Precision Ball Bearing Market Size to Grow at a CAGR of 5.1% During the Forecast Period 2021-2026 – Digital Journal



“Precision ball bearing market”

Adoption of precision ball bearings in robotic applications, driving the growth of the precision ball bearing market

Precision Ball Bearings Market The size was valued at $ 10.9 billion in 2020 and is expected to grow at a CAGR of 5.1% during the forecast period 2021-2026. Bearings are high-tech mechanical components that help the machine move in the desired directions with extreme speed and low friction. With the help of these bearings, a machine can transport heavy loads with ease and high efficiency. Ceramic bearings have a wide range of applications in mechanical and electrical equipment such as automobiles, ceiling fans, refrigerators and many other products. Among all, asymmetric ball bearings are the commonly used bearings. These silicon nitride based bearings are designed to minimize rotational friction and withstand radial and axial loads. Growing industrial machines and automation technologies require precision ball bearings for better performance and efficiency. In addition to this, the increasing production of vehicles and the symmetrical nature of angular contact bearings are attracting end users, thus creating new opportunities for the precision ball bearing industry during the forecast period.

Precision Ball Bearings Market Segment Analysis – By Product

Precision angular contact ball bearings held the major share of 31.8% in 2020 of the precision ball bearing market. These bearings have a much higher speed than radial ball bearings due to the continuous contact of the balls with the two raceways. There has been an increasing demand for angular contact bearings as they provide a more precise angle as radial and axial loads are transferred from one ring to another via balls along a precise contact angle. These can be used in high speed applications such as electric motors, pumps, gearboxes, clutches and others. With these factors, there is a massive adoption of angular contact ball bearing pushing the market.

Precision Ball Bearings Market Segment Analysis – By Application

Automotive has been the primary application of the precision ball bearing market and is expected to grow at a CAGR of 5.6% during the forecast period 2021-2026 despite the near term impact of Covid-19. In the automotive industry, the adoption of precision ball bearings has increased rapidly with the increase in the number of vehicle products and sales. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of commercial vehicles fell from 22.87 million units to 25.6 million during the period 2016-2019 globally before a significant drop due to at Covid-19. There has been an increasing adoption of precision ball bearings in the automotive industry due to its advantages such as high durability, corrosion resistance, high tensile strength and low maintenance cost. It also creates opportunities for the market in the near future.

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Precision Ball Bearings Market Segment Analysis – By Geography

North America led the precision ball bearing market with a 34.7% market share in 2020, followed by Europe and APAC. The growing demand for high performance and high quality products in the aerospace and automotive industries is expected to drive the market. In addition, the presence of a large number of players headquartered in the United States has driven the market. As North America is known for the early adoption of advanced technologies, automation and robotics technologies are widely adopted, creating huge demand and many opportunities for the precision ball bearing industry. in this region.

Precision Ball Bearing Market Drivers

Adoption of precision ball bearings in robotic applications

There is a growing adoption of automation technology in various industries such as automotive, aerospace, food and beverage, medical and other industries. The increasing use of robots in industries has created an increased demand for precision ball bearings. The precision and precision required for robots is crucial and creates a high demand for precision ball bearings to perform complex tasks. The development of precision thin-section ball bearings provides high speed, improves efficiency, offers high levels of design flexibility and reduces friction. The increasing adoption of these bearings for industrial robot applications such as human assisting, medical, paint spraying, pick and place, welding and others are expected to drive the market during the forecast period. .

Adoption of advanced technologies

The adoption of advanced technologies such as artificial intelligence (AI), machine learning, and others is poised to push the precision ball bearing market. Manufacturers are focusing on using these technologies for the development of advanced products and processes for monitoring the condition of different types of bearings, which involves an artificial intelligence method. Original Equipment Manufacturers (OEMs) are teaming up with various artificial intelligence and software companies to integrate the advanced solutions into their manufacturing process and strengthen the process, thereby driving the market.

Precision Ball Bearing Market Challenges

The miniaturization of precision ball bearings is one of the major challenges

There has been an increasing demand for miniaturized ball bearings in applications used in automotive, aerospace, electrical and marine and other industrial applications where space is limited. The production of miniaturization products has become a major challenge for OEMs. However, the companies are focusing on high research and development (R&D) activities for the introduction of small and ultra-small ball bearings. Miniaturized precision ball bearings present various maintenance and flexibility challenges. Regular maintenance is necessary in order to maintain the longevity and proper functioning of these bearings. For precision ball bearings, the sizing and capacity options can be relatively limited. Moreover, the increase in counterfeit products for precision ball bearings is expected to hamper the growth of the market.

Precision Ball Bearing Market Landscape

Product launches, acquisitions, extensions and R&D activities are the key strategies adopted by the players in the Precision Ball Bearings market. The top 10 companies in the precision ball bearing market are Schaeffler, Kaman Corporation, Cixing Group Co., Ltd, AST Bearings LLC, The Timken Company, JTEKT Corporation, GMN Paul Muller Industries GmbH & Co. Kg, Parcamor Kubar Bearings, Mechatronics, Danaher Corporation (Thomson Industries, Inc), SKF Group, and among others

Technology acquisitions / launches

In July 2019, Kaman Corporation expanded its GRW precision bearing operations, including precision ball bearings which are used in medical, aerospace and industrial applications. This expansion had enabled the company to expand its product portfolio by strengthening its position globally.

In October 2019, SK Company acquired Presenso which is an artificial intelligence company. This acquisition is expected to strengthen the company’s global footprint and manufacturing capabilities for precision ball bearings and other rotary equipment performance, thereby increasing the market share for precision ball bearings.

Key points to remember

North America dominates the precision ball bearing market in 2020 due to high investments and adoption of advanced technologies which are expected to drive the market in this region.

The adoption of angular contact bearings increases the demand for precision ball bearings due to their increased adoption in high speed applications.

The high use of silicon nitride for the manufacture of bearings provides high heat resistance and the adoption of these ceramic bearings is driving the growth of the market.

The demand for miniaturized products which is a major challenge and together with R&D activities could create opportunities for precision ball bearings, thus driving the market in the near future.

Associated reports:

A. Bearings for the mechanical and electrical products market

https://www.industryarc.com/Report/201/Global-Bearing-Mechanical-Electrical-Products-Market.html

B. Automotive Wheel Bearing Market

https://www.industryarc.com/Report/16302/automotive-wheel-bearing-market.html

For More Automation & Instrumentation Market Reports, Please Click Here

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