London, 23 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the global anti-friction bearings market 2015-2019, which is expected to grow at a CAGR of 7.02% during the forecast period of 2014-2019.
Increasing application of anti-friction ball bearings in industries such as automotive, aerospace, and heavy machinery is expected to drive the market growth. Anti-friction ball bearings are highly energy efficient and help in bringing down the operating costs of machines. In recent times, there has been an increasing shift in consumers’ preference towards bearings that brings down the cost of ownership and is expected to drive growth in this market during the forecast period.
“Globalization has increased the competition among bearings vendors to gain a strong foothold in the market. This has encouraged several vendors to incorporate additional features and functionalities into their products to enhance the capability and functionality of the bearings,” says Faisal Ghaus, Vice President of Technavio.
“Many vendors are now incorporating bearings with sensor units to improve operational performance. With the use of this technology the axial movements, speed of rotation, acceleration, deceleration, and load-carrying capacity can be digitally monitored.”
Key Market Drivers:
- Increased Demand from End-user Industries.
- Increased Emphasis on Efficiency and Total Cost of Ownership.
- Need for High-quality Products.
Key Market Trends:
- Increased Focus on Innovation.
- Emergence of Sensor Bearing Units.
- Emergence of Smart Technology.
Key Market Vendors:
- JTEKT Corp.
- NSK Ltd.
- NTN Corp.
- Schaeffler AG & Co.
- SKF AB
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
