Given that ball bearings have wide range of applications across various industries, the global ball bearing market is expanding quite a bit. In 2015, the automotive industry accounted for the largest share of the ball bearing market, followed by the general engineering sector, heavy industrial machinery, aerospace, and railways. Analysts at Technavio predict that the global ball bearing market will register a CAGR of close to 6% by 2020.
Major trends in the global ball bearing market
#1. Emergence of sensor bearing units
With the goal of improving performance, the latest trend among vendors is the incorporation of sensor units in ball bearings. Sensor units assist in the digital monitoring of rotation speed, axial movement, deceleration, acceleration and load carrying capacity. At present these ball bearings are being used in road rollers, forklifts, conveyors and electric motors.
#2. Development of integrated bearings
As competition between ball bearing manufacturers is on the rise, a great deal of innovation is taking place in order to attract consumers. One example of this innovation is the development of integrated bearing by vendors. The greatest advantage of this feature is that it drastically reduces the number of bearing units required in an assembled product. Not only does this reduce the cost of equipment, but it also significantly improves the shelf-life and reliability of the product.
#3. Rise of application-specific bearings
Another new feature is the development of application-specific bearings, which are beneficial to the clean energy industry. This is especially true in the case of the wind-energy sector, which requires a great deal of maintenance but is also focused on reducing carbon emission levels. Application-specific ball bearings last long and have higher performance, preventing the need for extensive repairs and thus help to reduce costs and emissions.
#4. Focus on technological development
Several leading vendors are investing in high-level research and development (R&D) in order to come up with innovative ball bearing solutions. These solutions are focused not only on improving the overall quality of the end-product, but also on being cost-effective, feasible, and environmentally-friendly.
One of the best examples is ceramic ball bearings. Not only are these bearings lightweight, they also enhance product quality by reducing energy consumption and friction during operations.
Some of the key vendors in the global ball bearing market are NSK, Schaeffler, Timken, SKF and NTN.
