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Bearing Market

Bearing Market

Advancements in Seal & Lubrication Technology Boosts the Growth of Bearings Market during 2021-2031

Bearing Market
FACT5353MR

Market Snapshot

The global market for bearings is set to exhibit an impressive trajectory, with a recent study published by Fact.MR expecting the industry to surge at a CAGR of 7% from 2021-2031, reaching US$ 145 Bn.

Revenues are expected to nearly double throughout the forecast period. Uptake is expected to remain elevated across the construction industry, while automotive applications account for the highest revenue share.

Key Points Addressed in Bearing Industry Analysis

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Bearing Industry and How to Navigate
  • Recommendation on Key Winning Strategies

Know More Details About the Report

Bearing Industry Revenue Analysis 2016-2020 Vs Future Outlook 2021-2031

From 2016 to 2020, global demand for bearings surged at a noteworthy CAGR of 6% to reach US$ 74 Bn. Advancements in seal and lubrication technology, as well as the usage of lightweight materials in high-performance products, have popularized bearing usage across key industries.

Manufacturers are concentrating on the incorporation of electro-mechanical components directly into bearings aids in performance enhancement as well as size and cost reduction. Prospects dipped significantly amidst the first half of COVID-19, as industrial activities ceased. However, post the lifting of lockdowns, prospects have rebounded.

Considering the aforementioned developments, Fact.MR anticipates the global bearings industry to embark on a healthy expansion trajectory. According to the report, the market is poised to surge at a robust 7% CAGR from 2021 to 2031, expanding almost 2x.

How is Incorporation of Advanced Sensor Units Impelling Bearing Usage?

As the demand for high-performance bearings grows, manufacturers are incorporating advanced sensor units into their designs. The sensor modules help with digital monitoring of the product's axial movement, deceleration, acceleration, rotation speed, and load-carrying capacity.

Furthermore, the Agricultural Internet of Things (IoT) has aided in the adoption and continuous monitoring of connected equipment and machinery. This development has also had a favorable impact on the market.

Several manufacturers are providing smart bearings, whose conditions can be constantly monitored to predict faults before their onset. For instance, SKF offers its SKF InsightTM an innovation in intelligent wireless technologies that are integrated into SKF bearings. This enables bearings to communicate their operating conditions continuously with internally powered sensors and data acquisition electronics.

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How is the Construction Industry Spurring Bearing Adoption?

The bearing industry has been steadily growing in tandem with the development of the construction industry globally. The spike in bearing demand is developing as the industrial and residential construction segments expand with new projects.

Crawler dozers, wheel loaders, hydraulic excavators, and other bearing goods are widely utilized in the construction of large buildings, resulting in increased demand. Bulk of this demand is expected to be stimulated from the U.S, India and China, as massive construction and infrastructure projects are in the pipeline for the forthcoming decade.

Country-wise Analysis

What Supports Increasing bearing market Sales in the U.S.?

Demand for bearings in the U.S is expected to witness favorable growth across the 2021-2031 assessment period. A market share exceeding 40% is projected for the U.S market. A mushrooming construction industry is the key growth driver for this market.

The Associated General Contractors of America (AGC) estimates that the U.S construction industry contributes nearly US$ 1.4 trillion worth of structures annually. Various mammoth projects have been undertaken in the recent past, which are nearing completion.

Examples include the California High Speed Rail Project (US$ 77 Bn), the Sound Transit 3 Project (US$ 54 Bn) and the Las Vegas Convention Center (US$ 52.5 Bn) among others. These projects are extensively utilizing bearings of different grades, hence spurring market growth. 

Why are Bearing Manufacturers Capitalizing on the Asian Market?

The Asian market for bearings currently outnumbers all other regions. As of 2020, the region accounted for almost 40% of global demand, thanks to rising demand for high-performance, efficient, and light-weight bearing products from well-developed end-use sectors such as automotive, construction, and others.

According to Fact.MR’s analysis, the Asian bearing industry is poised to surpass US$ 95 Bn by 2031, with China likely to be one of the major contributors to market growth. Rapid expansion of machinery and motor vehicle production are chief growth accelerators. Trailing behind China is India, as infrastructure development projects are constantly on the rise.

Why is Europe a Promising Investment Destination for Bearing Providers?

Due to sustained economic expansion and increased investment, the market in Europe is expected to grow favorably throughout the forecast period. Germany, as a key producer and exporter of bearing parts, is making a significant contribution to market growth, allowing Europe to maintain its dominance.

Increased sales of high-value bearings, such as large-diameter, custom-built bearings used in heavy machinery and wind turbines, are predicted to propel the market forward, as is the rapid development of metropolitan infrastructures. A CAGR of 7% is anticipated for the European market until 2031.

An Adaptive Approach to Modern-day Research Needs

Category-wise insights

Why are Ball Bearings in High Demand?

Industrial ball bearings are an essential component of contemporary machinery, and demand for ball bearings is expected to rise in lockstep with increased manufacturing activity. The segment is likely to expand at a CAGR of 5% until 2031.

Ball bearings help conserve energy by reducing friction against bodies. This machine element is used in a variety of industries, including automotive, household appliances, and aerospace, as well as industrial machinery, to make highly skilled gadgets employing machinery or similar motor-driven linkages.

How will Mounted Bearings Generate More Profits?

The adoption of mounted bearings in various industries; increased efficiency and long life with fewer maintenance requirements of mounted bearings; growing demand for specialized bearings for cost optimization; and increasing development and adoption of sensor-based bearing units and IoT are driving the mounted bearings sector.

The mounted bearing landscape is driven by the rising use of mounted bearings in various sectors such as food and beverage, mining and minerals, and pulp and paper. According to Fact.MR, the mounted bearing industry will account for almost 45% of overall revenue.

Competitive Landscape

Prominent bearing manufacturers are looking to leverage key expansions strategies, ranging from introducing new product lines to forging strategic alliances with existing manufacturers, acquisition of competitors and securing partnerships with key organizations.

  • For instance, since October 2020, NTN Corporation has begun mass production and delivery of the "ULTAGE Tapered Roller Bearing for Automotive Application," which is developed for automotive transmissions and differentials.
  • In April 2021, NSK Ltd. has manufactured a third-generation ultra-high-speed ball bearing for electric vehicle (EV) motors that can operate at over 1.8 million dmN*1. It's the fastest grease-lubricated deep groove ball bearing for automotive applications in the world.
  • In March 2021, AB SKF announced that it invested SEK 400 million (US$ 45 million) in expanding and modernizing its manufacturing facility in Airasca, Italy. This investment will likely bring the manufacturing of super-precision bearings (SuPBs) for industrial applications to Italy

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Report Scope

Attribute

Details

Market size value in 2020

USD 74 Billion

Market forecast value in 2031

USD 145 Billion

Growth Rate

CAGR of 7% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K
  • Italy
  • France
  • Spain
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Australia
  • New Zealand
  • GCC
  • Turkey
  • South Africa

Key Market Segments Covered

  • Product
  • Bearing Type
  • Component
  • Application
  • Region

Key Companies Profiled

  • HKT Bearings Ltd.
  • Minebea Mitsumi Inc.
  • Nachi Fujikoshi Corp.
  • Igus Corporation
  • JTEKT Corporation
  • NSK Ltd.
  • Timken Company Ltd.
  • Wafangdian Bearing Group Co. Ltd.
  • NTN Corporation
  • Schaeffler Technologies AG & Co.
  • SKF Inc.

Pricing

Available upon Request

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K
  • Italy
  • France
  • Spain
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Australia
  • New Zealand
  • GCC
  • Turkey
  • South Africa

Key Segments Covered

  • Product
  • Bearing Type
  • Component
  • Application
  • Region

Key Companies Profiled

  • HKT Bearings Ltd.
  • Minebea Mitsumi Inc.
  • Nachi Fujikoshi Corp.
  • Igus Corporation
  • JTEKT Corporation
  • NSK Ltd.
  • Timken Company Ltd.
  • Wafangdian Bearing Group Co. Ltd.
  • NTN Corporation
  • Schaeffler Technologies AG & Co.
  • SKF Inc.

Pricing

Available upon Request

Key Segments Covered

  • Product

    • Ball Bearing
    • Roller Bearing
    • Plain Bearing
    • Other Bearings
  • Bearing Type

    • Unmounted Bearing
    • Mounted Bearing
  • Component

    • Bearing Balls
    • Bearing Rollers
    • Bearing Cages
    • Bearing Rings
    • Other Bearing Components
  • Application

    • Automotive Bearings
    • Construction Bearings
    • Aerospace Bearings
    • Power Transmission Bearings
    • Oil & Gas Bearings
    • Agriculture Bearings
    • Other Applications

Bearing Market- Scope of Report

A recent study by Fact.MR on the bearing market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering bearings.

The study also provides the dynamics responsible for influencing the future status of the bearing market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the bearing market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of bearing market across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of bearing market during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative bearing markets?
  • Which factors will impact the growth of the bearing market?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the bearing industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for bearing market are available in terms of “US$ Mn” for value and in‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.

Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global bearing market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the bearing market during the forecast period.

Country-specific valuation on demand for bearing market has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of bearing market, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering bearing market has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the bearing market domain. 

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the bearing industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

According to Fact.MR, bearing sales across the world amounted to US$ 74 Bn in 2020

From 2016 to 2020, the bearing market expanded at around 6% CAGR

Fact.MR anticipates the bearing industry to reach US$ 145 Bn by 2031, growing at a robust 7% CAGR

Extensive adoption of bearings in the construction industry, combined with integration of advanced sensors are majorly spurring growth

The U.S bearing landscape is projected to account for over 40% of global market demand

Mushrooming infrastructure industries across key countries is driving bearing sales in Asia, expected to surpass US$ 95 Bn by 2031

Bearing industry across Europe is expected to surge at a CAGR of 7% through 2031

Ball bearings are likely to remain most demanded, growing at 5% CAGR

Mounted bearings are likely to be most demanded, accounting for 45% of overall revenue

SKF Inc., NTN Corporation, NSK Ltd. and Schaeffler Technologies AG & Co. are some prominent bearing manufacturers

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.