According to new report published by Fact.MR, a market research and competitive intelligence provider, the global large scale bearing market is valued at US$ 17.2 billion and is expected to expand at a CAGR of 6.1% during the forecast years of 2022-2032. Over the 2017-2021 period, the market registered an annual growth of 0.2%.
From rolling mills to huge power plants, as well as speciality applications in various end-use industries, a large number of heavy-duty equipment would not be able to function without bearings. The versatility of bearings to handle axial loads, radial loads, and combined loads in a wide range of operating speeds up processes.
Surging demand for electricity and oil & natural gas, as well as arising need for huge infrastructure projects, rail networks, marine activities, off-highway vehicles, and industrial infra is driving substantial demand for large-scale bearings.
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Expeditiously Increasing Industrial Distribution to Drive Large Scale Bearing Demand Growth
Additionally, smart technological integrations in large scale bearings will facilitate access to real-time data collection, failure prediction, and remote monitoring, which would allow industries to enjoy efficient control. All in all, with increasing global demand from application industries, the large scale bearing market is estimated to grow at a significant rate over the assessment period.
Key Takeaways from Market Study
The global large scale bearing market is projected to expand at a CAGR of 6.1% and reach US$ 30.9 billion by 2032.
Under end user, the industrial & manufacturing industry dominates the market and is estimated to top US$ 4.2 billion by 2032, registering a CAGR of 6.3%.
Europe dominated the market with 28.2% market share in 2021.
Together, East Asia and South Asia & Oceania are likely to hold 31.9% market share in 2022.
Demand for large scale bearings is expected to increase at CAGRs of 5.8% and 4.7% in Europe and Latin America, respectively, over the forecast period.
Development of Market
Companies have created product portfolios that include thousands of bearings with all of the required dimensional variations. Catalogues are designed to meet the industry’s unique application-specific requirements. Market players are concentrating on emerging smart technology solutions such as the Internet of Things (IoT) and digital twins for bearing lifecycle management and predictive maintenance.
Parallel to the Industry 4.0 movement, companies are also focusing on core technical specifications to meet continuous product development demands from the industry, particularly for high-speed applications. They are looking to invest in sensor-based technologies to minimise improper mounting in case of large scale bearings, which can result in damage & premature failure.
For instance :
In April 2022, SKF introduced a compact form of oil filtration system, which acts as a ‘kidney’ in a machines oil circulation system by removing nano-sized impurities. In May 2022, Schaeffler established a new bearing division for high-performance bearings for e-mobility, specifically for heavy and light commercial vehicles. In June 2022, Timken announced that it is developing and supplying main shaft bearings to GE Renewable Energy’s Haliade-X, which is the worlds most powerful offshore wind turbine.
Eminent Players
SKF
Schaeffler
TIMKEN
NSK Ltd
NTN Bearing Corp
THK Co. LTD
RBC Bearings Incorporated
IKO Bearings
Nachi Fujikoshi Corp.
American Roller Bearing Company
Evolmec
THB
Coroll
CSB
Scheerer
NRB BEARINGS LIMITED
JTEKT Corporation
IKO Bearings
ILJIN co., ltd
RKB Bearing
HKT Bearings Ltd.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global large scale bearing market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (plain bearings, ball bearings (deep-groove, self-aligning, angular contact, thrust ball), roller bearings (tapered, spherical, cylindrical, needle)., fluid bearings (hydrostatic, hydrodynamic), magnetic bearings (active, passive), inner diameter (100-300 mm, 300-500 mm, 500-700 mm, 700-900 mm, 900-1100 mm, above 1100 mm), material (metal alloys, chrome steel, stainless steel, carbon steel, others), and application (energy & utility, industrial & manufacturing, off highway vehicles, railways, shipbuilding, oil & gas, construction & mining, metallurgy, others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa)