The global Bearings Market size is expected to reach USD 186.1 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 9.1% during the forecast period. Bearings are essential in almost every application that involves motion and they help minimize friction between different mechanical components in several industrial machinery and equipment, resulting in reduced energy consumption. Hence, this machine element finds application in all industries, ranging from automobiles, household appliances, and aerospace to industrial machinery, using machinery or related motor-driven linkages.
The bearings market is estimated to witness a
considerable growth in the forthcoming years, ascribed to the aim to achieve
energy efficiency. Energy saving and bearings go hand-in-hand. The main
objective of this element is saving energy by reducing friction, be it during
the rotation of shafts of a transmission or the wheel of a vehicle.
Additionally, rising demand for commercial vehicles is expected to catapult the
demand from automotive sector across the world.
Technological advancements including smart bearings,
development of advanced materials and lubricants, and integrating sensor units,
are anticipated to provide high growth potential to the market. With the
objective of enhancing performance, vendors are incorporating sensor units of
the product. Sensor units help digital monitoring of rotation speed, axial
movement, load carrying capacity acceleration, and deceleration. These units
are presently being used in conveyors forklifts, road rollers, and electric
motors. Furthermore, the integration of IoT capabilities facilitates
manufacturers to monitor bearing operations constantly.
The market is mature with a dynamic demand closely
related to the state of engineering industries and capital goods. Companies are
offering integrated products that significantly decrease the number of bearings
that go into an assembled product and reduce the overall cost of equipment.
This in turn is also increasing the shelf-life and reliability of the product.
Product manufacturers are increasingly investing in R&D to address the
intensifying competition by providing innovative products.
Request
a free sample copy or view report summary: Bearings Market Report
Bearings Market Report Highlights
- The development of cost-effective wind energy
generating product has resulted in their increased espousal within wind
turbine applications that aid in increasing energy production, reduce
lubricant consumption, and enhancing turbine performance and reliability
- Roller bearings is anticipated to emerge as the
largest product segment by 2025 and outpace ball bearings, ascribed to
their ability to carry heavy loads and shock or impact loading
- Railway and aerospace segment is estimated to
witness the fastest CAGR of over 8.0% over the foreseeable years, due to
their growing demand in applications such as shock absorbers, gearboxes,
doors, and tilting mechanisms to name a few
- Asia Pacific is anticipated to witness the fastest
CAGR of over 5.0% by 2025 attributed to the increased demand for
fuel-efficient passenger vehicles, industrialization, and swift
infrastructure development
- The key competitors operating in the bearings market
include SKF, NSK, Timken, Schaeffler, NTN, and JTEKT. Various leading
companies are investing in high-level R&D to come up with innovative
solutions. These solutions are focused on being cost-effective as well as
on enhancing the overall quality of the end-product
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment