Europe Ball Bearings Market to Grow at 1.9% CAGR till 2027; Promising Technological Advancements in the Production of Bearings to Accelerate Growth

The Europe ball bearings market size is projected to reach USD 5.50 billion by 2027 on account of the widespread adoption of advanced bearings in high-performance industrial applications, states Fortune Business Insights™ in its report, titled “Europe Ball Bearings Market Size, Share & COVID-19 Impact Analysis, By Product Type (Self Aligning Ball Bearings, Deep Groove Ball Bearings, Angular Contact Ball Bearings & Others), By Application (Automotive, Industrial machinery, Mining & Construction, Medical & Others), and Country Forecast, 2020-2027”. The report further states that the market value stood at USD 4.92 billion in 2019 and the market is expected to register a CAGR of 1.9% from 2020 to 2027.

The COVID-19 pandemic outbreak has had a moderate impact on the Europe ball bearings market growth in 2020 as bearings are crucial components in industrial machinery and equipment. Given their essentiality in manufacturing operations, the demand for ball bearings has not been adversely affected by the pandemic.

NKE Austria Engineers Novel Deep Groove Ball Bearings

In July 2020, NKE Austria announced the development of single-row deep groove ball bearings for conveyor belts operating in harsh conditions and transporting heavy materials such as rocks or sand for mining and other operations. The new bearing products have been engineered with an optimized performance design and boast of a longer service life than their standard counterparts, ensuring low downtime for conveyor systems. Furthermore, these bearings also sport advanced features including special low-friction seals, improved raceway geometry, broad operating temperature range, unique cage construction of a novel synthetic material, and adjusted radial internal clearance.

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https://www.fortunebusinessinsights.com/europe-ball-bearings-market-104314

Increasing Adoption of Self-aligning Ball Bearings to Drive Market Trends

Self-aligning ball bearings have a large spherical outer ring, a cage, two rows of steel balls, and a double-groove inner ring. These bearings are witnessing increasing demand across industries owing to the extensive benefits offered by them to manufacturers. For example, self-aligning bearings generate lower friction compared to other bearing types and are therefore able to function at lower temperatures at high speeds. This property also reduces the wear of these bearings, leading to longer service life and lower maintenance or replacement costs. Furthermore, self-aligning bearings can also reduce noise and vibration, especially in regular home appliances such as fans. An even greater benefit of self-aligning ball bearings is that they are very well suited to adapt to alignment errors owing to their design, allowing them to function even in case of shaking or disturbances. The advantages inherent in self-aligning bearings are stoking their adoption across diverse industries and fueling the growth of the market.

Engaging in Collaborations to be the Core Focus Area for Key Players

Prominent players in the market are adopting various strategies to broaden their business horizons. These companies are particularly seeking growth opportunities to expand their operations beyond Europe and are thus entering collaborations and partnerships with different regional companies specializing in bearing technologies. Market participants are also shoring up their finances to mitigate the impacts of the coronavirus pandemic, with several companies cutting jobs and divesting their assets to cope with the disastrous situation created by the pandemic.

Industry Development:

• October 2020: SKF collaborated with US-based Tekwell Services to develop a novel apparatus to test bearings efficiently and effectively. The system will be based on SKF’s principle that testing bearings without proper loading damages them, especially in high-speed applications.

List of Key Players Covered in the Europe Ball Bearings Market Research Report:

• The Timken Company (United States)
• NTN Bearing Corporation (United States)
• Koyo (Japan)
• LYC Bearing Corporation (China)
• Nachi Fujikoshi Corp (Japan)
• NSK Ltd. (Japan)
• THB Bearings (China)
• SKF (Sweden)
• ISB Industries (Italy)
• Luoyang Huigong Bearing Technology Co. Ltd. (China)
• Myonic GmbH (Germany)
• Schaeffler AG (Germany)

Further Report Findings:

• The automotive segment led the market with a share of 38.4% in 2019 owing to the extensive utilization of ball bearings in enabling the smooth running of vehicles.
• By product type, the deep groove ball segment is predicted to grow at the fastest pace on account of their versatility and cost-effectiveness.
• Germany is expected to dominate the Europe ball bearings market share during the forecast period on account of the presence of an extremely strong and innovative automotive industry and increasing investments in advanced automotive components by carmakers in the country. In 2019, the country’s market size stood at USD 1.64 billion.

Table of Segmentation