SAN FRANCISCO , Feb. 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Bearings - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE Edition: 21; Released: February 2022 Executive Pool: 10694 Companies: 245 - Players covered include Brammer PLC; Harbin Bearing Manufacturing Co., Ltd.; HKT Bearings Ltd.; igusa®; JTEKT Corporation; MinebeaMitsumi, Inc.; Nachi-Fujikoshi Corp.; NSK Ltd.; NTN Corporation; RBC Bearings, Inc.; Rexnord Corporation; Schaeffler AG; SKF Group; SNL Bearings Limited; Tenneco Inc.; The Timken Company; Wafangdian Bearing Group Corp., Ltd. and Others. Coverage: All major geographies and key segments Segments: Product (Roller Bearings, Ball Bearings, and Other Products); Application (Automotive, Mining & Construction, Railway & Aerospace, Agriculture, Electrical, Other Applications) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Argentina ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Iran ; Israel ; Saudi Arabia ; UAE; Rest of Middle East ; Africa .
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Global Bearings Market to Reach US$162.1 Billion by the Year 2026 Bearings, also known as anti-friction components and manufactured mostly from steel, comprise of extremely significant equipment utilized in various motion requiring applications. Demand for bearings is dynamic, and closely linked to global GDP trends, given their widespread use in capital goods and engineering industries. Bearings represent an essential commodity in the manufacturing sector, playing an indispensable role in several industries, including heavy machinery, aerospace, automotive, railways, and various other segments. Much of the development on the technology front in the bearings industry concerns only usage of newer materials, increasing efficiency of the bearings, and manufacturing bearings specific to certain applications. The bearings market is also gaining from strong government support to the industry in terms of positive initiatives, R&D activity and tax incentives that are favoring bearing production.
Amid the COVID-19 crisis, the global market for Bearings estimated at US$124 Billion in the year 2022, is projected to reach a revised size of US$162.1 Billion by 2026, growing at a CAGR of 6.3% over the analysis period. Roller Bearings, one of the segments analyzed in the report, is projected to grow at a 7.3% CAGR to reach US$75 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ball Bearings segment is readjusted to a revised 5.9% CAGR for the next 7-year period. This segment currently accounts for a 33% share of the global Bearings market. Roller bearings, commonly used in heavy-duty moderate-speed applications, constitute the largest and fastest growing product category within the bearings market. Roller bearings have greater load capacities than ball bearings of the same size.
The U.S. Market is Estimated at $15.9 Billion in 2022, While China is Forecast to Reach $51.6 Billion by 2026 The Bearings market in the U.S. is estimated at US$15.9 Billion in the year 2022. The country currently accounts for a 13.1% share in the global market. China , the world second's largest economy, is forecast to reach an estimated market size of US$51.6 Billion in the year 2026 trailing a CAGR of 8.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 3.5% and 4% respectively over the analysis period. Within Europe , Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$55.9 Billion by the end of the analysis period. The growth in market in the near future will be driven by increased use of the bearings in various applications such as heavy machinery, mining, automotive, infrastructure development, agriculture, power generation, and construction. Additionally, increasing demand for customized bearings is likely to create new growth opportunities for the bearings market globally. Also, increase in demand pertaining to specialized bearings for addressing varied challenges and requirements of the industry are expected to drive bearings market growth. The bearings market is further driven by the increasing demand for large-bore anti-friction bearings in the manufacturing industry, for heavy machineries, and in the renewable energy sector for wind turbines.
Ball Bearings Segment to Reach $52.4 Billion by 2026 Ball bearings are another major type of bearings sold globally. Point-contact is the main feature of all ball bearings. Various kinds include single row ball bearings, double row ball bearings thrust ball bearings and angular contact ball bearings. These bearings are ideally suited for aerospace, computer peripheral, dental, industrial, and medical applications. Other ball bearings include plastic ball bearings and stainless miniature bearings. Growth in the ball bearings segment is primarily driven due to the various advantages that the product offers, including cost-effective and easy replacement; easy availability within the market; capability of decreasing friction even in minor contact surfaces; and improved performance of the motor. Global market for Ball Bearings segment is projected to reach US$52.4 Billion by 2026 reflecting a compounded annual growth rate of 5.9% over the analysis period. China constitutes the largest regional market for Ball Bearings segment. China is poised to register the fastest compounded annual growth rate of 7.6% over the analysis period, to reach US$16.3 Billion by 2026.
Hybrid Bearings Replace Steel Steel, for long, has been playing a vital role in the manufacture of bearings. Owing to its strength and durability, steel forms the major component used in the manufacture of bearings. However, with the advent of technology and the demand for better performing materials, steel gradually has taken a backseat in the production of bearings, which is witnessing increased popularity of hybrid bearings. Made from ceramic materials such as zirconia oxide (ZrO2), silicon nitride (Si3N4), alumina oxide (Al2O3), and silicon carbide (SiC), hybrid bearings prove to be a lucrative replacement for conventional steel bearings. These are highly preferred in applications wherein heavy loads, extreme temperatures and high speeds are the factors. Ceramic hybrid bearings exhibit greater functionality than regular steel bearings. Hybrid bearings have a smoother finish, thereby being highly accurate, exhibit reduced wear and tear and demand lesser lubrication. Also, hybrid bearings feature protracted operating time, thereby reducing the cost incurred on roll repair and machine downtimes. Moreover, these are environmentally viable as they consume less power and exhibit 50% greater running speed, being less dense than steel. Hybrid bearings are ideal for usage in applications involving minimal friction and higher speeds such as aerospace, laboratory equipment, electric motors, under water applications and racing vehicles. More
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