market to Develop at 6.1% CAGR during the Forecast Period: TMR Study

News provided by

Oct 26, 2022, 08:30 ET

The defence and aerospace industries use bearings extensively, which is expected to support expansion of the global bearing market.

Increasing adoption of ball bearings amongst manufacturers of heavy vehicle and light vehicles are expected to drive the segment

WILMINGTON, Del., Oct. 26, 2022 /PRNewswire/ -- In 2021, the value of the global bearing market stood at US$ 123.6 Bn. The global market is anticipated to expand at 6.1% CAGR during the forecast period, from 2022 to 2031. It is anticipated that by 2031, the global bearing market will touch value of US$ 216.7 Bn. Due to technological improvements in various types of bearings, widespread usage across several end-use businesses, changing regulatory environment, and rising usage of lightweight automotive parts, the global bearing market is predicted to expand during the forecast period.

Numerous businesses, including agriculture, automotive, aerospace, oil & gas, power transmission, construction, and others, use bearings significantly. In order to grow their revenue share in the market, bearing manufacturers are offering lightweight, high-capacity bearings. Additionally, the utilization of bearings in various automotive parts is being directly influenced by the rise in vehicle manufacturing across the globe. Leading companies in the bearing market are concentrating their R&D efforts on technical advancements, product breakthroughs, and new material and quality options to diversify their sources of income.

A rise in demand for bearing from the automotive sector is expected to bolster growth of the global bearing market. Air bearings and automotive mounted bearings are a few of the several types of bearings found in automobiles. The growth opportunity for bearing is anticipated to grow as demand for specialty bearing solutions catering to various industry-specific criteria increases.

Request Sample Report at - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1647

Key Findings of Market Report

In 2021, the ball bearing category accounted for a significant portion of the global bearing market in terms of products. It is anticipated that it will continue to dominate the market throughout the anticipated timespan. Ball bearings are preferred by producers of light and heavy vehicles, which is expected to propel the category during the forecast timeline.
Several nations are ramping up their defence infrastructure, which is anticipated to raise demand for bearings. For various mission-critical applications in aircraft equipment, specialized bearings like linear bearings and thrust bearings are essential. This factor is expected to drive future of bearing market in the years to come.
Sensors embedded into smart bearings collect information about their environment, including speed, vibration, load, direction, temperature, levels of debris, and many other parameters. An automated system that monitors the particular bearing action receives the information that smart bearings collect. Magnetic bearings and smart bearings, which are intended to let manufacturers continually monitor bearing operations, are estimated to be key technology for the future of bearings. Innovations are expected to come up as key marketing strategy for bearing manufacturers.

Make an Enquiry before Buying - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1647

Global Bearing Market: Growth Drivers

Depending on application type, in 2021, the automotive industry accounted for a sizable portion of the global bearing market. This is brought on by rising demand for bearings for use in various automobile parts. Rising vehicle manufacturing all around the world is directly driving up use of bearings in automotive components.

Global Bearing Market: Key Competitors

RBC Bearings Incorporated
The Timken Company
NTN Bearing Corporation
Schaeffler AG
Rexnord Corporation
JTEKT Corporation

Ask for References - https://www.transparencymarketresearch.com/sample/sample.php?flag=ARF&rep_id=1647

Global Bearing Market: Segmentation

Product

Ball Bearing

Roller Bearing

Plain Bearing
Others

Material

Plastic
Ceramic
Metal

Type

Unmounted Bearing
Mounted Bearing

Component

Balls
Rollers
Cages
Rings
Others

Application

Automotive
Construction
Aerospace
Power Transmission
Oil & Gas
Agriculture
Others

Distribution Channel

Online
Offline

Factory Automation Research Reports

Cooling Tower Market- Cooling Tower Market is expected to reach value of US$ 5.1 Bn by the end of 2031

Industrial Automation Market - Industrial Automation Market is prognosticated to expand at a stellar CAGR of 7.56% over the period between 2019 and 2027.

Industrial Refrigeration Equipment Market - Industrial Refrigeration Equipment Market expand at a CAGR 5% with 37 US$ Bn by 2027.

Industrial Gloves Market - Industrial Gloves Market is expected to have a sales value of US$ 42.1 Bn by 2018. The market is expected to grow in terms of volume sales at a CAGR of 9.3% during the period 2019-2027.

Industrial Brushes Market - The Industrial Brushes Market to Reach Valuation Of US$ 922 Mn By 2027.

Industrial Gas Regulator Market - Industrial Gas Regulator Market valued at US$ 2537.5 Mn in 2018 and expected to grow with a CAGR of 2.8% from 2019 to 2027.

Industrial Floor Scrubber Market - The demand for industrial floor scrubbers is gaining pace amidst the COVID-19 (coronavirus) outbreak, since healthcare facilities are increasing efforts to ensure effective disinfection of floor surfaces.

Industrial Gear Market - Industrial Gear Market is estimated to exceed value of US$ 111.4 Bn by 2030, expanding at a CAGR of 5% during the forecast period.

About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

For More Research Insights on Leading Industries, Visit our YouTube channel –

https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ

Contact Us:

Rohit Bhisey

Transparency Market Research Inc.

CORPORATE HEADQUARTER DOWNTOWN,

1000 N. West Street,

Suite 1200, Wilmington, Delaware 19801 USA

Tel: +1-518-618-1030

USA – Canada Toll Free: 866-552-3453

Website: https://www.transparencymarketresearch.com

Blog: https://tmrblog.com