The global bearings in the mechanical and electrical products' market is expected to grow in a significant way during the forecast period.
Bearings are mechanical components that are exceptionally engineered to which helps the machine to isolate in desired directions with low friction and extreme speed. A machine can carry heavy loads with ease and high efficiency with the help of these bearings. These bearings have a plethora of applications in both mechanical and electrical equipment such as automobiles, refrigerators, ceiling fans, and many other products. Among various types of bearings, ball bearings are the most common. These bearings are engineered to minimize rotational friction and carry radial & axial loads.
The growth of this market is attributed to the usage of these bearings in various machinery, starting from automobile parts, farm tools, and household appliances to defense and aerospace. Also, the rising demand for bearings with lower maintenance requirements, higher efficiency, and longer service life are the drivers of the growth of the market. Additionally, the need for specialized bearing solutions that can meet various industry-specific requirements and challenges in production, such as, rising application of high capacity products in wind turbines is to catapult the demand, which is projected to fuel the market growth. The wind turbines require these bearings to enhance their performance and reliability, reduce lubricant consumption, and increase energy production.
The manufacturers of these bearings are continually working on improvising the product designs to maximize performance and energy efficiency. For that, they use unique materials for raceways, rolling elements, and cages as well as redesigned raceway profiles. Additionally, the technological developments in seal and lubrication technologies and the utilization of lightweight materials in high-performance products, are creating enormous opportunities for the manufacturers. Also, integrating the electro-mechanical features straight into these bearings will help in the improvement of performance and size & cost reductions.
• Emerson Electric Company (EMR), an American multinational corporation headquartered in Ferguson, Missouri, United States, has received a hold from Oppenheimer. It was said that corporate insider sentiment is neutral on the stock by recent corporate insider activity of 47 insiders.
• Timken Company, an American manufacturer of bearings, and related components and assemblies has acquired Fulton Companies, a global group of companies known for industrial and commercial heating systems. Sokolovich said that the addition of the Diamond Chain operation to the Fulton plant would add about 130 jobs.
Drivers and Restraints of Bearings for Mechanical and Electrical Products Market
The rising demand for bearings with high-performance has resulted in manufacturers amalgamate advanced sensor units in their products. These sensor units assist in digital monitoring of axial movement, acceleration, deceleration, rotation speed, and load-carrying capacity of the product which is one of the major drivers for the growth of the global bearings in the mechanical and electrical product's market.
Moreover, the advancements Industrial Internet of Things (IIoT), has encouraged the espousal and the constant monitoring of connected equipment and machinery which influenced the bearings market positively.
And the demand for the specialized bearing solutions that can reach various industry-specific requirements and challenges in production like, rising application of high capacity products in wind turbines are fuelling the global bearings in mechanical and electrical products market growth.
As it is easy to estimate the flaws in smart bearings before they occur, manufacturers add considerable value by declining the expenses of unexpected downtime, which is projected to surge the adoption of these products in the future.
Market Segmentation of Bearings for Mechanical and Electrical Products Market
Based on products type
Based on Application
In the application segmentation of the global market, the automotive segment has acquired the largest market share, owing to the increase in vehicle production around the world. Moreover, the demand for vehicles with technological advancements is escalating, thus, leading to an increase in vehicle manufacturing that needs instrumented products.
Bearings for Mechanical and Electrical Products Market Region-wise analysis
In the regional segmentation of the global business, Asia Pacific bearings in mechanical and electrical products market is anticipated to grow very fastly in terms of sales, accounting the value of over USD 60 billion by 2025. Developing countries like China and India are one of the major markets, and the sales in these countries are foreseen to catapult over the foreseeable years stimulated by the rapid expansion of machinery and motor vehicle production coupled with a strong aftermarket for industrial equipment and motor vehicle repair. Additionally, the sturdy construction and mining equipment market in India is estimated to facilitate growth through 2025.
The European bearings in mechanical and electrical products market is estimated to witness positive growth during the forecast period. The growth of this regional business is attributed to sustainable economic growth and increased investment fro the developments of these bearings.
In the North America bearings in mechanical and electrical products market, the demand is driven by the significant productions of motor vehicles and a healthy fixed investment nature, increased sales of high-value bearings, such as large-diameter, custom-built bearings used in heavy machinery and wind turbines. The rapid development of city infrastructures is positively influencing the overall growth in the Middle East and Africa bearings in the mechanical and electrical product's market.
Key Players of Bearings for Mechanical and Electrical Products Market
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Bearings for Mechanical and Electrical Products Market, By Product Type
6.1.1 Ball Bearings
6.1.2 Plain Bearings
6.1.3 Roller Bearings
6.1.4 Fluid Bearings
6.1.5 Market Size Estimations & Forecasts (2019-2024)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Bearings for Mechanical and Electrical Products Market, By Application
6.2.1 Oil & Gas
6.2.4 Power Generation
6.2.5 Food Processing
6.2.7 Commercial Applications
6.2.9 Market Size Estimations & Forecasts (2019-2024)
6.2.10 Y-o-Y Growth Rate Analysis
6.2.11 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By Application
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Product Type
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Product Type
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Product Type
7.6.3 By Application
8. Key Player Analysis
8.1 Altra Industrial Motion
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Antifriction Bearings Corporation (ABC) Bearings Limited
8.3 Asea Brown Boveri
8.4 Emerson Electric Company
8.5 Fujian Longxi Bearing (Group) Corp., Ltd
8.6 Harbin Bearings
8.7 Kaydon Corporation
8.8 Luoyang LYC Bearing Co., Ltd
8.9 Nippon Seiko K.K.(NSK)
8.10 RBC Bearings
8.11 Rexnord Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures