Industry Trend Analysis
In 2012, the global bearings market was valued around USD 33.00 billion and is anticipated to reach approximately USD 69.15 billion while maintaining a compound annual growth rate (CAGR) of 6.89% during the forecast period owing to the growing manufacturing of heavy machinery. Moreover, the rising use of high capacity bearings in the manufacturing of wind turbines is expected to boost demand during the forecast years. Wind turbines use these products to improve turbine performance & reliability, reduce consumption of lubricant, and boost the production of energy. Technological innovations in seal technologies, lubrication technology, and the utilization of materials which are light in weight for producing high-performance products, are generating massive opportunities for players in the global market. Incorporation of electro-mechanical features into the bearings assists in reductions in cost and size and performance enhancement. The rise in the high-performance bearings demand has directed manufacturers to incorporate superior sensor units in the products. It helps in the digital supervising of rotation speed, deceleration, acceleration, load carrying capacity, and axial movement of the bearings.
Product Outlook and Trend Analysis
Bearings are widely segmented as roller and ball types. Ball bearings have lesser surface contacts, hence operate effortlessly, thus cutting down the friction. Ball bearings may also be employed with radial and thrust loadings, due to which, they are widely utilized in both four and two-wheeled vehicles. In the year 2015, ball bearings ruled the product section; though the roller type is anticipated to appear as the leading segment during the forecast years, as these products sustain axial and radial loads, cut down rotational friction, and as compared to ball bearings, they can support limited axial loads and heavy radial loads. The wide implementation of roller bearings by several industries, counting automobiles, home appliances, the aerospace, and capital equipment industry, is anticipated to impact the demand for product positively.
Application Outlook and Trend Analysis
In 2015, the automotive section ruled the global market. The expansion in the automotive production, around the world, is expected to drive their demand. The increasing demand for technologically advanced solutions integrated vehicles is resulting in a boost in vehicle production that demands instrumented products. Though, the aerospace & railway section is expected to be responsible for the fastest growing market, due to the attributed rise in a number of commuters traveling through public transportation. The accessibility of enhanced ways to aid local and worldwide transportation systems also presents market growth opportunities. Also, the demand in the railway sector is rising owing to the rapid construction of the railway in the developing nations.
Regional Outlook and Trend Analysis
Asia Pacific regional market is estimated to experience the fastest growth in sales by the end of 2022. China is among the key markets for sales of bearings in this region. The growth of the region is anticipated to rise during the approaching years; the growth is encouraged by the rapid growth of motor vehicle and machinery production, along with a robust aftermarket for motor vehicle repair and industrial equipment. Furthermore, the strong construction and mining equipment industry in India is expected to assist the growth of the global market. In the developed markets of Japan, Western Europe, and the United States, the demand is propelled by a strong rigid investment environment and the rebounding manufacturing of motor vehicles. In the African and Middle Eastern regions, the speedy expansion of urban infrastructures is regulating the global market growth.
Competitive Outlook and Trend Analysis
The major market players in the global bearings market include Schaeffler Group, NTN Corporation, SKF Group, NSK Global, JTEKT Corporation, and Timken. The market players are increasingly concentrating on research and development projects to produce application precise bearings and enhance their efficiency. Extreme competition has directed producers to spend more for product improvement to fulfill requirements of customers efficiently. For example, NTN Corporation has formulated high-speed deep groove ball bearing that is a grease lubrication type with superior rotational speed.
The global bearings market is segmented as follows :
Deep Groove bearings
Mining & construction
Railway & Aerospace
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2012 and forecast from 2013 to 2022?
What will be the industry market growth from 2013 to 2022?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?