Press release
Spherical Roller Bearings Market: Major Trends Reshaping the Future of the Industry
Spherical Roller Bearings
What Will the Spherical Roller Bearings Industry Market Size Be by 2025?
In recent times, the market size for spherical roller bearings has consistently expanded. The market, presently valued at $5.32 billion in 2024, is forecasted to swell to $5.49 billion in 2025, indicating a compound annual growth rate (CAGR) of 3.1%. The growth witnessed in the previous years can be traced back to escalating popularity in industrial domains, a rise in the demand for economically-priced spherical roller bearings exhibiting zero friction, a growing trend of utilizing these bearings in renewable energy applications, an increasing appetite for renewable energy, and a thriving automotive sector.
What's the Long-Term Growth Forecast for the Spherical Roller Bearings Market Size Through 2029?
Predictions indicate a consistent expansion for the spherical roller bearings market in the upcoming years, anticipating to reach a substantial size of $6.43 billion by 2029, with a compound annual growth rate (CAGR) of 4.0%. Factors contributing to this growth in the projected timeline include the increasing need for bearings in wind turbines, electric vehicles, and machinery, the rising requirement for bearings in construction machinery, automotive production, and industrial equipment, the growing need for highly precise bearings for robotics, machinery, and precision equipment, the swift growth in machinery and motor vehicle manufacturing, and an upsurge in the demand for compact single-aisle aircraft and helicopters. Key trends that can be observed in the forecast period are the advent of advanced bearings specifically manufactured to optimize uptime, technological improvements, spherical roller bearings innovation, the introduction of novel products, and the development of high-tech solutions.
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What Are the Key Growth Drivers Fueling the Spherical Roller Bearings Market Expansion?
The spherical roller bearings market is set to expand, driven by the increasing demand for electric commercial vehicles. Trucks and buses solely powered by electric batteries, as opposed to traditional fuel sources, represent these electric commercial vehicles. This growth in demand is underpinned by factors such as environmental norms, sustainable transport solutions, lower operating costs, e-commerce, and last-mile deliveries. Electric commercial vehicles benefit from spherical roller bearings, which offer superior load-bearing capabilities and friction reduction, consequently enhancing efficiency, reliability, and endurance, particularly in challenging operating environments. As an illustration, a report released in January 2024 by The U.S. Energy Information Administration (EIA), a US-based agency, reliant on Wards Intelligence data, revealed that sales of hybrid vehicles, plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) formed 16.3% of light-duty vehicle (LDV) sales in the United States in 2023, marking a rise from 12.9% in 2022. Hence, the growing demand for electric commercial vehicles is fueling the progress of the spherical roller bearings market.
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Which Emerging Trends Are Transforming the Spherical Roller Bearings Market in 2025?
Key players in the spherical roller bearings market, including food-grade grease and seals, are making strides to innovate sustainable solutions that uphold hygiene and safety regulations in the food and beverage sectors. These sustainable components boost the performance of the machine and satisfy hygiene protocols, thanks to their resistance to corrosion, high endurance, and washdown tolerance. In a typical example, AB SKF, a bearing manufacturer from Sweden, in November 2023, released the SKF dpherical roller bearing equipped with food safety features - the inaugural spherical roller bearings meant exclusively for the food and beverage sector. The bearing comes pre-filled with NSF Category H1 grease, which is specifically tailored for the food industry. It also has a high-performing contact seal made of nitrile butadiene rubber approved by both FDA and the European Commission, safeguarding against water, detergent, and pollutants. The seal's blue color aids in quickly identifying any fragment that might inadvertently contaminate the food.
How Is the Spherical Roller Bearings Market Segmented?
The spherical roller bearingsmarket covered in this report is segmented -
1) By Type: Sheet Steel, Polyamide, Brass, Steel
2) By Distribution Channel: Direct, Indirect
3) By Application: Automotive, Wind Turbines, Material Handling Equipment, Mechanical Fans And Blowers, Mining And Construction Equipment, Pulp And Paper Processing Equipment, Marine Propulsion And Offshore Drilling
Subsegments:
1) By Sheet Steel: Single-Row Sheet Steel Bearings, Double-Row Sheet Steel Bearings
2) By Polyamide: Single-Row Polyamide Bearings, Double-Row Polyamide Bearings
3) By Brass: Single-Row Brass Bearings, Double-Row Brass Bearings
4) By Steel: Single-Row Steel Bearings, Double-Row Steel Bearings
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Which Companies Are Leading the Charge in Spherical Roller Bearings Market Innovation?
Major companies operating in the spherical roller bearings market are Schaeffler Technologies AG & Co. KG , JTEKT Corporation, AB SKF, MinebeaMitsumi Inc., NSK Ltd., NTN Corporation, The Timken Company, Nachi-Fujikoshi Corp., RBC Bearings Incorporated, C&U Group, National Engineering Industries Ltd., Wafangdian Bearing Group Corporation, NRB Bearings Ltd., Fersa Bearings S.A.U., Mineral circles bearings, BTL-UK Ltd., ABTech Inc., MARC Bearings Pvt Ltd., Rudra Bearings Pvt. Ltd., ZKL Group, KG Bearing India LLP, Shanghai Xin Equation Bearing Co. Ltd., KEC Bearings Pvt Ltd., Boca Bearings Co.
Which Regions Are Leading the Global Spherical Roller Bearings Market in Revenue?
Asia-Pacific was the largest region in the spherical roller bearings market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the spherical roller bearings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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