|
The global bearing industry is likely to witness significant growth over the forecast period. Surging need to improve energy efficiency in several application areas is expected to drive the demand for the bearings industry. Rapid innovations along with high investments in research & development (R&D) activities are anticipated to drive market demand over the projected period. Recent advancements in light-weight materials and seal technologies are expected to propel the market for high performance bearings.
Bearings help in energy savings by reducing friction and resistance between the moving machine parts in a wide range of machinery and industrial equipment. The global bearings market is mostly controlled by the steel price, which is chiefly utilized in the bearing manufacturing process. Owing to this fact, the bearings industry is negatively affected by the recent volatility in the steel prices. However, high-demand from various end-use industries such as aerospace & railway, construction & mining, agriculture, and electronics is majorly expected to surge the prices for the bearing industry.
The bearing industry is majorly segmented into plain bearings, unmounted ball bearings, magnetic bearings, jewel bearings fluid bearings and roller bearings. These products mainly comprise of various components such as rollers, balls, cages, and rings. The industry is further segmented as per the end-use applications such as construction machinery, power transmission equipment, motor vehicles, aerospace equipment, oilfield machinery, and agriculture machinery.
Rising bearings demand in aerospace and railway applications offer significant growth opportunities. Surging demand for high performance bearings in aircraft engines is expected to favorably impact market growth over the forecast period. Ball bearings segment is expected to emerge as an area of high growth opportunities over the near future mainly due to its capability to reduce friction even across smaller contact surfaces. Additionally, ball bearings are also utilized to enhance thrust and radial load bearing capabilities owing to their ability to spin smoothly. Another important segment is constituted by the deep groove bearings. These products are also expected to witness high growth in near future owing to their low maintenance and simple design along with non-separable parts.
-2017 China(Guangzhou) Int’l Bearing and Equipment Exhibition
|
