Global Trunnion Spherical Bearings Market to surpass US$ 54.1 Billion at a CAGR of 4.7% during 2020-2027 – Coherent Market Insights

SEATTLE, May 26, 2020 (GLOBE NEWSWIRE) -- A trunnion is a cylindrical protrusion used as a mounting or pivoting point. Trunnions are an important part of military development. Trunnion spherical bearings are majorly found applications in machines that operate two stresses: axial and rotational. These stresses may damage the machine by creating vibrations in the machine and thereby decreasing its life. Furthermore, these bearings provide excellent quality to the machine and are a cost-efficient way to decrease the vibrations in the machine. Different types of trunnion spherical bearings namely non-split bearings and spherical roller bearings.

The global trunnion spherical bearings market is estimated to account for US$ 37.45 Bn in 2019 and is expected to grow at a CAGR of 8.9 % over the forecasted period 2020-27.

Market Drivers:

1. Increasing need for energy efficiency is expected to drive growth of the global trunnion spherical bearings market during the forecast period

Trunnion spherical bearings provide energy-efficient performance to machines. It enhances the reliability and efficiency of these systems. As a result of this, it has been adopted in numerous machines and devices. Thus, these factors are expected to drive growth of the global trunnion spherical bearings market during the forecast period.

2. Increasing demand for ball mills is expected to propel the global trunnion spherical bearings market growth over the forecast period

A ball mill is a grinder machine that is typically used for grinding and mixing of different types of materials into a fine powder. The demand for ball mills is increasing rapidly since it is used in the manufacturing of refractory material, cement, glass ceramics, silicates, fertilizers, etc. Hence, these factors are expected to propel the global trunnion spherical bearings market growth over the forecast period.

Market Opportunities:

1. Growing requirement for windmills can present major business opportunities for market players over the forecast period
2. Rising use of fiber-composite and thermoplastic bearings can provide lucrative growth opportunities for key players in the near future

Market Restraint:

The volatile price of raw materials and high R&D cost are expected to hinder the global trunnion spherical bearings market growth market during the forecast period.

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Key Takeaways

• APAC holds the dominant position in the global trunnion spherical bearings market and is expected to witness significant growth over the forecast period 2020-27. This is owing rapid expansion of machinery and automotive production coupled with strong presence of after sales market in the countries such as China and India. Furthermore, China is also investing in new technology such as robotics manufacturing under its Made in China 2025, a strategic plan of China to shifts from low cost goods manufacturing to the high value and service providing country. Thus, APAC region is contributing highest among the all-regions in the global trunnion spherical bearings market.
• Among Industry, Aviation segment is dominated for global trunnion spherical bearings market 2019 and expected to create lucrative growth opportunity in the forecast period. This is owing to high demand of trunnion spherical bearings in the aviation industry. These bearings are used in the rotor mechanism in the, as it can protects rotor system from axial wind damage. According to Coherent Market Insights’ analysis, global aviation industry is expected to grow with CAGR 3.2% during the forecast period 2020-2027.

Competitive Section:

Major companies involved in the global trunnion spherical bearings market are GMB Corporation, AB SKF, Pratt & Whitney, The Timken Company, Rockwell Automation, Inc.,  JTEKT Corporation, Safran S.A., ILJIN co., ltd., Avio S.p.A., General Electric Company, IHI Corporation, Schaeffler Technologies AG & Co. KG, AST Bearings LLC,  NSK Ltd., and Thomson Industries, Inc.

Key Developments:

1. Major companies involved in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in July 2017, Timken India, a subsidiary of The Timken Company acquired ABC Bearings.
2. Key players in the market are involved in product launches in order to expand product portfolio. For instance, in April 2018, ILJIN co., ltd., a South Korea-based bearing company, launched the first steel-plastic hybrid suspension arm for new electric vehicles.

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Market Segmentation:

1. By Type:

• Split Spherical Roller Bearings
• Non-split Bearings

2. By Industry:

• Aviation
• Oil and Gas
• Manufacturing
• Energy
• Others

3. By Distribution Channel:

• Online Sales
• Company Direct Sales
• Distributor Sales

4.  By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Mr. Shah
Coherent Market Insights
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Email: sales@coherentmarketinsights.com