June 23, 2021 08:35 ET | Source: Facts and Factors Facts and Factors
New York City, New York, June 23, 2021 (GLOBE NEWSWIRE) - Facts and Factors released a new research report titled "Ball Bearing Market by Type (Spherical Bearing, Deep Groove Ball Bearing, Angle Contact ball bearings and others)", by application (automotive, industrial machinery, mining and construction, and medical) and by region-global and regional industry outlook, comprehensive analysis and forecast, 2021-2026".
"According to the research report, the global ball bearing market is estimated to be USD 20.5 billion in 2020 and is expected to reach USD 23.1 billion by 2026. The global ball bearing market is expected to grow at a compound annual growth rate (CAGR) of 3.1% from 2021 to 2026 ".
A ball bearing is a mechanical device consisting of a fixed and rotating bracket in which a stainless steel ball is embedded. Ball bearings provide smooth operation between two rotating elements by absorbing the radial and axial forces generated during the process. The main driving force behind the significant growth of the global ball bearing market is the increase in demand from the machine tool and automotive industries, as well as the growing demand for precision engineering applications.
In addition, a factor related to the dominant growth of the global ball bearing market is the increasing popularity of ball bearings in the aerospace and defense fields, as well as in the medical and health fields, to name a few. In addition, the integration of smart bearings in Internet of Things (IoT) and artificial intelligence applications will further promote the growth of the global ball bearing market during the forecast period. Smart bearings further include additional features, such as self-aligning bearings, attracting a wider range of consumers, making growth a lucrative growth.
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Analysis of market dynamics and growth factors
The following are some notable developments in the global ball bearing market during the forecast period:
The global ball bearing market can be divided into self-aligning bearings, deep groove ball bearings, angular contact ball bearings and others (thrust ball bearings) according to their types. It is expected that self-aligning ball bearings will witness the largest market share and the fastest compound annual growth rate during the forecast period. The factors leading to the dominance of this market segment can be attributed to factors related to the increase in demand from the paper and textile processing industries. Other factors include the integration of advanced functions, such as higher operating speeds and higher efficiency, which will further promote the growth of the global ball bearing market.
The global ball bearing market can be subdivided into automotive, industrial machinery, mining and construction, medical and other (aerospace) based on applications. Due to the popularity of robotic surgery, the medical sector is expected to witness the largest market share during the forecast period. Compared with similar surgeries, these surgeries can reduce downtime and speed up recovery.
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Global Ball Bearing Market: Segmentation and Application Analysis
The global ball bearing market can be subdivided into types, applications and regions.
According to the type, the global ball bearing market can be divided into self-aligning bearings, deep groove ball bearings, angular contact ball bearings and others (thrust ball bearings). Self-aligning ball bearings are expected to witness the largest market share and are expected to witness the fastest growing compound annual growth rate during the forecast period. The factor contributing to market dominance is the increasing demand from machine tools such as papermaking and textile processing machinery. In addition, higher operating speeds and operational capabilities such as radial and load handling efficiency are expected to drive market growth and lead to a higher consumer base. According to the application, the global ball bearing market can be subdivided into automobiles, industrial machinery, mining and construction, medical, etc. (aerospace).
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The Asia-Pacific region is expected to occupy the largest market share during the forecast period
In terms of global market contribution, the Asia-Pacific region is expected to witness the largest market share during the forecast period. The factors contributing to market dominance in the region can be attributed to the increase in public development projects and the presence of major players. It is expected that the increase in mining activities and construction activities will drive the global ball bearing market within the forecast period. Europe, which ranks second, has an important market share.
Browse the full report "Ball Bearing Market by Type (Spherical Bearings, Deep Groove Ball Bearings, Angular Contact Ball Bearings, and others) by application (automotive, industrial machinery, mining and construction and medical) and by region-global and regional industries Outlook, comprehensive analysis and forecast, 2021-2026", see https://www.fnfresearch.com/ball-bearing-market
The global ball bearing market can be subdivided into:
Global Ball Bearing Market: Breakdown Analysis by Type
Global Ball Bearing Market: Breakdown Analysis by Application
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