Pune, Sep 03, 2019 (GLOBE NEWSWIRE) – With a CAGR of 3.0% between 2018 and 2026, the global roller bearing market is expected to reach $ 26.71 billion by 2026, from 21.05 billion dollars in 2018. Bearings are one of the earliest known types of rolling element bearings and are increasingly used in heavy machinery and equipment. Fortune Business Insights in a new report titled “Roller Bearings Market Global Size, Share and Trend by Product Type (Conical, Spherical, Cylindrical, Others), Application (Automotive, Industrial Machinery, Aerospace, Others) and Geographic Forecast to 2026 “ involves the current trends in the roller bearing market between 2018 and 2026. Several manufacturing facilities and automotive companies use roller bearing materials to improve the efficiency and performance of machines and vehicles. These days, industries are installing high-end and expensive equipment to keep their daily operations running smoothly. In this context, the demand for these bearings will fuel, which in turn will increase the growth of the ball bearing market. According to the requirements, industrial enterprises use different types of roller bearings such as taper, cylindrical, spherical and needle, promoting the demand of the roller bearing market.
The growing number of offshore wind farms is expected to provide moderate pressure for the market to grow for the foreseeable future.
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Growing demand for heavy machinery to drive growth of cylindrical roller bearing segment
The cylindrical roller bearings segment covered the highest share of the global market in 2018. The demand for these bearings is expected to increase due to their increasing adoption in industries such as aerospace and automotive. Cylindrical roller bearings are used in heavy machinery to transport and handle heavy radial loads at high speed and performance. The size of the roller bearings market is expected to continue to expand with the increasing use of tapered roller bearings. These bearings are primarily designed to withstand axial and radial forces at the same time. These are integrated into defense and medical equipment to accommodate combined loads. In the world of bearings, spherical roller bearings are likely to gain importance due to their many properties. These bearings have the ability to mount and mount easily, are very reliable and can withstand shock loads. In addition, these bearings are widely used in international markets and extend its geographic presence to all industries, especially in aerospace and automotive. The increasing application of this type of bearings is expected to drive the market growth during the forecast period.
The demand for roller bearings is increasing in applications such as industrial machinery, automotive, aerospace and others. According to the report, industrial machine roller bearings hold a 31.1% share in the global market.
Upgrading manufacturing facilities to boost the Asia-Pacific market
The Asia-Pacific region market covered US $ 7.40 billion in 2018 and is expected to maintain its dominance over the forecast years. The growth is mainly attributable to increased vehicle production in countries such as India, Japan and China. Another factor driving the market in this region is the growing demand for heavy machinery in these countries. Additionally, manufacturing companies strive to modernize their existing facilities in an effort to maintain accuracy and alignment. The demand for different types of bearings is increasing from the automotive industry. This will further increase the potential of the roller bearing market. With increasing technological advancements in the automotive industry, customers need custom roller bearings to minimize friction at important contact points.
Other regions such as North America and Europe are expected to emerge in the ball bearing market during the forecast years.
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FOX Upgrades Its Rear Bearing Shocks Kit According To Customer Requirements
Among the major players in the global market, SKF, Schaeffler and Timken lead the way. With the introduction of the 4e Industrial revolution or industry 4.0, companies are focusing on intelligent and automated roller bearings to further minimize operational failures and improve the efficiency of heavy machinery and equipment. Several companies are focusing on custom bearings for their customers. For example, FOX’s FIT shocks were too heavy. The company solved this problem by modernizing its roller bearing and fork damper to build customer loyalty. The new FIT4 fork shock absorber and roller bearing kit is lightweight, has a smaller diameter and is modified according to customer requirements. Another company, Schaeffler plans to merge with two Indian companies called Luk India Pvt Limited and INA Bearings India Pvt Limited in January 2019. The company aims to expand its product portfolio and geographic presence.
Some of the key companies described in the report
- NTN Bearing Corporation
- NSK Ltd.
- THE TIMKEN COMPANY
- Schaeffler Technologies AG & Co. KG
- IKO International, Inc. / Nippon Thompson Co., Ltd.
- JTEKT Company (Koyo)
- Luoyang Huigong Bearing Technology Co., Ltd.
- LYC Private Limited
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- Definition, by segment
- Research approach
- Market dynamics
- Factors, constraints and opportunities
- Emerging trends
- Key ideas
- Macro and micro economic indicators
- Consolidated SWOT analysis of the main players
- Price trend analysis
- Porter’s Five Forces Analysis
- Global Ball Bearing Market Analysis, Outlook and Forecast, 2015-2026
- Main conclusions / Summary
- Market size estimates and forecasts
- By product type (value and volume)
- Others (push, needles)
- By application (value)
- Industrial machinery
- Others (railway)
- By geography (value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By product type (value and volume)
- Competitive landscape
- Strategic recommendations
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