New York, March 09, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Super Precision Bearing Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – by Type (Angular Contact Ball Bearings, Cylindrical Roller Bearings, and Others), Application (Spindles, High Speed Rolling Mills, Printing Machinery, Precision Ball Screw, Live Centers, High Speed Turbochargers, Vacuum Pumps, Automotive, Boat Gyrostabilizers, Semiconductor Industry, Textile Machinery, Medical & Dental, Measuring Machines, and Aviation & Defense), and Geography"; the global super precision bearing market size is projected to grow from USD 8.78 billion in 2022 to USD 13.10 billion by 2028; it is estimated to register a CAGR of 6.9% from 2022 to 2028.
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Global Super Precision Bearing Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 8.78 billion in 2022 |
| Market Size Value by | USD 13.10 billion by 2028 |
| Growth rate | CAGR of 6.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 220 |
| No. of Tables | 129 |
| No. of Charts & Figures | 85 |
| Historical data available | Yes |
| Segments covered | Type, and Application |
Super Precision Bearing Market: Competitive Landscape and Key Developments
SKF AB, Schaeffler AG, JTEKT Corp, The Timken Co, Austin Engineering Co Ltd, NSK Ltd, Nachi-Fujikoshi Corp, NTN-SNR Roulements SA, Luoyang Huigong Bearing Technology Co Ltd, and RBC Bearings Inc are among the leading players profiled in the super precision bearing market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments are mentioned below:
In 2022: NSK and Cyfuse Biomedical agreed to collaborate in developing new technologies for regenerative medicine and cellular therapy products.
In 2022: the Italian company of NTN Group launched PROFTEC, an integrated people development approach that enables the global bearing producer to identify and grow the technical resources needed to succeed in its future challenges.
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Rising Awareness Regarding Super Precision Bearing to Provide Lucrative Opportunities for Global Super Precision Bearing Market Growth During (2022-2028):
Super precision bearings used across various industries must follow strict standards such as ISO class 4 and 02 for performance, weight, and quality. The bearing should withstand extreme loads, high pressure, and variability in temperature during the operations. These bearings provide superior mechanical properties, high strength, rigidity, enhanced safety performance, and low friction and wear. These performance characteristics influence manufacturers to adopt this super precision bearing technology in their facility, which is propelling the super precision bearing market growth.
Manufacturers are becoming aware of the key benefits of installing super precision bearings to boost operational performance in their facility. FutureSwiss provides iSpeed3 Series sensor less motors developed with super precision hybrid ceramic bearings. The bearings are used for these motors to increase their spindle life. In addition, Niigata Machine Techno USA Inc. launched HN800-V horizontal machining center (HMC) in March 2022. They used seven sets of wide-spaced, super precision angular contact and roller bearings to achieve extreme precision performance. Moreover, super precision bearing manufacturers are providing the bearing solution to marine gyroscope manufacturers for improved performance by decreasing friction and noise. Further, manufacturers are building small robots to work in compact spaces. They are increasingly concerned about boosting production in compact spaces and adapting robot technologies to boost precision and accuracy in operations. These robot applications are highly dependent on high-precision bearings, such as super precision bearings in rotatory joints. Thus, rising awareness regarding the use of super precision bearings in various applications such as gyroscopes will boost its demand and create an opportunity for the super precision bearing market in the coming years.
Super Precision Bearing Market: Industry Overview
The super precision bearing market is segmented based on type, application, and geography. Based on type, the market is segmented into angular contact ball bearings, cylindrical roller bearings, and others. Based on application, the market is divided into spindles, high speed rolling mills, printing machinery, precision ball screw, live centers, high speed turbochargers, vacuum pumps, automotive, boat gyrostabilizers, semiconductor industry, textile machinery, medical & dental, measuring machines, and aviation & defense. By geography, the super precision bearing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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The super precision bearing market in Asia Pacific is projected to witness significant growth from 2022 to 2028. Based on country, the APAC super precision bearing market is segmented into Australia, China, India, Japan, South Korea, Taiwan, and the Rest of APAC. The growth of the super precision bearings market in Asia Pacific is attributed to the growing presence of many aircraft manufacturers and increasing initiatives by the government for the manufacturing of aircraft. In December 2022, the Indian government approved the allotment of 50 acres of land to Tata Advanced System Limited (TASL) for setting the final assembly line and MRO for 19-seater turboprop aircraft manufacturing. Further, according to the Trading Economics report in January 2023, the total auto sales in China will increase by 3% Y-O-Y to reach 27.6 million, and NEVs sales will surge by 35% to reach 9 million by the end of 2023. Thus, the increasing sales requires the production of these automobiles that use super precision bearings. Moreover, in February 2022, Boeing's Defense, Space & Security segment announced its plan to generate ~US$ 70 billion in revenue from sales to militaries in Asia Pacific over the next five years.
Thus, such increasing spending in the defense budget for procuring military aircraft, along with strategy planning from market players in Asia Pacific, is fueling the demand for aerospace bearings, driving the super precision bearing market.
Key Findings of Study:
The super precision bearing market is segmented based on type, applications, and geography. Based on type, the super precision bearing market is segmented into angular contact ball bearings, cylindrical roller bearings, and others. Based on application, the super precision bearing market is divided into spindles, high speed rolling mills, printing machinery, precision ball screw, live centers, high speed turbochargers, vacuum pumps, automotive, boat gyrostabilizers, semiconductor industry, textile machinery, medical & dental, measuring machines, and aviation & defense. By geography, the super precision bearing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Based on type, the global super precision bearing market is segmented into angular contact ball bearings, cylindrical roller bearings, and others. Machine tools and other precision applications require superior bearing performance for high system rigidity. However, elastic deformation can occur under extreme pressure and load. Therefore, an angular contact ball bearing is used in various applications to maintain the productivity and accuracy of machine tools. SKF developed a new super precision angular contact ball bearing that improves the performance of machinery in several applications. These bearings provide high reliability, superior accuracy, and excellent performance for applications such as parallel kinematic machines (PKM) and grinding and boring machines. Thus, the featured characteristics of angular contact ball bearings make it most preferable for wide-scope applications, which is expected to boost super precision bearing market growth in the coming years.
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Impact of COVID-19 Pandemic on Super Precision Bearing Market:
The impact of the COVID-19 pandemic on industries in Europe was severe. Lockdowns imposed by the governments resulted in the shutdown of several industries, including automotive, aerospace, and textile. This drastically declined production across the automotive industry, severely affecting the growth of the region's super precision bearing market. As per the European Parliament report, the automotive industry in European Union (EU) recorded production losses of 3.6 million vehicles, which reflected a loss of US$ 105.22 billion in the first half of 2020. A drop in vehicle production declined the demand for super precision bearings in the automotive industry. However, in 2021, with the relaxation of lockdown measures, operations in manufacturing businesses resumed. Hence, the super precision bearing market gained momentum. Further, in 2021, the market witnessed high demand due to the increasing investments and national support measures after the COVID-19 crisis in automotive industry. According to the European Environment Agency (EEA), the new registration for electric cars and vans was 1,061,000 in 2020 and increased to 1,729,000 in 2021. Thus, the growing automobile manufacturing activities in Europe will fuel the growth of the super precision bearing market during the forecast period.
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