Press release
Bearings Market Share Analysis is Expected to Reach USD 225.82 Billion by 2028 At a CAGR: 8.6% by Polaris Market Research
There has been an increasing adoption of the product across the world owing to the growing manufacturing industry. Also, the rising applications of the product in heavy machinery and increasing automation of manufacturing processes are expected to boost the adoption of the product during the forecast period. Advancement in manufacturing, growing automotive application, and integration in several industries act as catalysts for industry development.
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Secondary and tertiary factors driving the market include growth in the global automotive industry, rising demand from the renewable energy sector, and increasing need for lightweight products for various applications. Technological advancements across the globe and increasing demand from emerging economies are projected to provide substantial growth opportunities in the coming years.
Increasing investments and technological advancements are expected to boost the adoption of the product in the Asia Pacific during the forecast period. An increasing need to improve efficiency and productivity and increased industrialization and automation further supplements the demand growth. The rising applications of the product in the renewable energy sector of Asia-Pacific are expected to accelerate the demand during the forecast period.
The companies operating in the industry include Harbin Bearing Manufacturing Co., Schaeffler Group, Ltd., NSK Global, Rexnord Corporation, The Timken Company, Brammer PLC, JTEKT Corporation, NTN Corporation, Federal Moghul Holding Corporation, and NKE AUSTRIA GmbH. These companies launch new products and collaborate with other industry leaders to innovate and launch new products to meet consumers' increasing needs and requirements.
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Polaris Market Research has segmented the bearings market report on the basis of type, end-use, and region:
Bearings, Type Outlook (Revenue - USD Million, 2016 - 2028)
• Ball Bearings
• Roller Bearings
• Others
Bearings, End-use Outlook (Revenue - USD Million, 2016 - 2028)
• Automotive
• Electrical and Electronics
• Construction
• Mining
• Aerospace
• Others
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Polaris Market Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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