Bearing Market Value to Reach US$ 213,685 Mn by 2026 | CAGR of 9.5%

LOS ANGELES, March 11, 2020 /PRNewswire/ -- The global bearings market value is expected to reach around US$ 213,685 million by end of 2026.

Increased use of heavy machinery supports, growing demands for application-specific bearings, creating sensor bearing systems, boosting steel prices, rising use of products and increasing production of vehicles in emerging countries are the key factors that impact the market development. The above factors either lead to or impede the growth of the bearings market. Each of these factors might have an impact on the market growth during the forecast period.

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New Technological Developments

In order to meet industry standards and the need for critical and high-tech applications, technology focused industries such as robotics, aerospace and defense, medical, etc have seen tremendous demand for reliable, heavy-duty (HD) bearings and robust bearings. A higher demand for bearings from these industries is likely to drive demand for bearings globally.

Investments and Improvements in Renewable Energy

• The most important components used in wind turbines for the wind power industry. These bearings need designs which can optimize reliability and provide cost-effectiveness in accordance with applications
• Continuing ventures and groundbreaking wind power generation show a great deal of investments in the existing wind energy industry. India and China play an important role in the Asia-Pacific market for wind energy.

Due to the presence of a significant population and cost advantage in the region, the Asia-Pacific is expected to dominate the market. The fast growth of the production industry and the region well developed infrastructure along with the growth of government funding in different developing and developed countries help to boost the global bearing market.

There are four trends which could have a significant impact on business and bearing supplier:

• Increased Demand: A steady increase in demand, largely due to the abundance of long-term products and other related applications, as the financial crisis begins to fade.
• Geographical Shift: By the end of 2016, Asia-Pacific had the highest average growth of 10% per year and is expected to reach $54 billion in total turnover at bearings.
• Product Changes: Bearing suppliers is likely to respond to specific product specifications and provide tailored solutions. Companies such as Ritbearing already supply bearings for small or niche projects and the projects that need more personalized bearing solutions.
• Faster Product Development: Products are being produced at a high speed rate, especially in the electronics field. In order to meet the demand for products with a shorter development period, the bearing market is likely to reduce the time required for bearing production which has become the industry standard. Wholesalers like Ritbearing can position their orders within months to provide a competitive edge for consumers by reducing the time required for products.

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The players profiled in the report include C&U GROUP LTD., Tenneco Inc., JTEKT Corporation, NKE AUSTRIA GmbH, NSK Ltd., Schaeffler AG, SKF, THK CO., LTD., The Timken Company, and NTN Corporation. The major players involved in strategic investment plans in the developing regions across the globe. The companies were also involved in mergers and acquisitions and new product development for gaining a competitive advantage.

Recent Developments:

• In October 2019, NSK Ltd. has developed a new, conveyor roller bearing that provides a long life, even under very lean lubricating conditions, for use in electric vehicles (including hybrids, fuel cells, and batteries). By 2025, NSK will reach revenue of 2 billion yen.
• In January 2020, Timken Company, a world leader in engineered bearings and power transmission devices, helps customers build a stronger defense line in food processing plants that are able to deal with harsh chemical materials and rough washing up equipment. Timken solutions portfolio for food and beverage producers now has hygienic housing units to tackle specific safety risks, including corrosional and grease-free rollers.
• In January 2020, SKF announced rolling roads with advance bearing technology. Manufacturers like SKF invest in new technological developments and adapt or update traditional bearings in response to these new demands. Customized and hybrid coils already address some of the key issues that can impact the efficiency of electric vehicles by redesigning elements such as the rubber frame, rolling materials and using special grease lubricating systems.

Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled " Bearings Market (By Type: Ball Bearings, Plain Bearings, Roller Bearing, Others; By Outer diameter: Below 5mm, 6mm-10mm, 10mm-21mm, 22mm, 23mm-32mm, 33mm-40mm, 41mm-45mm, Others; By Application: Automotive, Electrical, Agriculture, Mining & Construction, Railway & Aerospace, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026".

Report Insights

• Ball bearing registered the maximum share in the market in the year 2018 owing to the presence of its numerous applications to reduce rotational friction and to support radial and axial loads.
• In 2018, automotive dominated the market with maximum share and the segment is also projected to witness large share over the forecast period.
• In 2018, Asia Pacific held the topmost position in the bearings market and the region is also anticipated to be the fastest-growing market over the forecast period.

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