London, 28 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the bearing market in India 2015-2019, which is expected to grow at a CAGR of 12.03% during the forecast period of 2014-2019.
Increasing demand from key industries such as automotive, general engineering, heavy industry, and electrical equipment is expected to augment growth in this market. The consumers’ increasing preference for superior-quality products has forced vendors to implement application-specific bearings. These bearings reduce the friction between the rotating parts and also help in bringing down the cost of production.
“The manufacturers will use smart bearing technologies that will anticipate and diagnose errors through in-built sensors that will monitor speed, load, and temperature. In addition, increased automation is expected to gain significant traction in the bearings market in India during the forecast period,” says Faisal Ghaus, Vice President of Technavio.
“The manufacturers will use smart bearing technologies that will anticipate and diagnose errors through in-built sensors that will monitor speed, load, and temperature. In addition, increased automation is expected to gain significant traction in the bearings market in India during the forecast period.”
Key Market Drivers:
- Growth in automobile industry
- Accelerated development of transportation sector
- Growing importance of renewable energy
- Need for precise motion control
Key Market Trends:
- Emergence of sensor bearing units
- High investment in R&D
- Emergence of smart technologies
Key Market Vendors:
- NRB Bearings
- Schaeffler Technologies
- SKF
- Timken
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%…
