Bearings Market Size, Share & Trends Analysis Report By Product, By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), By Region, And Segment Forecasts, 2021 - 2028
Bearings Market Growth & Trends
The global bearings market size is expected to reach USD 226.8 billion by 2028, registering a CAGR of 8.5% over 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 market is estimated to witness 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, the rising demand for commercial vehicles is expected to catapult the demand from the 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 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.
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
• The roller bearings segment is anticipated to emerge as the largest product segment by 2028 ascribed to their ability to carry heavy loads and shock or impact loading
• The railway and aerospace segment is estimated to witness the fastest CAGR of over 10.0% 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 9.0% by 2028. This can be attributed to the increased demand for fuel-efficient passenger vehicles, industrialization, and infrastructure development in various countries such as China, India, and Japan
• 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
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