Bearing Industry - Growth Rate and Current Trends
by Susan Hill Business ConsultantThe global bearings industry size is expected to reach USD
186.1 billion by 2025, according to a new report by Grand View Research, Inc.
It is projected to register a CAGR of 9.1% during the forecast period. Bearings
are essential in almost every application that involves motion and they help
minimize friction between different mechanical components in several industrial
machinery and equipment, resulting in reduced energy consumption. Hence, this
machine element finds application in all industries, ranging from automobiles,
household appliances, and aerospace to industrial machinery, using machinery or
related motor-driven linkages.
The bearings market is estimated to witness a
considerable growth in the forthcoming years, ascribed to the aim to achieve
energy efficiency. Energy saving and bearings go hand-in-hand. The main
objective of this element is saving energy by reducing friction, be it during
the rotation of shafts of a transmission or the wheel of a vehicle.
Additionally, rising demand for commercial vehicles is expected to catapult the
demand from automotive sector across the world.
Technological advancements including smart bearings,
development of advanced materials and lubricants, and integrating sensor units,
are anticipated to provide high growth potential to the market. With the
objective of enhancing performance, vendors are incorporating sensor units of
the product. Sensor units help digital monitoring of rotation speed, axial
movement, load carrying capacity acceleration, and deceleration. These units
are presently being used in conveyors forklifts, road rollers, and electric
motors. Furthermore, the integration of IoT capabilities facilitates
manufacturers to monitor bearing operations constantly.
The market is mature with a dynamic demand closely
related to the state of engineering industries and capital goods. Companies are
offering integrated products that significantly decrease the number of bearings
that go into an assembled product and reduce the overall cost of equipment.
This in turn is also increasing the shelf-life and reliability of the product.
Product manufacturers are increasingly investing in R&D to address the
intensifying competition by providing innovative products.
Further
key findings from the study suggest:
- The development of cost-effective wind energy generating product has
resulted in their increased espousal within wind turbine applications that
aid in increasing energy production, reduce lubricant consumption, and
enhancing turbine performance and reliability
- Roller bearings is anticipated to emerge as the largest product
segment by 2025 and outpace ball bearings, ascribed to their ability to
carry heavy loads and shock or impact loading
- Railway and aerospace segment is estimated to witness the fastest
CAGR of over 8.0% over the foreseeable years, due to their growing demand
in applications such as shock absorbers, gearboxes, doors, and tilting
mechanisms to name a few
- Asia Pacific is anticipated to witness the fastest CAGR of over 5.0%
by 2025 attributed to the increased demand for fuel-efficient passenger
vehicles, industrialization, and swift infrastructure development
- The key competitors operating in the bearings industry include SKF,
NSK, Timken, Schaeffler, NTN, and JTEKT. Various leading companies are
investing in high-level R&D to come up with innovative solutions.
These solutions are focused on being cost-effective as well as on
enhancing the overall quality of the end-product
Access
full research report on global bearings market:
www.grandviewresearch.com/industry-analysis/bearings-market
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Created on Jan 15th 2020 08:43. Viewed 374 times.