Bearings Market is expected to witness substantial growth during Forecast by 2022

Global bearings market was valued around USD 33.00 billion and is anticipated to reach approximately USD 69.15 billion while maintaining a compound annual growth rate (CAGR) of 6.89% during the forecast period owing to the growing manufacturing of heavy machinery. Moreover, the rising use of high capacity bearings in the manufacturing of wind turbines is expected to boost demand during the forecast years. Wind turbines use these products to improve turbine performance & reliability, reduce consumption of lubricant, and boost the production of energy. Technological innovations in seal technologies, lubrication technology, and the utilization of materials which are light in weight for producing high-performance products, are generating massive opportunities for players in the global market. Incorporation of electro-mechanical features into the bearings assists in reductions in cost and size and performance enhancement. The rise in the high-performance bearings demand has directed manufacturers to incorporate superior sensor units in the products. It helps in the digital supervising of rotation speed, deceleration, acceleration, load carrying capacity, and axial movement of the bearings.

Product Outlook and Trend Analysis

Bearings are widely segmented as roller and ball types. Ball bearings have lesser surface contacts, hence operate effortlessly, thus cutting down the friction. Ball bearings may also be employed with radial and thrust loadings, due to which, they are widely utilized in both four and two-wheeled vehicles. In the year 2015, ball bearings ruled the product section; though the roller type is anticipated to appear as the leading segment during the forecast years, as these products sustain axial and radial loads, cut down rotational friction, and as compared to ball bearings, they can support limited axial loads and heavy radial loads. The wide implementation of roller bearings by several industries, counting automobiles, home appliances, the aerospace, and capital equipment industry, is anticipated to impact the demand for product positively.

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Market Classification

Bearings Market, By Product, Estimates and Forecast, 2012-2022 ($Million)

Ball Bearings

Deep Grove Bearings
Others

Roller Bearings

Split Bearings
Tapered Bearings
Others

Other Products

Competitive Outlook and Trend Analysis

The major market players in the global bearings market include Schaeffler Group, NTN Corporation, SKF Group, NSK Global, JTEKT Corporation, and Timken. The market players are increasingly concentrating on research and development projects to produce application precise bearings and enhance their efficiency. Extreme competition has directed producers to spend more for product improvement to fulfill requirements of customers efficiently. For example, NTN Corporation has formulated high-speed deep groove ball bearing that is a grease lubrication type with superior rotational speed.

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