Pune, May 27, 2020 (GLOBE NEWSWIRE) -- The global bearings market size is expected to reach USD 52.44 billion by 2026, exhibiting a CAGR of 3.6% during the forecast period. The booming automotive sector will contribute tremendously to the growth of the market. The rising application of bearings in the food processing industry will bolster healthy growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Bearings Market Size, Share & Industry Analysis, By Type (Ball Bearing, Roller Bearing), By Application (Automotive, Industrial Machinery, Aerospace, Others), and Regional Forecast, 2019-2026” the market size stood at USD 39.46 billion in 2018.
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Market Driver:
Heavy Demand for Precision Bearings to Propel Market
The rising industrial automation has led to the demand for precision bearings, which, in turn, will aid the expansion of the market. The increasing application of bearings in the aerospace industry will foster the growth of the market during the forecast period. Moreover, the growing development of advanced robots will fuel demand for miniature bearings in the forthcoming years. The growing focus of manufacturers towards the product offering of miniature bearings owing to the advantages over other bearings will enable speedy expansion of the market. For instance, SKF, a seal and bearing manufacturer offers an extensive range of miniature ball bearings available in stainless steel along with seals or shields for various applications. The technological advancement in medical equipment, and audio-visual equipment and other automation will spur opportunities for the market. Furthermore, the growing demand for coated bearings for as compressors, hydraulic pumps & motors, and marine & offshore applications will favor the growth of the market in the foreseeable future. In addition, the increasing collaborations and partnerships among major key players will subsequently aid the expansion of the market. For instance, Calico Coatings collaborated with ACL, Mahle/Clevite, and Durabond to deliver CT-1 Dry Film Lubricant coated bearings for a high-performance engine.
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Regional Analysis:
Rising Infrastructure Development to Boost Growth in Asia Pacific
Asia Pacific is expected to hold the major share during the forecast period owing to rising demand for bearings from various industries such as the automotive, aerospace, and packaging industry. The booming automotive sector will influence healthy growth in the region. According to the Society of Indian Automobile Manufacturers (SIAM), in the first quarter of 2019, the total passenger vehicle trade increased by 2.7%. The growing demand for industrial machinery owing to the rising infrastructure development will contribute positively to the growth of the market in Asia Pacific. Europe is predicted to account for the largest share in the global market due to the well-established automotive industry. The presence of major automobile companies will foster growth in the region. In addition, the heavy demand from the aerospace industry will promote growth in Europe.
Key Development:
October 2019: JTEKT Corporation announced the release of creep resistance features for ball bearing which will be primarily used in the transmissions of hybrid; electric vehicles and, CVTs of engine cars.
August 2018: Timken India Ltd. a subsidiary of Timken Company announced that it has acquired ABC Bearings Ltd, a major producer and leader of cylindrical, tapered and, spherical roller bearings based in India
List of the Key Companies Operating in the Bearings Market are:
- NSK Ltd
- Nachi-Fujikoshi Corp
- myonic GmbH
- LYC Bearing Corporation
- Luoyang Huigong Bearing Technology Co., Ltd.
- Koyo
- ISB Industries
- NTN Bearing Corporation
- SKF
- The Timken Company
- THB Bearings
- Schaeffler Technologies AG & Co. KG
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Bearings Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Ball Bearings
- Roller Bearings
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- Industrial Machinery
- Aerospace
- Others
- Market Analysis, Insights and Forecast – By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Have a Look at Related Research Insights:
Cross Roller Bearings Market Size, Share and Industry Analysis by Type (Single Inner and Split Outer Ring, Split Inner and Single Outer Ring, Others), By Dimension (18 to 50mm, 50 to 150mm, 150 to 250 mm, 250 to 400 mm, 400 to 630 mm, 630 to 800 mm, >800 mm), By Industrial Vertical (Industrial Machinery, Medical Systems, Robotics, Semiconductor Manufacturing Equipment) and Regional Forecast 2019-2026
Aerospace Bearings Market Size, Share & Industry Analysis, By Bearing Type (Roller Bearings Ball Bearings), By Application (Landing Gears, Engines, Aero structure, Flight Control Systems, Others (turbojets, turbofans, turbo shafts, etc.)), By End use (Helicopter, Aircraft, Space) and Regional Forecast, 2019-2026
Roller Bearings Market Size, Share and Industry Analysis By Product Type (Tapered, Spherical, Cylindrical, Others), By Application (Automotive, Industrial Machinery, Aerospace, Others) and Regional Forecast, 2019 - 2026
Ball Bearing Market Size, Share and Industry Analysis By Product Type (Self-Aligning Ball Bearings, Deep Grove Ball Bearings, Angular Contact Ball Bearings, Others), By Application (Automotive, Industrial Machinery, Mining & Construction, Medical, Others), and Regional Forecast, 2019 - 2026
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