NEWARK, Del, Sept. 27, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global miniature ball bearings market revenue reached US$ 1.9 billion in 2022. Sales are estimated to total US$ 2.0 billion in 2023. In the forecast period between 2023 and 2033, demand is poised to exhibit a 6.0% CAGR. Revenue is anticipated to reach US$ 3.7 billion by 2033.
Wind turbines and solar tracking systems employ miniature ball bearings to optimize energy production. It helps in aligning with the growing emphasis on renewable energy sources. Beyond smartphones and laptops, demand for miniature ball bearings extends to gaming consoles, cameras, and other consumer electronics, which often feature intricate moving parts.
Miniature ball bearings are crucial in robotics, 3D printing, and conveyor systems. It is vital in ensuring precision and smooth operation, further stimulating demand. As electronic manufacturing spreads to emerging markets, the demand for miniature ball bearings is expected to rise globally, with companies seeking reliable suppliers to support their production needs.
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As the renewable energy sector expands, miniature ball bearings play a crucial role in smoothly operating wind turbines, solar panels, and other clean energy technologies. Sustainable energy solutions will require reliable, low-friction bearings to improve energy efficiency.
The shift towards electric vehicles (EVs) and e-mobility solutions creates a high demand for miniature ball bearings, particularly electric motors and drivetrains. These bearings are essential for reducing energy loss and extending battery life in eco-friendly transportation.
Sustainable healthcare practices emphasize the importance of energy-efficient medical equipment. Miniature ball bearings are used extensively in medical devices, and their adoption in environmentally friendly healthcare solutions will boost demand. Sustainable heating, ventilation, and air conditioning (HVAC) systems use miniature ball bearings in their fans and blowers. Increased adoption of energy-efficient HVAC systems will drive demand for these bearings.
Key Takeaways from the Miniature Ball Bearings Market Report:
- The global miniature ball bearings market is estimated to reach a valuation of US$ 3.7 billion by 2033.
- Sales of miniature ball bearings are projected to expand at a CAGR of 6.0% over the forecast period.
- The United Kingdom is set to reach US$ 130.8 Million by 2033 in the miniature ball bearings market.
- China is projected to reach a total valuation of US$ 490.6 Million by 2033.
- Based on end-use, the automotive segment is estimated to expand at a CAGR of 5.6% from 2023 to 2033.
“Growing demand for heightened production of compact consumer electronics will likely drive demand for miniature ball bearings market. Key manufacturers are working on providing customized solutions to tailor needs for diverse industries like robotics, 3D printing and conveyor systems." – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Key manufacturers are providing customized solutions to customers to differentiate themselves. Manufacturers tailor miniature ball bearings to meet specific industry requirements, such as aerospace, automotive, or medical devices. Only some manufacturers are pursuing acquisitions and mergers to strengthen their market position. This might involve acquiring small competitors or companies that offer complementary products or technologies.
Miniature Ball Bearings Market Recent Development:
- In July 2019, Kaman Corp. announced the acquisition of property in Würzburg, Germany, to construct a new facility to support the growth of Gebr. Reinfurt GmbH & Co. KG.
- In October 2019, HQW was happy to announce the debut of its recently created website, hqwbearing.de. The new website has been created to provide users with an intuitive platform for those seeking more information about the selection of high-precision tiny ball bearings offered by HQW. It has an easy-to-navigate layout and full details about the company, products, and application sectors.
Key Players Profiled in Report:
- CW Bearing GmbH
- Reinfurt GmbH & Co. KG
- Kitanihon Seiki Co. Ltd
- MinebeaMitsumi, Inc.
- NSK Ltd.
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Find More Valuable Insights into Miniature Ball Bearings Market Report:
The research report analyzes the demand for the miniature ball bearings market. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply-side and demand factors.
As per Future Market Insights (FMI), the market has been analyzed based on type (dust cover miniature ball bearings, open miniature ball beating, and others), end-use (automotive, industrial, aerospace, household electrical appliances, medical, robotics, and others) across various region.
Miniature Ball Bearings Market Segmentation:
By Type:
- Dust Cover
- Open
- Others
By End Use:
- Automotive
- Industrial
- Aerospace
- Household Electrical Appliances
- Medical
- Robotics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa
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About the Industrial Automation Division at Future Market Insights (FMI):
The industrial automation division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials sector. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on 'green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies reference market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – 'The Way Forward.'
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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