Bearing Industry Analysis 2021: COVID-19 Impact 2018: Global Industry Analysis, Opportunity Assessment and Forecast to 2023
Global Bearing Market Drivers:
The wide
application of bearings in the automotive industry is acting as one of the
major driving forces for generating a colossal demand for bearings in the
global market. The increasing application of bearings in various industrial
sectors, such as electronics, railway, aerospace, mining and construction,
manufacturing and transport and others, is fueling the expansion of the global
bearing market. The various benefits of bearings, that include reduced
lubricant consumption, reduction in energy consumption and enhanced equipment
performance, are inducing the demand for bearings in multiple industries.The
increasing utilization of high capacity bearings in wind turbines is generating
demand for bearings in the market, leading to the growth of the global bearing
market. The unprecedented growth of the automotive industry and increase in the
manufacturing of heavy machinery are some of the important factors fueling the
expansion of the global bearing market.
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Market
Segmentation:
The global
bearing market has been segmented on the basis of product and application. On
the basis of product, the bearing market is segmented into plain bearing, ball
bearing, roller bearing and others. Among these, the ball bearing segment
dominated the global bearing market in 2015. However, the roller bearing
segment is anticipated to dominate the market during the forecast period as
this product provides reduced friction and can sustain heavy radial load and
shock or impact loading as compared to ball bearing.
On the basis
of application, the global bearing market is segmented into automotive,
electronics, aerospace, construction and others. Among these, the automotive
segment is dominating the global bearing market and the aerospace segment is
anticipated to project the fastest growth during the forecast period.
Detailed
Regional Analysis:
On the basis
of region, the global bearing market
has been segmented into North America, Europe, Asia-Pacific and the rest of the
world. Among these regions, Asia-Pacific is anticipated to dominate the global
bearing market due to the rapid expansion of automotive, construction and other
industries in this region. The robust growth of automotive, construction,
mining and aerospace industries in North America and European region is fueling
the expansion of the bearing market in this region. The rapid infrastructural
and industrial development is influencing the expansion of the global bearing
market in the rest of the world.
Competitive
Analysis:
The leading
players in the global bearing market are NTN Corporation (Japan), Svenska
Kullagerfabriken AB (Sweden), Schaeffler Group (Germany), NSK Ltd. (Japan), The
Timken Company (U.S.), JTEKT Corporation (Japan), Robert Bosch GmbH (Japan),
The Danaher Corporation (U.S.), GKN plc.(U.K.) Minebea Mitsumi, Inc. (Japan)
and others.
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