Growing Use Of Innovative Bearing Technology In Construction Creating New Growth Avenues

UNITED STATES, July 29, 2022 /EINPresswire.com/ -- According to a new Fact.MR study, global bearing market growth will be around 7% despite fundamental weaknesses caused by the COVID-19 pandemic. Market participants are bracing for opportunities as the lifting of lockdowns has created stimulus in many markets. According to the study, the uncertainty surrounding the second wave of the pandemic, as well as a lack of investor confidence, could push recovery back to late 2021 or early 2022.

Between 2015 and 2022, global demand for bearings increased at a significant CAGR of 6%, reaching US$ 130 billion. Advances in seal and lubrication technologies, as well as the use of lightweight materials in high-performance products, have boosted the popularity of bearings in critical industries.

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Key Takeaways from Bearing Market Report
• Global bearing market is anticipated to witness over 7% CAGR through 2030
• Market growth highly dependent on automotive sector revival
• Ball bearing continues to be the top-selling product
• End-users continue to show marked preference for unmounted variants
• APAC will maintain a lead as the largest market throughout the forecast period
• Growing use of innovative bearing technology in construction creating new growth avenues
• Steady penetration of EV likely to create opportunities in the long run

EV sales have the potential to open up new growth opportunities

According to Fact.MR analysis, the use of bearings in EVs can provide market participants with new opportunities for growth. While EVs were growing steadily prior to 2020, the pandemic's impact was felt in this category as well. Long-term EV prospects, on the other hand, remain bullish, which is likely to create significant opportunities for bearing demand.

The recent outbreak of novel coronavirus has significantly slowed global bearing market growth due to various restraining factors such as shutting down manufacturing units during long lock downs, a lack of sufficient manpower, a scarcity of raw materials, a decrease in demand, and others.

Furthermore, COVID-19 has had a negative impact on the major end-user industries such as automotive, aerospace, construction, and others, resulting in a decline in market growth.

According to Fact.MR, the COVID-19 pandemic will have an impact until the end of the year. However, a recovery is anticipated by the first quarter of 2022.

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Key Segments Covered in the Bearing Industry Report
• Bearing by Product
o Ball Bearing
o Roller Bearing
o Plain Bearing
o Other Bearings

• Bearing by Bearing Type
o Unmounted Bearing
o Mounted Bearing

• Bearing by Component
o Bearing Balls
o Bearing Rollers
o Bearing Cages
o Bearing Rings
o Other Bearing Components

• Bearing by Application
o Automotive Bearings
o Construction Bearings
o Aerospace Bearings
o Power Transmission Bearings
o Oil & Gas Bearings
o Agriculture Bearings
o Other Applications

• Bearing by Region
o North America Bearing Market
o Latin America Bearing Market
o Europe Bearing Market
o East Asia Bearing Market
o South Asia Bearing Market
o Oceania Bearing Market
o Middle East & Africa Bearing Market

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Competitive Landscape

Bearing manufacturers are more motivated to create unique patented goods in order to meet the growing demand for optimal materials and designs.

The Industry 4.0 movement, which is gaining traction in manufacturing and industrial automation, is another key factor that is expected to boost bearing demand throughout the forecast period. Market participants are gradually refining the interior designs of their goods while also maximising other elements such as cage design, among others.

Consistent advancements in bearing technology, particularly for high-speed applications, are expected to fuel market growth. Leading bearing manufacturers intend to capitalise on critical growth strategies such as introducing new product lines, forming strategic alliances with existing manufacturers, acquiring rivals, and obtaining collaborations with major organisations.

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Supriya Bhor
EMINENT RESEARCH & ADVISORY SERVICES
+91 9922699448
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