New York, July 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Vacuum Bearing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cylindrical Roller bearings, Tapered Roller Bearings, Spherical Roller Bearings, Thrust Roller Bearings, and Needle Roller Bearings), Application (Automotive, Manufacturing & Construction, Energy & Power, Mining, Aerospace & Defense, and Others), and Material (Silicon, Stainless Steel, Hybrid, and Others)” The global vacuum bearing market growth is driven by Increasing funding in the space sector will likely witness increased opportunities, primarily in satellite broadband internet access.
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| Market Size Value in | US$ 9.96 billion in 2021 |
| Market Size Value by | US$ 16.67 billion by 2028 |
| Growth rate | CAGR of 7.7% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 180 |
| No. Tables | 88 |
| No. of Charts & Figures | 89 |
| Historical data available | Yes |
| Segments covered | Type, Application, and Material |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
The thriving automotive industry in Europe supports the market growth for vacuum bearings. As per OICA 2021 statistics report, Europe motor vehicle production was at 1,63,30,509, 1,69,42,248, and 2,15,75,118 in 2021, 2020, and 2019. Also, the total passenger cars produced across the region were 1,38,03,297 in 2021, 1,45,56,548 in 2020, and 1,87,24,208 in 2019, as per the same OICA 2021 statistics report. Germany, France, Spain, the UK, and the Czech Republic are the leading countries in Europe, which produced the maximum number of motor vehicles and passenger cars. Further, the national regulatory bodies are taking numerous initiatives to support the development of the automotive industry in the region. For instance, CARS 2020 Action Plan, GEAR 2030, and Horizon 2020 are a few of the major initiatives by the governments. Horizon 2020 Plan focuses on providing funds for research & development (R&D) activities in the automotive industry by launching programs, such as the European Green Vehicles Initiative and programs on Factories of the Future and information and communications technology (ICT) for smart mobility, road transport, and logistics. Therefore, the presence of a robust automotive industry helps boost the demand for vacuum bearing due to a large number of motor vehicle productions and several European governmental schemes.
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Vacuum Bearing Market: Competitive Landscape and Key Developments
HepcoMotion; NSK Ltd; Schaeffler Technologies AG & Co. KG; THE TIMKEN COMPANY; Bunting Bearings, LLC; TPA Motion, LLC; GMN Paul Müller Industrie GmbH & Co. KG; JTEKT Europe Bearings BV; UNASIS and SKF are the key players that are profiled in this study. In addition, several other essential market players were also studied and analyzed to get a holistic view of the global vacuum bearing market and its ecosystem.
- In early 2022, Hepcomotion announced the opening of a new Stockholding Factory in the Netherlands. This new plant is a significant endeavor for the company, and it will speed up and simplify product distribution to European clients. The new facility is set to open in January 2022. It will take over the import of all commodities from HepcoMotion's production in the UK for onward distribution throughout Europe.
- In April 2022, Schaeffler announced its 12-year partnership with Rolls Royce. With the newest production technology and manufacturing methods, Schaeffler will provide long-term support for Rolls-Royce. The contract primarily concerns developing and manufacturing engine rolling bearing systems for the widebody and business jet markets. Rolls-Royce and Schaeffler have collaborated for over 40 years, culminating in this unusual long-term alliance.
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With the growth in the automotive sector, the demand for vacuum bearings is also increasing as these bearings help enhance vehicle performance and boost efficiency by lessening the pressure on the brakes while the vehicle is in motion. Bearings also allow the vehicle to readjust when traversing over rough terrain and dampen shocks and vibrations from sudden braking activity.
The global vacuum bearing market is analyzed on the basis of type, application, material, and geography. Based on type, the market is bifurcated into cylindrical roller bearings, tapered roller bearings, spherical roller bearings, thrust roller bearings, and needle roller bearings. Based on application, the market is bifurcated into automotive, manufacturing and construction, energy and power, mining, aerospace, defense, and others. Based on material, the market is segmented into silicon, stainless steel, hybrid, and others. Geographically, the vacuum bearing market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).
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Vacuum Bearing Market: Type Overview
The demand for cylindrical roller bearings is growing considerably due to several features, including high load carrying capacity, stiffness, accommodating axial displacement, low friction, long service life, enhanced operational reliability, and separability and interchangeability. Also, cylindrical roller bearings are applicable in several sectors stationary gearboxes, automotive gearboxes, electric motors, vibration motors, wind turbines, off-highway equipment, pumps and compressors, material handling equipment, textile machinery, rail vehicles, and rolling mills.
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