Worldwide Demand For Bearings Is Expected To Grow At A CAGR Of 7% Between 2022 And 2032
The worldwide demand for bearings is expected to grow at a CAGR of 7% between 2022 and 2032, reaching US$ 270 Billion. As of 2021, sales were valued at US$ 130 Billion, and are projected to increase at a Y-o-Y valuation of 7.7% in 2022, reaching US$ 140 Billion.
The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with a detailed understanding of the core competency of each activity involved. The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.
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Key Segments Covered in the Bearing Industry Report
Bearing by Product
Bearing by Bearing Type
Bearing by Component
Other Bearing Components
Bearing by Application
Power Transmission Bearings
Oil & Gas Bearings
Bearing by Region
North America Bearing Market
Latin America Bearing Market
Europe Bearing Market
East Asia Bearing Market
South Asia Bearing Market
Oceania Bearing Market
Middle East & Africa Bearing Market
This report segments the functional proteins market based on type, source, form, application and region. In terms of insights, this research report focuses on various levels of analyses-competitive landscape, pricing insights, end-use analysis, and company profiles-which together comprise and discuss the basic views on the emerging & high-growth segments of the functional proteins market, high-growth regions, countries, industry trends, drivers, restraints, opportunities, and challenges.
Critical insights enclosed in the report:
In-depth assessment of the leading market players in the Bearing market
The regional analysis of the different market segments and sub-segments
Recent mergers, acquisitions, collaborations, partnerships, and R&D activities.
SWOT analysis of the prominent players in the Bearing market
Y-o-Y revenue growth of the Bearing market during the forecast period
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Manufacturers in the bearing industry are more motivated to produce unique patented goods in order to meet the growing demand for optimum materials and designs.
Another key reason that is expected to enhance bearing demand throughout the forecast period is the Industry 4.0 movement, which is gaining traction in manufacturing and industrial automation. Market participants are progressively working on refining their goods' interior designs while also maximizing other elements such as cage design, among others.
Consistent developments in bearing technology, particularly for high-speed applications, are expected to drive market expansion. Leading bearing manufacturers are aiming to exploit important growth tactics, which include introducing new product lines, creating strategic alliances with current manufacturers, acquiring rivals, and obtaining collaborations with major organizations.
For instance, NTN Corporation has launched mass production and distribution of the "ULTAGE Tapered Roller Bearing for Vehicle Application" beginning October 2020, which is designed for automotive gearboxes and differentials.
NSK Ltd. produced a third-generation ultra-high-speed ball bearing for electric vehicle (EV) motors that can function at over 1.8 million dmN*1 in April 2021. It is the world's quickest grease-lubricated deep groove ball bearing for automotive applications.
AB SKF announced in March 2021 that it will invest SEK 400 million (US$ 45 million) in expanding and renovating its production site in Airasca, Italy. This investment will almost certainly introduce super-precision bearings (SuPBs) for industrial applications to Italy.
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Reasons to buy this report
To get a comprehensive overview of the Bearing market
• To gain wide-ranging information about the top players in this industry, their product portfolio details, and the key strategies adopted by them
• To gain insights about the major countries/regions, in which the Bearing market is flourishing
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