Bearings are machine components for aligning, guiding, and supporting moving parts of a machine. Bearings are usually located between a moving and a stationary part to reduce friction and wear and tear.
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The Bearings marketis forecasted to generate $97.3 billion in 2017 and is anticipated to grow at a CAGR of 8% during the forecast period.
Use of bearings enable rotational or linear movement, while reducing friction and handling stress.
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The different types of bearings used in efficient functioning of machines include ball bearings, roller bearings, ball thrust bearings, roller thrust bearings, tapered roller bearings, and specialized bearings.
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There has been an increasing demand of bearings owing to increasing automation of processes in manufacturing sector. The use of bearings in heavy machinery, and rising demand for bearings from the automotive sector drives the growth of the bearings market.
The growing applications of bearings in the renewable energy sector, especially wind turbines supports the market growth. The use of bearings for different applications in diverse industries such as agriculture, railway, mining, automotive, electrical, and aerospace among others has increased the adoption of bearings.
Growing need of application-specific bearings, along with technological advancements would support the growth of the market during the forecast period.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Bearings Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC, Latin America, and MEA.
North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe.
Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
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Asia-Pacific generated the highest revenue in 2017 owing to increasing automation of manufacturing processes, and rising demand from diverse industries such as automotive, aerospace, electronics and construction in the region. The growing need to improve efficiency, and increase effectiveness, along with technological advancements has increased the adoption of bearings in the region.
Competitive Landscape and Key Vendors
The global Bearings Market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market.
With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach.
Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
The leading companies operating in the bearings market include Schaeffler Group, Harbin Bearing Manufacturing Co., Ltd., NSK Global, The Timken Company, Rexnord Corporation, JTEKT Corporation, Brammer PLC, Federal Moghul Holding Corporation, NTN Corporation, and NKE AUSTRIA GmbH.
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