Rising demand for bearings from railway & aerospace and automotive sectors is predicted to drive the bearings market growth over the coming years. Technological breakthroughs coupled with high R&D expenditure are anticipated to boost the industry growth in the near future. Bearings, which help in inexpensive wind energy generation have found growing acceptance across various wind turbine applications. As per Global Market Insights Inc.,” The bearings market share worth USD 79.3 billion in 2014, is forecast to exceed USD 142 billion by 2022, growing at a CAGR of 7.6% over the period of 2015-2022.”
Bearings find myriad applications across mining & construction, agriculture, railway & aerospace, automotive, and electrical industries. The bearings market share worth USD 40.6 billion in 2014 in the automotive industry, is predicted to reach USD 71 billion over the period of 2015-2022. Growing need for lightweight & high performing automobiles and disc drives has resulted in enhanced use of small and light weight bearings in automobiles. The bearings application in the agriculture industry is forecast to grow at a CAGR of 7% due to the computerization of farming activities in emerging economies. Moreover, technological innovations, ability to operate at extreme temperatures, substantial weight reduction, and high speed is predicted to drive the demand for bearings across the railways and aerospace industry.
China bearings market size by product, 2012-2022 (USD Million)
Amongst the various types of bearings such as ball bearings and roller bearings available in the industry, the ball bearings market is forecast to reach USD 62.1 billion by 2022, leading the product landscape over the period of 2015-2022. Ball bearings have small surface contact which helps in reducing friction. It also spins smoothly and hence can be used with radial loading and thrust. The roller bearings market is projected to reach USD 51 billion by 2022 due to its growing use across heavy load settings.
The Asia Pacific bearings market share worth USD 36 billion in 2014, is expected to reach USD 68 billion by 2022, owing to the rapid infrastructure growth and industrialization. The Europe bearings market worth USD 18 billion in 2014, is anticipated to touch USD 32 billion by 2022. The North America bearings market size is predicted to touch USD 25 billion mark by 2022 and its growth is driven by the expansion of manufacturing industry. Furthermore, enhanced sales of high value bearings and custom built bearings are predicted to drive the regional growth over the coming years. The U.S. bearings market is anticipated to touch USD 25.1 mark by 2022.
Key market players include Brammer PLC Company, Timken Company, HKT Bearings Ltd, NSK Global, Schaeffler Group, SKF, Minebea Company Limited, JTEKT Corporation, RBC Bearings Inc, C&U Group, and NTN Corporation. The industry participants will try to increase their market share through new product launches, market penetration, mergers & acquisitions, and R&D investments.