New York, NY, June 23, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Ball Bearing Market By Type (Self-Aligning Bearings, Deep Grove Ball Bearings, Angular Contact Ball Bearings, & Others), By Application (Automotive, Industrial Machinery, Mining & Construction, & Medical), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 - 2026”.
“According to the research report, the global Ball Bearing Market was estimated at USD 20.50 Billion in 2020 and is expected to reach USD 23.10 Billion by 2026. The global Ball Bearing Market is expected to grow at a compound annual growth rate (CAGR) of 3.1% from 2021 to 2026”.
Ball bearings are mechanical devices that consist of a stationary and a rotating rest with stainless steel balls embedded within them. Ball bearings offer a smooth functioning between two rotating elements by absorbing radial and axial forces that arise from the process. The primary driving forces behind the significant growth of the global ball bearing market are a rise in the demand from the machine tools and automotive sector coupled with increasing demand for precise engineering applications.
Furthermore, the factors pertaining to the dominant growth of the global ball bearing market are the increased prevalence of ball bearing in the sector of aerospace and defense, and the medical health sector to name a few. Moreover, the integration of smart bearing in applications regarding the Internet of Things (IoT) and Artificial Intelligence will further boost the growth of the global ball bearing market during the forecast. Smart bearing further contains additional features such as self-aligning bearing that attract a wider range of consumers making the growth to be a highly lucrative one.
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- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
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Industry Major Market Players
- NSK Ltd.
- Schaeffler AG
- 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
- GKN plc.
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Market Dynamics & Growth Factors Analysis
Here are some noteworthy developments for the global ball bearing market during the forecast period:
- SKF recently launched their Ball Bearing Units-UC range in India in order to provide to increasing market demand with a low-cost solution that tends to the required international standards.
- Schaeffler AG announced a partnership with Audi in order to develop a collaborative technology for efficient transmissions, engine, bearings, and other to improve for their “Formula E” division.
The global ball bearing market can be divided into self-aligning bearings, deep grove ball bearings, angular contact ball bearings, and others (thrust ball bearings) on the basis of types. The self-aligning ball bearing is expected to witness the largest market share and the fastest growing CAGR during the forecast. Contributing factors that are responsible for the segment dominance can be attributed to factors pertaining to increased demands from the paper and textile processing industry. Additional factors include the integration of advanced features such as higher operational speed and increased efficiency among others will further aid in the growth of the global ball bearing market.
The global ball bearing market can be fragmented into automotive, industrial machinery, mining and construction, medical, and others (aerospace) on the basis of application. The medical segment is expected to witness the largest market share during the forecast owing to the increased prevalence of robotic surgeries. These surgeries result in decreased downtime and a faster rate of recovery when compared to its counterpart.
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Global Ball Bearing Market: Segmentation & Applications Analysis
The global ball bearing market can be segmented into type, application, and regions.
On the basis of type, the global ball bearing market can be divided into self-aligning bearings, deep groove ball bearings, angular contact ball bearings, and others (thrust ball bearings). The self-aligning ball bearings are expected to witness the largest market share and are expected to witness the fastest growing CAGR during the forecast period. Factors contributing to the dominant position of the market are rising demand from sectors ranging from machine tools such as paper and textile processing machinery. Furthermore, operational capacities such as higher operational speed and efficiency in radial and load handling are expected to boost the market and also result in a higher consumer base. On the basis of application, the global ball bearing market can be broken down into automotive, industrial machinery, mining and construction, medical, and others (aerospace).
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Asia-Pacific Is Expected To Occupy The Largest Market Share During The Forecast Period
Asia-Pacific is expected to witness the largest market share during the advent of the forecast in terms of global market contribution. Factors contributing to the dominant market position in the region can be attributed to rising public development projects and the presence of key players. Increased mining activities and a rise in construction activities are anticipated to propel the global ball bearing market during the forecast timeframe. Europe in the second position posts a significant market share.
Browse in full repot “Ball Bearing Market By Type (Self-Aligning Bearings, Deep Grove Ball Bearings, Angular Contact Ball Bearings, & Others), By Application (Automotive, Industrial Machinery, Mining & Construction, & Medical), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 - 2026” at https://www.fnfresearch.com/ball-bearing-market
The global ball bearing market can be segmented into:
Global Ball Bearing Market: By Type Segment Analysis
- Self-Aligning Bearings
- Deep Grove Ball Bearings
- Angular Contact Ball Bearings
- Others
Global Ball Bearing Market: By Application Segment Analysis
- Automotive
- Industrial Machinery
- Mining & Construction
- Medical
- Others
KEY REPORT POINTERS & HIGHLIGHTS:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Micro, Meso, Macro, and In-Depth Analysis of Technically relevant and Commercially viable Segments and Sub-segments of the Market
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
- Historical and Current Demand (Consumption) and Supply (Production) Scenarios as well as Projected Supply-Demand Scenario Analysis
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Value Chain and Supply Chain Analysis along with Horizontal and Vertical Integration Scenarios
- Manufacturing and Production Cost Structure Analysis including Labor Cost, Raw Material Expenses, and Other Manufacturing Expenses, wherever relevant
- Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market
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