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Bearing Market

Bearing Market

Bearing Market Analysis Report By Product (Ball Bearing, Roller Bearing, Plain Bearing), By Bearing Type (Unmounted, Mounted Bearing), By Component (Bearing Balls, Bearing Rollers, Bearing Cages, Bearing Rings), By Application, By Region - Global Insights 2022-2032

Bearing Market
FACT5353MR

Global Bearing Market Outlook (2022-2032)

The worldwide demand for bearings is expected to grow at a CAGR of 7% between 2022 and 2032, reaching US$ 270 Billion. As of 2021, sales were valued at US$ 130 Billion, and are projected to increase at a Y-o-Y valuation of 7.7% in 2022, reaching US$ 140 Billion.

Report Attributes

Details

Anticipated Base Year Value (2021)

US$ 130 Billion

Expected Market Value (2022)

US$ 140 Billion

Projected Forecast Value (2032)

US$ 270 Billion

Global Growth Rate (2022-2032)

7% CAGR

Growth Rate of the U.S (2022-2032)

6.8% CAGR

Growth Rate of Germany (2022-2032)

7% CAGR

Key Bearing Service Providers

  • 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.

Bearing Market Revenue Analysis 2015-2021 vs. Future Outlook 2022-2032

From 2015 to 2022, worldwide demand for bearings increased at a significant CAGR of 6%, reaching US$ 130 Billion. Advancements in seal and lubrication technologies, as well as the use of lightweight materials in high-performance products, have increased the popularity of bearings in important sectors.

Manufacturers are focusing on the inclusion of electro-mechanical components directly into bearings to improve performance while also reducing size and cost. Prospects deteriorated substantially during the first half of COVID-19, as industrial activity came to a halt. Prospects have improved after the lockdowns were lifted.

Fact.MR expects the worldwide bearings business will expand at a healthy rate in light of the aforementioned trends. According to the analysis, the market is expected to grow at a healthy 7% CAGR from 2022 to 2032, nearly doubling in size.

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Prominent Bearing Industry Growth Drivers

Incorporation of Advanced Sensor Units Motivating Bearing Use

Manufacturers are adding sophisticated sensor units into their designs as the need for high-performance bearings develops. The sensor modules aid in the digital monitoring of the product's axial movement, deceleration, acceleration, rotation speed, and load capacity. In addition, the Agricultural Internet of Things (IoT) has benefited in the adoption and ongoing monitoring of linked equipment and machinery. This advancement has had a positive influence on the market as well.

Several manufacturers provide smart bearings, the state of which may be continually monitored in order to predict failures before they occur. SKF, for example, provides SKF InsightTM, an innovation in intelligent wireless technology that is integrated into SKF bearings. This allows bearings to continually communicate their working status with internally powered sensors and data collecting circuits.

Adoption of Spurring Bearings in the Construction Industry

The bearing business has grown in lockstep with the global expansion of the building sector. Bearing demand is increasing as new projects are added to the industrial and residential building sectors. Crawler dozers, wheel loaders, hydraulic excavators, and other bearing items are widely used in major building construction, resulting in growing demand. The majority of this demand is predicted to come from the United States, India, and China, as enormous development and infrastructure projects are planned for the future decade.

Key Challenges Prevalent in the Global Bearing Market

Counterfeit Products may Impede Growth Prospects

Counterfeit products are a key impediment to the expansion of the global ball bearing industry. These counterfeit ball bearings can have a significant impact on the performance of the equipment, resulting in a decrease in sales.

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Country-wise Analysis

What Encourages Increased Bearing Market Sales in the United States?

Expanding Construction Sector widening Growth Opportunities

The demand for bearings in the United States is predicted to expand favorably throughout the evaluation period of 2022-2032. The US market is expected to possess a market share of more than 40%, reflecting a 6.8% value CAGR until 2032.

The rapidly expanding construction sector is the primary development driver for this market. According to the Associated General Contractors of America (AGC), the U.S construction sector provides over US$ 1.4 Trillion in constructions each year. Several massive projects have recently been undertaken and are approaching completion.

Why are Bearing Manufacturers investing in the Chinese Market?

Increased Demand from Well-Developed End-Use Industries to Encourage Market Growth

The Chinese market for bearings presently outnumbers all other areas. As of 2021, the region accounted for about 40% of worldwide demand, owing to increased demand for high-performance, efficient, and light-weight bearing goods from well-developed end-use industries such as automotive, construction, and others.

According to Fact.MR's estimate, the Asian bearing industry is on track to reach US$ 95 Billion by 2032, with China anticipated to be a key contributor to market development. The rapid increase of machinery and motor vehicle manufacturing are the primary growth drivers.

Why is Germany a Suitable Investment Location for Bearing Manufacturers?

Continued Economic Development and Increasing Investment Increasing Uptake

The Germany market is likely to grow favorably over the projection period as a result of continued economic development and increasing investment. As a major manufacturer and exporter of bearing components, Germany contributes significantly to market growth, helping 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 expected to move the industry ahead, as is fast urban infrastructure development. Germany is expected to grow at a 7% CAGR through 2032.

Country-wise Forecast CAGRs in the Bearing Market

U.S

6.8%

Germany

7%

China

6.7%

Japan

5.5%

South Korea

5.6%

Bearing Market forecast analysis by Fact.MR

Category-wise Insights

Why Are Ball Bearings So Popular?

Ball Bearings to be Top Growth Driver in the Coming Years

Industrial ball bearings are a crucial component of modern machinery, and ball bearing demand is predicted to expand in lockstep with rising manufacturing activity. The category is expected to grow at a CAGR of 5% through 2032. Ball bearings assist to preserve energy by decreasing friction with other objects.

This machine element is utilized in a wide range of sectors, including automotive, household appliances, and aerospace, as well as industrial machinery, to create highly skilled gadgets that utilize machinery or comparable motor-driven linkages.

How would Mount Bearings Increase Profitability?

Growing Usage of Mounted Bearings in Numerous Industries to Drive the Bearing Market

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

The growing usage of mounted bearings in numerous industries such as food and beverage, mining and minerals, and pulp and paper is driving the mounted bearing landscape. According to Fact.MR, the mounted bearing business will account for nearly 50% of total sales.

Competitive Landscape

Manufacturers in the bearing industry are more motivated to produce unique patented goods in order to meet the growing demand for optimum materials and designs.

Another key reason that is expected to enhance bearing demand throughout the forecast period is the Industry 4.0 movement, which is gaining traction in manufacturing and industrial automation. Market participants are progressively working on refining their goods' interior designs while also maximizing other elements such as cage design, among others.

Consistent developments in bearing technology, particularly for high-speed applications, are expected to drive market expansion. Leading bearing manufacturers are aiming to exploit important growth tactics, which include introducing new product lines, creating strategic alliances with current manufacturers, acquiring rivals, and obtaining collaborations with major organizations.

  • For instance, NTN Corporation has launched mass production and distribution of the "ULTAGE Tapered Roller Bearing for Vehicle Application" beginning October 2020, which is designed for automotive gearboxes and differentials.
  • NSK Ltd. produced a third-generation ultra-high-speed ball bearing for electric vehicle (EV) motors that can function at over 1.8 million dmN*1 in April 2021. It is the world's quickest grease-lubricated deep groove ball bearing for automotive applications.
  • AB SKF announced in March 2021 that it will invest SEK 400 million (US$ 45 million) in expanding and renovating its production site in Airasca, Italy. This investment will almost certainly introduce super-precision bearings (SuPBs) for industrial applications to Italy.

Key Segments Covered in the Bearing Industry Report

  • Bearing by Product

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

    • Unmounted Bearing
    • Mounted Bearing
  • Bearing by Component

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

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

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

- FAQs -

As of 2021, Fact.MR estimated the Bearing market to have reached US$ 130 Billion
By 2022, Fact.MR expected demand for bearing to reach US$ 140 Billion
From 2015-2021, the Bearing market grew at a 6% value CAGR
From 2022-2032, Bearing demand is likely to surge at a 7% CAGR
By 2032, the market for Bearing is likely to be valued at US$ 270 Billion
By 2032, Fact.MR expects the U.S market for bearing to reach US$ 120 Billion
China is expected to register a 6.7% CAGR with regard to the Bearing industry
Japan is expected to document a CAGR worth 5.5% in the Bearing market
Ball bearings will expand the fastest, expanding at a 5% CAGR

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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.

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