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November 08, 2019 | Machinery & Equipment
The global bearings market size is predicted to reach USD 52.44 billion by 2026. The increasing demand from the automotive sector is expected to boost the growth of the market, says Fortune Business Insights in a report, titled “Bearings Market Size, Share & Industry Analysis, By Type (Ball Bearing, Roller Bearing), By Application (Automotive, Industrial Machinery, Aerospace, Others), and Regional Forecast, 2019-2026.” The market was valued at USD 39.46 billion in 2018 and is expected to rise at a CAGR of 3.6% between 2019 and 2026.
According to the report, on the basis of application, the bearings market is segmented into automotive, industrial machinery, aerospace, others. The aerospace industry will witness high growth during the forecast period owing to the increasing passenger travel demand and stable commodity prices.
The surge in tourism initiatives by developing nations is expected to further enable the growth of the aerospace segment, which, will, in turn, aid the market growth. For instance, in 2018, airports of Thailand invested about USD 8 billion to triple the capacity of Suvarnabhumi Airport in Bangkok.
Some of the prevailing bearings market trends are the increasing collaborations and mergers between key companies. For instance, in 2017, UK based BBA Aviation PLC merged with Gama Aviation’s U.S. based aircraft management business to become the world’s largest aircraft management company. In addition, Boeing acquired Aurora Flight Sciences Corp to strengthen its commercial and military systems.
Rising Popularity of Speciality Bearings Will Aid Growth
The rapid adoption of specialty bearing by various industries due to the increasing demand from the challenging applications will enable growth in the market. The rising focus of manufacturers to develop bearings suitable for aerospace & defense applications, robotics, medical equipment, vacuum pumps and, high-speed dental handpiece turbines, will give tailspin to the growth of the market. For instance, Barden Corporation has developed super precision bearing for high-speed dental handpiece application for mixed friction condition. In addition, the increasing advancement in medical equipment such as the X-ray, which requires X-ray tube bearings, will fuel demand for bearings in the foreseeable future.
Expansion of Automotive Sector Will Drive The Market In Asia Pacific
Asia Pacific holds a major share in the market owing to the increasing demand from various applications such as automotive, aerospace and industrial equipment. The expansion of automotive sector is expected to fuel the demand for bearings in developing nations of Asia Pacific. According to the Society of Indian Automobile Manufacturers (SIAM), in the first quarter of 2019, the total passenger vehicle trade increased by 2.7%. The surge in passenger vehicle trade along with the expansion of the automotive industry will bode well for the market. China remains the major market player in the Asia Pacific. According to the sources China’s industrial production observed 7.2% year-on-year growth in 2018. The robust industrialization in china will give impetus growth in the region. Furthermore, the increasing demand for industrial machinery owing to the surge in infrastructure development is predicted to further aid growth in the region.
Europe has a mature market and will witness a stable demand owing to the increasing application in the industrial machinery sector. Machinery & equipment is the second largest sector in Germany and was valued at USD 251.33 billion. The increasing demand for machinery and equipment for various applications will favor growth in the region. In addition, Europe has a strong foothold of leading automobile manufacturers such as Mercedes, Audi, Volkswagen, BMW, Opel, Fiat. This factor will further create growth opportunities for the market in Europe.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/bearings-market-101608
The Bearing Market Is Segmented Into:
Value (USD Billion)