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The global “bearing market” is expected to experience a considerable growth during the estimated period. This market is typically controlled by the prices of steel, which is extensively used in the production process of bearing.
Projected to grow at a CAGR of around 7%, the bearings market is to witness a significant growth over the forecast period owing to increasing use of this mechanical component for smooth and proper functioning of machineries and vehicles. It is a major product for industries with heavy machineries and automotive sector. Technological innovations coupled with R&D initiatives in this sector are to fuel the market growth over next eight years.
Bearings provide for relative motion of the machinery with low friction and no wear & tear thereby improving energy efficiency is anticipated to boost the bearings market over the forecast period. Recent advancements in seal technologies and light-weight materials are to drive the market growth in the near future. Rise in the number of travelers using public transportation and rapid industrialization in emerging countries of Asia-Pacific and Middle-East are to drive the market in the next eight years. Furthermore, innovations in advanced materials, lubricants and looking for alternate uses of bearings helped bearings market to evolve significantly over the period of time.
Increasing use of high capacity bearings in end-use industries such as wind turbines, oil & gas, aerospace, construction and railway sectors is to further fuel the market growth. High requirement for tapered edge roller components in wheel, gearboxes and ceramic coated bearings in traction motor is expected to drive the market over next eight years. In Europe, a new generation of aeronautical bearings was introduced which have high oxidative and corrosive resistance and can withstand extreme environmental conditions. Furthermore, advancements in thermoplastic lined bearings and heat & pressure resistant bearings for use in renewable sector provide opportunities in this industry.
-2017 China(Guangzhou) Int’l Bearing and Equipment Exhibition
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