Global Bearings Market to Be Worth US$131.8 Billion by 2027
The global market for Bearings is projected to reach US$131.8 billion by 2025, driven by their indispensable and ubiquitous importance in machines.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Bearings market. Report segmentation include Product (Roller Bearings, Ball Bearings, and Other Products); and Application (Automotive, Mining & Construction, Railway & Aerospace, Agriculture, Electrical, Other Applications).
10 June 9:48 A.M., California/Marketwire/ - According to the new market research report, global market for Bearings is projected to reach US$131.8 billion by 2025, driven by their indispensable and ubiquitous importance in machines. The market is expected to decline in the year 2020 before recovering to reach a revised market size and reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned.
Bearings enable rotational or linear movement; reduce friction between moving rotary components in various industrial products and mechanical components; in addition to supporting rotating parts for achieving desired motion; managing stress; and reducing energy consumption for machineries. The precision-made components enable machinery, operating at high speeds, to carry huge amounts of load efficiently and easily. Depending on the application, there are different principles on which these bearings are designed and run. Bearings mainly help decrease the impact of friction in moving parts, thereby reducing energy losses in the form of heat during the process. They reduce wear and tear between moving parts to a large extent, facilitating ease in power transmission. Attributes, such as safety, reliability, and longevity of most mechanical products are closely related to the accurate design and installation of bearings. Bearings are utilized by a broad range of industries, and are manufactured in different types and sizes. Application of bearings are enormous, ranging from unground bearings employed in roller skates to super precision bearings, utilized in aerospace machinery. The size range can be witnessed in extremely small bearings employed for computer drives and precision medical equipment, to extremely large bearings involved in mining and power generation applications.
Almost every load, vibration, and stress that influences a machine's functioning should eventually be managed by the bearings. Bearings, therefore, become vital for proper functioning of the systems. The machine stops working if a bearing crashes. Additionally, as bearings face critical operating conditions, they serve as a critical point for sensing and evaluating the overall condition of machines. Efforts to improve offerings span from quality and cleanliness of raw materials used in steel plants and manufacturing techniques through to product packaging as well as logistics management to deter spurious products. While new designs and cage materials reduce heat generation and accelerate operations, the use of sophisticated designs extends overall lifespan of products. Manufacturers tightly control surface finish of internal components for extending service life of bearings. Recent advances also focus on addressing certain issues attributed to changes in operating conditions or requirements. Innovative options push existing capabilities of equipment under more severe operating conditions or address more stringent demands of end-use applications. New bearing materials including heat treatment and material chemistry overcome the negative impact of issues like hard particle contamination, inadequate lubrication conditions, water intrusion, hydrogen embrittlement and corrosion.
Key Competitors Covered in the Report
Harbin Bearing Manufacturing Co. Ltd.
HKT Bearings Ltd.
RBC Bearings Inc.
SNL Bearings Limited
The Timken Company
Wafangdian Bearing Group Corp. Ltd.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, UK, Spain, Russia, Rest of Europe)
Asia-Pacific (Australia, India, South Korea, Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, Rest of Latin America)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 4264. Among this pool, 768 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 128 unique participations, a total of 58 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.