The Global
Bearings Market is expected to reach USD 117.27 billion by 2020, according to a
new study by Grand View Research, Inc. Growing need to address energy
efficiency in several application areas is expected to drive the bearings
market. Technological advancements along with investments in R&D activities
are also expected to drive market demand over the forecast period. Development
of seal technologies, light weight elements in high performance bearings and
lubrication technologies offer several market growth opportunities. The
aforementioned technologies exhibit high energy efficiency characteristics.
Bearings help reduce energy consumption by reducing friction between several
mechanical components in a wide range of industrial equipments and machinery.
For example, the new E2 bearings developed by SKF are reported to help reduce
friction significantly.
Increasing
bearings demand across railway and aerospace applications offer significant
avenues for market growth. Surging demand for bearings and other precision
components used in aircraft engines is also expected to favorably impact market
growth over the next few years. Innovative material technologies and high
bearing performance play an important role in aero-engine bearing developments.
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Further key findings from the study suggest:
- Ball bearings are expected to emerge as a high growth segment over the next few years as it exhibits the capability to reduce friction owing to smaller surface contact. Furthermore, ball bearings can be used with thrust as well as radial loading owing to their ability to spin smoothly. Deep groove bearings are simple in design, non-separable and need low maintenance owing to which the segment is expected to witness considerable growth over the next few years.
- Growing demand for auto components and automobiles is expected to fuel market demand over the forecast period. The railway & aerospace sector is also expected to witness rapid growth over the next six years. Rise in the number of commuters using public transportation is expected to be the key market driver. Further, availability of improved ways to assist local as well as worldwide transportation systems also provide opportunities for market growth.
- Asia Pacific emerged as the dominant regional market in 2013; infrastructure development and rapid industrialization are expected to drive the regional market growth over the forecast period.
- Key market players include NTN Corporation, Schaeffler Group, SKF, NSK Global, Timken and JTEKT. Manufacturers focus on providing specialized bearings often tailored to customer specification or application requirements. The process of product development relies heavily on the end-market.
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About
Grand View Research:
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, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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
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