Global Bearings Market to Reach $186.7 Billion by 2026
SAN FRANCISCO, May 25, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Bearings - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: May 2021
Executive Engagements: 10634
Companies: 503 - Players covered include Brammer PLC; Harbin Bearing Manufacturing Co., Ltd.; HKT Bearings Ltd.; igus®; JTEKT Corporation; MinebeaMitsumi, Inc.; Nachi-Fujikoshi Corp.; NSK Ltd.; NTN Corporation; RBC Bearings, Inc.; Rexnord Corporation; Schaeffler AG; SKF Group; SNL Bearings Limited; Tenneco Inc.; The Timken Company; Wafangdian Bearing Group Corp., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Product (Roller Bearings, Ball Bearings, and Other Products); Application (Automotive, Mining & Construction, Railway & Aerospace, Agriculture, Electrical, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Bearings Market to Reach $186.7 Billion by 2026
Bearings, also known as anti-friction components and manufactured mostly from steel, comprise of extremely significant equipment utilized in various motion requiring applications. Bearings enable rotational or linear movement; reduce friction between moving rotary components in various industrial products and mechanical components; in addition to supporting rotating parts for achieving desired motion; managing stress; and reducing energy consumption for machineries. Bearings make machines move effortlessly and play a crucial role in the long term utility of machines and mechanical systems.
Amid the COVID-19 crisis, the global market for Bearings estimated at US$117.4 Billion in the year 2020, is projected to reach a revised size of US$186.7 Billion by 2026, growing at a CAGR of 7.8% over the analysis period. Roller Bearings, one of the segments analyzed in the report, is projected to grow at a 8.5% CAGR to reach US$107.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ball Bearings segment is readjusted to a revised 7.2% CAGR for the next 7-year period. This segment currently accounts for a 34.6% share of the global Bearings market.
The U.S. Market is Estimated at $34.3 Billion in 2021, While China is Forecast to Reach $40.9 Billion by 2026
The Bearings market in the U.S. is estimated at US$34.3 Billion in the year 2021. The country currently accounts for a 27.01% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$40.9 Billion in the year 2026 trailing a CAGR of 12% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR while Rest of European market (as defined in the study) will reach US$45.2 Billion by the end of the analysis period.
The growth in market in the near future will be driven by increased use of the bearings in various applications such as heavy machinery, mining, automotive, infrastructure development, agriculture, power generation, and construction. Additionally, increasing demand for customized bearings is likely to create new growth opportunities for the bearings market globally. Also, increase in demand pertaining to specialized bearings for addressing varied challenges and requirements of the industry are expected to drive bearings market growth. The bearings market is further driven by the increasing demand for large-bore anti-friction bearings in the manufacturing industry, for heavy machineries, and in the renewable energy sector for wind turbines.
Ball Bearings Segment to Reach $62.3 Billion by 2026
Ball bearings are another major type of bearings sold globally. Point-contact is the main feature of all ball bearings. Various kinds include single row ball bearings, double row ball bearings thrust ball bearings and angular contact ball bearings. These bearings are ideally suited for aerospace, computer peripheral, dental, industrial, and medical applications. Other ball bearings include plastic ball bearings and stainless miniature bearings. Growth in the ball bearings segment is primarily driven due to the various advantages that the product offers, including cost-effective and easy replacement; easy availability within the market; capability of decreasing friction even in minor contact surfaces; and improved performance of the motor.
Global market for Ball Bearings segment is estimated at US$40.6 Billion in 2020, and is projected to reach US$62.3 Billion by 2026 reflecting a compounded annual growth rate of 7.2% over the analysis period. United States constitutes the largest regional market for Ball Bearings segment, accounting for 28.9% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 11.1% over the analysis period, to reach US$12.7 Billion by the close of the analysis period. More
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