Deep Analysis of Impact of COVID-19 on “Bearings Market 2019-2025” Growth Worldwide….
The global bearings market size is expected to
reach USD 186.1 billion by 2025,
according to a new report by Grand View Research, Inc. It is projected to
register a CAGR of 9.1% during the
forecast period. Bearings are essential in almost every application that
involves motion and they help minimize friction between different mechanical
components in several industrial machinery and equipment, resulting in reduced
energy consumption. Hence, this machine element finds application in all
industries, ranging from automobiles, household appliances, and aerospace to
industrial machinery, using machinery or related motor-driven linkages.
The automotive &
transportation industry is amongst the most exposed verticals to the ongoing
COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19
is expected to have a significant impact on the supply chain and product demand
in the automotive sector. The industry's concern has moved on from being
centered on supply chain disruption from China to the overall slump in demand for
automotive products. The demand for commercial vehicles is expected to plummet
with the shutdown of all non-essential services. Furthermore, changes in
consumer buying behavior owing to uncertainty surrounding the pandemic may have
serious implications on the near future growth of the industry. Meanwhile,
liquidity shortfall and cash crunch have already impacted the sales of fleet
operators, which is further expected to widen over the next few months. We are
continuously monitoring the COVID-19 pandemic, and assessing its impact on the
growth of the automotive & transportation industry. The report will account
for Covid19 as a key market contributor.
The bearings market is estimated to witness a considerable
growth in the forthcoming years, ascribed to the aim to achieve energy
efficiency. Energy saving and bearings go hand-in-hand. The main objective of
this element is saving energy by reducing friction, be it during the rotation
of shafts of a transmission or the wheel of a vehicle. Additionally, rising demand
for commercial vehicles is expected to catapult the demand from automotive
sector across the world.
Technological advancements including smart bearings,
development of advanced materials and lubricants, and integrating sensor units,
are anticipated to provide high growth potential to the market. With the
objective of enhancing performance, vendors are incorporating sensor units of
the product. Sensor units help digital monitoring of rotation speed, axial
movement, load carrying capacity acceleration, and deceleration. These units
are presently being used in conveyors forklifts, road rollers, and electric
motors. Furthermore, the integration of IoT capabilities facilitates
manufacturers to monitor bearing operations constantly.
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The market is mature with a dynamic demand closely related
to the state of engineering industries and capital goods. Companies are
offering integrated products that significantly decrease the number of bearings
that go into an assembled product and reduce the overall cost of equipment.
This in turn is also increasing the shelf-life and reliability of the product.
Product manufacturers are increasingly investing in R&D to address the
intensifying competition by providing innovative products.
Further
key findings from the study suggest:
·
The development of cost-effective wind
energy generating product has resulted in their increased espousal within wind
turbine applications that aid in increasing energy production, reduce lubricant
consumption, and enhancing turbine performance and reliability
·
Roller bearings is anticipated to emerge as
the largest product segment by 2025 and outpace ball bearings, ascribed to
their ability to carry heavy loads and shock or impact loading
·
Railway and aerospace segment is estimated
to witness the fastest CAGR of over 8.0% over the foreseeable years, due to
their growing demand in applications such as shock absorbers, gearboxes, doors,
and tilting mechanisms to name a few
·
Asia Pacific is anticipated to witness the
fastest CAGR of over 5.0% by 2025 attributed to the increased demand for
fuel-efficient passenger vehicles, industrialization, and swift infrastructure
development
·
The key competitors operating in the
bearings market include SKF, NSK, Timken, Schaeffler, NTN, and JTEKT. Various
leading companies are investing in high-level R&D to come up with
innovative solutions. These solutions are focused on being cost-effective as
well as on enhancing the overall quality of the end-product
The global bearings
market size was valued at USD 102.2 billion in 2018 is anticipated to expand at
a CAGR of 9.1% from 2019 to 2025. Bearings are virtually used in every kind of
equipment or machinery, ranging from automobile parts, farm equipment, and
household appliances to defense and aerospace equipment. This factor is
projected to drive the market growth in near future. There has been a rising
demand for bearings with lower maintenance requirements, higher efficiency, and
longer service life.
Moreover, rise in
demand for specialized bearing solutions that meet different industry specific
requirements and challenges is projected to boost the market. For instance,
rising application of high capacity products in wind turbines is expected to
catapult the demand. Wind turbines utilize these products to enhance turbine
performance and reliability, increase energy production, and reduce lubricant
consumption.
Manufacturers
constantly work on improving the product designs to increase the performance
and energy efficiency. They use special material for raceways, cages, and
rolling elements as well as redesigned raceway profiles. Furthermore,
technological advancements in seal and lubrication technologies and the use of
lightweight materials in high-performance products, are generating huge
prospects for the manufacturers. Integration of electro-mechanical features
directly into the bearings helps in performance improvement and reductions in
size and cost.
Rising demand for
high-performance bearings has resulted in manufacturers integrating advanced
sensor units in their products. The sensor units assist in digital monitoring
of axial movement, deceleration, acceleration, rotation speed, and load carrying
capacity of the product. Additionally, the advent of Industrial Internet of
Things (IIoT), has encouraged adoption and constant monitoring of connected
equipment and machinery. This trend has also influenced the bearings market
positively.
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of this report:
Grand View Research has segmented the global bearings market on the
basis of product, application:
Bearings
Product Outlook (Revenue, USD Billion, 2014 - 2025)
·
Ball
o Deep Groove
o Other
·
Roller
o Split
o Tapered
o Others
·
Others
Bearings
Application Outlook (Revenue, USD Billion, 2014 - 2025)
·
Automotive
·
Agriculture
·
Electrical
·
Mining & construction
·
Railway & Aerospace
·
Automotive aftermarket
·
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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