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Pune, India, 1st August 2019: In the year 2018, Asia Pacific had generated US$ 422.4 Mn in terms of revenue in The Global Cross Roller Bearings Market. This growth is attributed to the increasing demand for construction equipment from countries, namely, India, South Korea, Japan, and China for the development of infrastructure. According to a report by Fortune Business Insights, titled, “Cross Roller Bearings Market Size, Share and Global Trend by Type (Single Inner and Split Outer Ring, Split Inner and Single Outer Ring, Others), By Dimension (18 to 50mm, 50 to 150mm, 150 to 250 mm, 250 to 400 mm, 400 to 630 mm, 630 to 800 mm, >800 mm), By Industrial Vertical (Industrial Machinery, Medical Systems, Robotics, Semiconductor Manufacturing Equipment) and Geography Forecast till 2026,” the global market was valued at US$ 1,261.9 Mn in 2018. The market is projected to reach US$ 1,519.9 Mn by 2026, exhibiting a CAGR of 2.36% during the forecast period from 2019 – 2026.
Extensive Usage of Bearings in Mining, Agriculture, and Construction Sectors to Boost Growth
The report states that a rise in the number of automated machinery, evolution of robots and smart factories, and development of motion equipment infused with the latest technology are anticipated to propel the global cross roller bearings market during the forecast period. Moreover, cross roller bearings are extensively applied in end use verticals, such as construction. Manufacturers have begun focusing on producing customized bearings as per the demands of the consumers. Cross roller bearings are required in large number in agricultural, construction, and mining sectors. Hence, their demand is likely to increase in the coming years from these sectors.
Rising Demand for Precise Bearings in Medical and Robotics Sectors to Favor Growth in Asia Pacific
The global market is geographically segmented into North America, the Middle East and Africa, Latin America, Europe, and Asia Pacific. Amongst these regions, Asia Pacific is expected to remain in the dominant position throughout the forecast period. There has been a rise in the demand for precise and strong bearing in robotics and medical sector in this region. Additionally, the application of bearings in the renewable energy sectors is increasing rapidly. All these factors are likely to propel the cross roller bearings market sales in Asia Pacific. Europe, on the other hand, is expected to witness growth in the forthcoming years. This will occur because of the ongoing development of medical infrastructure and increasing investments in the advancement of bearings by several enterprises.
Timken, SKF, and Other Key Players Aim to Create Brand Image by Increasing Current Product Offerings
SFK, Timken, and other market players have recently started focusing on investing huge sums on the research and development activities to manufacture customized bearings. This would aid in providing long term solutions to the consumers’ most challenging mechanical power transmission and friction management issues. They are also expanding their range of products. Other market players are trying to persistently improve operating cost structure by redesigning cross-business process, investing in advanced technology, and implementing lean principles across operations. All these strategies are anticipated to aid the companies in strengthening their positions and create a brand image in the global market.
Fortune Business Insights profiles some of the leading market players operating in the global cross roller bearings market. They are AEC, Luoyang Ouna Bearing Co. Ltd. (ONA), NSK Ltd., JTEKT Corporation (Koyo), The Timken Company, ISB Bearing, Schaeffler Technologies AG & Co. KG, Hiwin Corporation, LYC Bearing Corporation, SKF, IKO International, Inc. / Nippon Thompson Co., Ltd., CPM S.p.A, Luoyang Huigong Bearing Technology Co., Ltd. (CHG), NTN Bearing Corporation, Franke GmbH, and other prominent market players.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/cross-roller-bearings-market-101117
The global cross roller bearings market can be segmented into:
By Industry Vertical