Bearing Market | Size, Growth, Trends | Industry Analysis & Forecast
High mechanical strength, ease of operation & manufacturing, and strong demand from wide applications are the key factors driving the growth of the global bearing market. A bearing is a simple mechanical component used in a machinery or an equipment to facilitate smooth mechanical operations through reduced friction between moving parts. Bearings have evolved from hand manufactured mechanical element to sophisticated machinery component designed with advanced tools such as CAD or CAM and manufactured with the help of industrial automation. The demand for bearings has increased significantly during latter half of the past century owing to increased adoption across wide industrial and residential applications. The bearings facilitate smooth or friction less operation of equipments and thus, extends the operational life of an equipment. Additionally, bearings contribute towards improving the efficiency of an equipment and reducing energy consumption. With expanding application base around the globe, the global bearing market is anticipated to witness prominent growth during the forecast period.
North America contributed the largest share to the global bearing market in 2019 owing to increased demand from heavy machinery manufacturing and aerospace & defense industry. Additionally, increasing investment in development or green energy solutions and aerospace and defense equipment manufacturing is anticipated to bolster the growth of the North America bearing market during the forecast period. Asia Pacific is anticipated to be the fastest growing market during the forecast period owing to expanding manufacturing industry. Growth in automotive, heavy machinery, process equipment, and consumer goods industry is anticipated to contribute towards the healthy growth of bearing market in Asia Pacific during the forecast period.
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The report titled “Bearing Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030” offers market estimates for a period 2018 to 2030, wherein 2018 is historic period, 2019 is the base year, and 2020 to 2030 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global bearing market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market. For instance, SKF reported revenues of USD 8,773.6 million in 2019 and the business segment analysis of the company indicates that Industrial Distribution business segment of the company dominated revenue in 2019.
The global bearing market is segmented on the basis of product type, mounting type, components, end use industry, and geography. Based on product type, the global bearing market is segmented into ball bearings, roller bearings, plain bearings, and others. Based on component, the global bearing market is segmented into balls, rollers, cages, rings, and others. Based on mounting type, the global bearing market is segmented into mounted and unmounted. Based on end use industry, the global bearing market is segmented into automotive, aerospace & defense, building & construction, oil & gas, heavy machinery, energy & utility, and others. Based on geography, the global bearing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment, and would identify the segment of the company focusing on bearing. Further, market share of prominent companies in the global bearing market would also be estimated. For instance, SKF operates through two business segments namely Industrial and Automotive. SKF offers bearings for wide range of industrial applications including Electrical, Aerospace, Industrial Drives, Energy, Off-Highway, Heavy Industries, Railway, Agriculture, food & beverage, Marine, Industrial distribution, and others. The Industrial business segment of the company dominated the revenue with a contribution of US$ 6,283.1 million in 2019.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the bearing companies. The global bearing market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the bearing business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global bearing market.