Global Bearings Market Latest Evolving Trends And Insights

Bearings play an integral role in any machinery by manipulating the relative movement in the desired direction and reducing friction between any moving parts. Based on the type of bearing, the moving part can experience linear motion or rotational movement. The simplest forms of bearings can be traced back to ancient civilizations however, technology has dramatically evolved and accordingly bearings have become more complex.

Currently, the global bearings market is estimated to have a value of $94 billion which is expected to grow at a compound annual growth rate (CAGR) of 4.7 percent to reach a value of $113 billion by 2022. Approximately 40 percent of bearings are sold in the market by original equipment manufacturers and 21 percent are sold by industrial distributors with raw materials accounting for 50-55 percent of costs and labor and energy for 20-30 percent of total costs. The highest demand for bearings is from Asia, constituting more than 50 percent of the demand and having a growth of 10 percent.

Global Bearings Market Latest Evolving Trends

       The global applications of bearings are evolving at a rapid pace, with technology-based industries such as robotics, medicine, defense and aerospace witnessing a growing demand for effective, strong, durable and smart bearings. Effective bearings perform an important role in supporting the technical functionalities of hi-tech applications.

       Across the world, the renewable energy sector is growing at a steady pace as people and countries seek alternatives for non-renewable energy sources. The generation of wind energy is a popular alternative, and in the wind turbines, the bearings are the most important component. The bearings used for wind energy generation need to be reliable and economically efficient for wind energy production to be viable. Demands for wind energy are growing in the Asia Pacific region, especially in China and India.

       Digitization has made a major impact on modern-day life, and the influence of digitalization has reached into bearings as well. Bearings are now also incorporating sensors, control elements, actuators and software components making them capable of flexible digitization in factory settings. The Internet of Things (IoT) is also expanding with the concept of Industry 4.0 and is expected to impact bearings as well.

The presence of counterfeit products in the bearings market has emerged as a challenging trend for major manufacturers, especially because the counterfeit products pose a security risk. More manufacturers are making efforts to tackle the issue of counterfeit products.

Global Bearings Market Insights

       High market maturity regions for global bearings are the U.S., the U.K., Canada, France, Germany, Italy, Japan, and China while low market maturity regions consist of India, Australia, and the MEA. Although the U.S., Germany, and Japan are the top bearing manufacturing countries, China is increasing its production capabilities.

       The demand for bearings at a global level is dependent on the industrial activities of the respective countries, which in turn is influenced by GDP trends. This is because of the extensive applications of bearings in the engineering and production industries.

       Although there are currently no major disruptive technologies in the bearings industry, demands for energy efficiency and longer life span are presenting new avenues for bearing manufacturers.

       The key demand driving the growth of the bearings market in the automotive industry, with the growing production of vehicles across the world increasing the demand for effective bearings. The demands from the automotive industry are estimated to rise further in the Asia Pacific, Europe, the Americas, and Africa.
       The entry of new players in the global bearings market with aggressively lower pricing structures poses a challenge to existing suppliers as the competition has grown considerably, especially between new manufacturers and global suppliers.

The global bearings market is one of the oldest markets in the world, yet the demand has only increased over the centuries as technology advances. Bearings play a vital role in any kind of moving mechanical structure and as digitization further permeates the market, the applications of bearings are sure to grow further. 

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