July 26, 2022 11:35 ET | Source: Facts & Factors Facts & Factors
LONDON, United Kingdom, July 26, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Bearing Market By Product (Ball Bearings, Roller Bearings, Plain Bearings, Others) By Type (Mounted, Unmounted, Component, Balls, Rollers, Cages, Rings, Others), By Application (Automotive, Construction, Aerospace, Power Transmission, Oil & Gas, Agriculture, Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Bearing Market size & share was approximately USD 121.6 Billion in 2021. The market is expected to grow above a CAGR of 8.2% and is anticipated to reach over USD 195.1 Billion by 2028.”
The report analyses the Bearing market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Bearing market.
What is Bearing? How big is the Bearing Industry?
Bearings are highly constructed, precision-machined components that allow machines to operate at extremely high speeds while carrying massive weights with ease and efficiency. It is a machine component that allows one element to spin in contact with another while causing less friction. The rising need for ball bearings in a variety of industries, including machine tools, automotive, and the rapidly growing advanced medical sectors, is projected to fuel market expansion in the near future.
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Market Growth Dynamics: Industry Drivers
Advances in seal and lubrication technology, as well as the use of lightweight materials in high-performance goods, are creating enormous opportunities for manufacturers. The incorporation of electro-mechanical components directly into bearings improves performance while also reducing size and cost, which will boost the market growth. Furthermore, the introduction of the Internet of Things (IoT) has facilitated the adoption and continuous monitoring of linked equipment and machinery. This advancement has had a positive influence on the market as well. The cost of raw materials continues to be the number one overall concern for businesses. The raw material price of an automobile bearing changes in response to market economic conditions. Such raw material price volatility is posing a significant problem for businesses seeking to remain competitive and ensure sustainable profitability.
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Key questions answered in this report:
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Bearing Market: COVID-19 Impact Analysis
The COVID-19 pandemic has reduced revenue-generating for mounted bearing manufacturers. The COVID-19 epidemic had a huge influence on the automotive industry, resulting in a considerable drop in automobile sales, a shortage of raw materials, and other issues. Several automotive firms are stepping up by reorganizing their supply chain, production, and services to deliver crucial medical goods. The pandemic caused a significant drop in demand for and investment in mounted bearings worldwide in the pandemic period.
Due to the unexpected halt in output, many businesses, including mining, construction, and food and beverage, struggled. Suspension of production and a focus on employee and worker health and safety has affected the supply chain of numerous businesses. Furthermore, the market's growth prospects in the pandemic period are projected to be hampered by falling demand for bearings from numerous end-use sectors as a result of the ongoing COVID-19 pandemic.
The Bearing Market is segregated based on Product, Type, and Application.
In terms of Product, in the forecast period, the roller bearings segment led the market, accounting for the major share of total revenue. Furthermore, this area is expected to maintain its dominance and become the fastest-growing segment by the forecast period. These goods have lower rotational friction, can support radial and axial loads, and can withstand restricted axial loads and large radial loads well than their competitors. The extensive adoption of roller bearings by numerous industries, including capital equipment, autos, home appliances, and aerospace, is expected to boost product demand.
In terms of Application, the automobile segment led the market, accounting for nearly 50.0 percent of total sales. A substantial proportion of this market can be ascribed to increased worldwide vehicle manufacturing. Furthermore, the demand for automobiles with technologically advanced solutions is increasing, resulting in an increase in vehicle manufacturing, which needs instrumented goods. The increase in demand for highly modern automobiles, as well as the resulting increase in vehicle capabilities, has increased the need for bearing in the automotive sector.
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In the forecast period, Asia Pacific led the bearings market, accounting for the largest share of total sales. The area is expected to see the fastest revenue increase. China is a large market, and sales in the nation are likely to skyrocket in the next years, fuelled by the fast development of machinery and motor vehicle manufacturing, as well as a robust aftermarket for industrial equipment and motor vehicle maintenance. Furthermore, India's robust construction and mining equipment industry is expected to support expansion through the forecast period.
The report contains qualitative and quantitative research on the global Bearing Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Bearing market include;
Browse the full “Bearing Market By Product (Ball Bearings, Roller Bearings, Plain Bearings, Others) By Type (Mounted, Unmounted, Component, Balls, Rollers, Cages, Rings, Others), By Application (Automotive, Construction, Aerospace, Power Transmission, Oil & Gas, Agriculture, Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/bearing-market
The global Bearing market is segmented as follows:
Key Insights from Primary Research
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