New York, July 13, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Precision Bearings Market” published by Consegic Business Intelligence, the market was worth USD 8,972.09 Million in 2022 and is expected to reach over USD 13,867.82 Million by the year 2030, growing at a CAGR of 5.9%.
Precision bearings are designed to fulfill the demanding needs of applications that require high rigidity, precision, and high speeds. Precision bearings are capable of minimizing heat generation, noise, and vibration along with providing high-performance and operational efficiency, which makes it ideal for utilization in automotive, aerospace & defense, medical, power generation, oil & gas, and other industries.
Get Sample Report@ https://www.consegicbusinessintelligence.com/request-sample/1129
The increasing utilization of precision bearings in the automotive industry is one of the key factors driving the market growth. Moreover, rising investments in automobile manufacturing facilities, increasing automotive production, and growing adoption of electric vehicles are key factors fostering the market demand for precision bearings. For instance, according to ACEA (European Automobile Manufacturers Association), the overall production of passenger cars in the Europe Union reached 10.9 million in 2022, demonstrating a growth of 8.3% in comparison to 2021. Hence, the rising automobile production is driving the deployment of precision bearings for utilization in automotive engines, wheels, steering, electrical motors, and others thereby, driving the growth of the market.
Additionally, the rising application of precision bearings in the medical sector is expected to promote potential opportunities for the growth of the precision bearings market. Precision bearings are primarily used in medical devices including diagnostics & monitoring devices, surgical power tools, ventilators, and others. The benefits of precision bearings including long shelf-life, excellent corrosion resistance, and the ability to offer high precision and high-speed capabilities are key determinants for increasing its utilization in medical devices. However, the instability in raw materials used in the production of precision bearings is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 13,867.82 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.9% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | SKF, Schaffler AG, Kaman Corporation, CW BEARING, AST Bearings, THE TIMKEN COMPANY, JTEKT Corporation, GMN Bearing USA, Pacamor Kubar Bearings (National Precision Bearing), NSK Ltd., and Schatz Bearing Corp. |
| By Type | Ball Bearings and Roller Bearings |
| By End-User | Automotive, Aerospace & Defense, Medical, Power Generation, Oil & Gas, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
Immediate Delivery Available, Buy Now @ https://www.consegicbusinessintelligence.com/secure-checkout/1129
Precision Bearings Market Growth Drivers:
- Rising utilization of precision bearings in automotive sector is driving the market growth.
- Increasing adoption of precision bearings in aerospace & defense industry is spurring the market growth.
Restraints
- Instability in raw material prices is restraining the market growth.
Opportunities
- Rising application of precision bearings in medical sector is expected to promote potential opportunities for market growth.
Global Precision Bearings Market Segmentation Details:
Based on type, the ball bearing segment contributed the largest shares to the market growth in 2022. The benefits of ball bearings including long shelf-life, optimal design, high rotational speed, high accuracy, and others are key prospects driving the growth of the segment. Moreover, the increasing utilization of ball bearings in automotive, aerospace, and medical industries is driving the growth of the ball bearing segment.
Based on end-user, the automotive segment accounted for the maximum revenue share in the year 2022. Precision bearings are often deployed in various automobile components including engines, wheels, steering, electrical motors, and others, attributing to the ability of precision bearings to enhance the vehicle performance, reduce friction, and endure heavy loads. Factors rising investments in automobile manufacturing facilities, increasing automotive production, and advancements in autonomous driving are among the major prospects boosting the growth of the automotive segment.
Get Sample Report@ https://www.consegicbusinessintelligence.com/request-sample/1129
Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including automotive, medical, aerospace & defense, and others is driving the growth of precision bearings market in North America. Moreover, the increasing investments in electric vehicle (EV) sector is further boosting the growth of the market in the North American region.
Recent Developments
- In June 2021, NSK Ltd. launched a ball bearing that offers high speed and is designed for utilization in electric vehicle motors. The ball bearing also provides higher energy efficiency and longer vehicle range.
Key Market Highlights
- The global precision bearings market size is estimated to reach USD 13,867.82 Million by 2030 and grow at a CAGR of 5.9% during the forecast period (2023-2030).
- Globally, the precision bearings market is divided based on the type into ball bearings and roller bearings.
- In the context of end-user, the market is separated into automotive, aerospace & defense, medical, power generation, oil & gas, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in precision bearings market.
Browse Full Report & TOC @ https://www.consegicbusinessintelligence.com/precision-bearings-market
List of Major Global Precision Bearings Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• SKF
• Schaffler AG
• Kaman Corporation
• CW BEARING
• AST Bearings
• THE TIMKEN COMPANY
• JTEKT Corporation
• GMN Bearing USA
• Pacamor Kubar Bearings (National Precision Bearing)
• NSK Ltd.
• Schatz Bearing Corp.
Global Precision Bearings Market Segmentation:
- By Type
- Ball Bearings
- Roller Bearings
- By End-User
- Automotive
- Aerospace & Defense
- Medical
- Power Generation
- Oil & Gas
- Others
Request for Customization @ https://www.consegicbusinessintelligence.com/request-customization/1129
Key Questions Covered in the Precision Bearings Market Report
- What is precision bearings?
- Precision bearings have a higher standard precision level and are designed for utilization in applications that require high rigidity, high accuracy, and high speeds.
- What is the dominating segment in the precision bearings market by type?
- In 2022, the ball bearing segment accounted for the highest market share in the overall precision bearings market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the precision bearings growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for precision bearings from automotive, aerospace, medical, and other sectors is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as automotive, aerospace & defense, power generation, and others.
Our Other Research Reports here:-
Wind Turbine Pitch Systems Market to Hit US$2,115.46 Mn By 2030, Exclusive Analysis By Consegic Business Intelligence
Chemotherapy Devices Market Projected to Hit $ 20,807.56 Billion at a 7.1% CAGR by 2030
N-Bromosuccinimide Market Size to Surpass $ 21.11 Mn by 2030, Says Consegic Business Intelligence
Cardiac Medical Device Market Size to Surpass $ 99,349.84 Mn by 2030, exhibiting a CAGR of 6.8%
Polymer Modified Bitumen Market on Track to Exceed US$ 15,803.79 Mn By 2030, Consegic Business Intelligence
About Consegic Business Intelligence Pvt Ltd.
Consegic Business Intelligence Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domains. The industry provides consulting services, syndicated research reports, and customized research reports.
Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by Consegic Business Intelligence Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in foremost countries around the globe.
Press Releases:- https://www.consegicbusinessintelligence.com/press-release/precision-bearings-market
Contact:
Consegic Business intelligence Pvt Ltd.
Contact no.: (US) (505) 715-4344
Email: sales@consegicbusinessintelligence.com
