Pune, March 28, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Bearings Market was valued at USD 138.30 billion in 2022 and is anticipated to expand to USD 261.92 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 8.31% during the forecast period spanning from 2023 to 2030.
Market Overview
Bearings are essential mechanical components used in many machines and systems to enable rotational or linear motion while reducing friction and wear. They are used in a wide range of applications, from simple everyday objects such as door hinges and skateboard wheels to complex machinery in industries such as automotive, aerospace, and manufacturing. Bearings come in various shapes and sizes, including ball bearings, roller bearings, sleeve bearings, and linear bearings.
Market Analysis
The bearings market is expected to continue growing in the coming years, driven by the increasing demand for high-quality, specialized bearings that can meet the needs of various industries. With ongoing advancements in bearing technology and increasing awareness about the benefits of using high-quality bearings, the future looks bright for this important sector. For example, the wind energy sector has seen a surge in demand for high-capacity bearings that can improve turbine performance and reliability, increase energy production, and reduce lubricant consumption.
Key Company Profiles Listed in this Report Are:
NSK Ltd, Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, MinebeaMitsumi Inc., NTN Bearing Corporation, Danaher, RBC Bearings Incorporated, Rexnord Corporation.
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Impact of Russia-Ukraine Conflict on Bearings Industry
The Russia-Ukraine conflict has had a significant impact on the bearings market, with both countries being major players in the industry. The economic sanctions, disruptions in transportation networks, and instability in the region have all contributed to a decline in the production and export of bearings, leading to a shortage of supply and increased prices. It remains to be seen how the situation will evolve and what further impact it may have on the market and the broader machinery and equipment industry.
Bearings Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 138.30 Billion |
| Market Size by 2030 | US$ 261.92 Billion |
| CAGR | CAGR 8.31% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Bearings Market: Key Segmentation | • By Type (Ball Bearings (Deep Groove Bearings, Others), Roller Bearings (Split, Tapered, Others), Plain Bearings (Journal Plain Bearings, Linear Plain Bearings, Thrust Plain Bearings, Others), Others) • By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket, Others |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
The Asia Pacific region to continue dominating the bearings market in the coming years, driven by strong demand from various industries and the growth of the aftermarket for industrial equipment and motor vehicle repair. With China leading the way in terms of growth, manufacturers and suppliers of bearings will need to focus on expanding their operations in the region and meeting the growing demand for their products and services. This presents a significant opportunity for manufacturers and suppliers of bearings to expand their operations in the region and capitalize on the growing demand.
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Key Takeaway from Bearings Market Study
- The automotive has been the dominant segment in the market, owing to the surge in global automotive production and the need for technologically advanced solutions in the industry. As the automotive industry continues to evolve, the demand for high-quality bearings is expected to increase, thereby presenting growth opportunities for the market in the future.
- The roller bearings segment holds the largest revenue share in the market. This segment is projected to maintain its dominance and emerge as the fastest-growing segment in the near future. This is due to the various benefits offered by roller bearings over other types of bearings.
Recent Developments Related to Bearings Market
- Hallite, a leading global manufacturer of high-performance seals and bearings, has recently launched a range of low-friction seals and bearings at IFPE (International Fluid Power Exposition) in Las Vegas. These new products are designed to offer improved efficiency and longevity in hydraulic and pneumatic systems.
- The Timken Company, a leading manufacturer of bearings and mechanical power transmission products, has recently acquired a Coordinate Measuring Machine (CMM) to inspect large bearings. With the ability to measure complex shapes and contours, a CMM is an essential tool for ensuring the accuracy and consistency of critical components, such as large bearings.
Table of Contents – Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Bearings Market Segmentation, By Type
9. Bearings Market Segmentation, By Application
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Conclusion
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