Bearings – Market Trends, Drivers, and Growth Prospects until 2021

Renewable energy

According to Technavio’s latest market research study, the global bearings market is expected to grow at a CAGR of close to 6% during the forecast period, 2017-2021.

This report by Technavio provides an in-depth analysis of the global bearings market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.

Technavio research analysts categorize the market based on the product type

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The top three revenue contributing product segments are discussed below

Global anti-friction bearings market: Anti-friction bearings are employed in a device where less friction is highly essential for low differential surface speed. This type of bearings can be further classified into ball bearings and roller bearings. Ball bearings are the regular bearings that can take both radial and axial (thrust) loads while roller bearings employ cylinders to maintain the gap between the moving parts and can operate both radial and axial loads. Technavio’s industry analysts estimate the global anti-friction bearings market to account for a revenue of around USD 16 billion by 2021.

The added mechanical complexity, though it increases the price of anti-friction bearings, makes anti-friction bearings popular. The increased preference for anti-friction bearings can be accredited to their high temperature withstanding capabilities and ability to enhance the efficiency of the machine,” says Bharath Kanniappan, a lead analyst at Technavio for research on automation.

Global magnetic bearings market: Magnetic bearings work with zero surface contact, which reduces continuous wear and tear in bearings. The high demand for magnetic bearings in the global market can be attributed to their high precision and stable performance in a wide operating range. Some key application areas of magnetic bearings include compressors, centrifuges, high-speed turbines, energy storage flywheels, and high-precision machine tools. During the forecast period, growing investments in renewable energy across the world are expected to propel the demand for magnetic bearings.

Global other bearings market: The other bearings market includes plain bearings and super-precision bearings. Plain bearings, being more economical, are popular and are adopted by many of the industrial and automotive original equipment manufacturers (OEMs). Super-precision bearings are expected to account for a majority of the revenue generated in the global other bearings market owing to the ongoing surge in growing global aerospace activities. The market research analysts at Technavio estimate the global other bearings market to register growth at a CAGR of more than 5% over the next four years.

The top vendors operating in the global bearings market are:

  • SKF
  • Schaeffler AG
  • Timken
  • NSK
  • NTN

Other prominent vendors in the market include Asahi Seiko, C&U Group, JTEKT, LYC, Nachi, RBC Bearings, and ZWZ Bearings.

A more detailed analysis is available in the Technavio report titled, ‘Global Bearings Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.

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