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The global ball bearings market size is expected to reach USD 21.90 billion by 2027. The increasing demand for robotic minimally invasive surgeries in the medical sector will spur demand in the foreseeable future, mentioned in a report, titled “Ball Bearing Market Size, Share & COVID-19 Impact Analysis, By Product Type (Self-Aligning Ball Bearings, Deep Groove Ball Bearings, Angular Contact Ball Bearings, and Others), By Application (Automotive, Industrial Machinery, Mining & Construction, Medical, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 19.08 billion in 2019 and is expected to exhibit a CAGR of 2.1 % between 2020 to 2027.
Launch of Koyo’s Anti-creep Ball Bearings to Stimulate Expansion
Koyo Bearings, a JTEKT’ bearing division announced that it has launched a new range of
ball bearings with creep-resistant features to decrease housing wear and extend
component’s life. The new next-generation design can be easily installed vehicles, especially in the transmissions of hybrid vehicles (HV/PHV) and electric vehicles (EV/FCV), along with variable transmissions in conventionally-powered cars. The new bearing creep allows the inner or outer ring to rotate as per the axis during operation. The pinch point in creep bearing enables the ball to pass over with each rotation as it moves. The new design involves a circumferential groove in the center of the outer ring’s outside diameter to tackle the strain creep.
The company has conducted extensive CAE analysis using a simulation model based on the actual test device to be sure of the contour. The combination of JTEKT’s special coating in the outer ring to suppress housing wear caused by co-rotation creep can perform stiffer outer ring deprived of the size and weight consequence. The features in the new creep bearing make it important in the automotive industry owing to its creep-related wear. Moreover, its use in agricultural and construction equipment will help to cut down costs, which, in turn, will fuel demand.
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Integration of Smart Technologies in Bearings to Enable Speedy Growth
The incorporation of sensors in smart bearings for industrial applications is expected to foster healthy growth of the market in the foreseeable future. For instance, the sensor measures the direction, temperature, speed, and vibration of ball bearings. The emergence of the Internet of Things (IoT) and Artificial intelligence (AI) will aid the end-users to track the conditions of their bearings at all times. Moreover, the technological shift towards (EV) Electric Vehicles will have a tremendous impact on the market in the forthcoming years owing to its need for bearings in Internal Combustion (IC) engine and other parts. Besides, digitalization can be a vital factor boosting the adoption of new technologies across industry verticals for corrective measures in case of potential threats
Turnaround Plan of SKF to strengthen its Market Position
The growing focus of key players towards expanding their portfolio with wide-ranging products their customers across the ball bearings industry. The rising emphasis on customized and special bearings by companies will influence the healthy growth of the market. The surge in remanufacturing and rotating the bearing equipment performance to offer quality and wear-resistance bearings will enable speedy expansion of the market. For instance, SKF has successfully implemented the ‘Turnaround Plan’ to strengthen its automotive business on the global level. Moreover, The Timken Company has revealed that it has plans of optimizing the capital deployment of bearing products to create long-term shareholder value in the core business.
The Report Lists the Key Companies in the Ball Bearings Market:
Further Report Findings:
The Ball Bearing Market is Segmented into:
Value (USD billion)
By Product Type