According to a new market report published by Credence Research, Inc. “Bearings Market (By End-use Application (Industrial Heavy Machinery (Construction and Mining, Agriculture), Automotive, Electronics and Electrical, Aerospace, and Other End-use Applications), By Type (Plain Bearings, Ball Bearings, Roller Bearings, and Others) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global bearings market is expected to expand at a CAGR of 7.3% from 2016 to 2023, exceeding US$ 141.3 Bn by 2023.
Browse the full Bearings Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/bearings-market
A bearing is a machine element that is used to enable linear or rotational movement, while handling stress and reducing friction. Bearings enable machines/devices to roll, thereby reducing friction with the surface. Bearings reduce the friction by substituting sliding friction with rolling friction. Thus, they are widely used to provide superior linear motion or rotation around a fixed axis. The global market for bearings is highly matured and is poised to exhibit steady growth during the forecast period 2016 – 2023.
The global bearings market is matured and concentrated. The top four bearing manufacturers account for the lions share in the global market. GE SKF Group, NSK Ltd., The Timken Company, Schaeffler Technologies GmbH & Co. KG, and NTN Corporation are identified as the leading bearings manufacturers worldwide. Other manufacturers including Minebea Co. Ltd., Spyraflo, Inc., JTKET Corporation, Federal Mogul Corp., Brammer Plc, HKT Bearings Ltd., C&U Group Company Limited, and NBI Bearings Europe, S.A. among others have been marked as promising and emerging players in the global bearings market. The global market for bearings is price competitive. This has resulted in price wars, and is consequently leading to profit crunching. The innovations in the market are primarily directed towards the development of new materials (ex-silicon nitride ceramics). In addition, focus on developing efficient and application specific bearings is the prime strategy adopted by manufacturers in the market.
• Revival of the construction industry post economic slowdown
• Increased Industrial Production and Agricultural Mechanization
• Increasing use of high-performance raw materials such as silicon nitride ceramics
• Growing use of light weight bearings in automotive applications
• Growing use of hybrid bearings in aerospace applications