About Ball Bearing
Bearings are machine elements used to reduce energy loss caused by friction in the rotary motion parts of a wide range of equipment and machinery. There are various types of bearings like ball bearings, roller bearings, and plain bearings. Technological advances and the growing need for energy efficiency have resulted in continuous improvement in bearing designs.
Technavio’s analysts forecast the global ball bearing market to grow at a CAGR of 5.85% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global ball bearing market for 2016-2020. To calculate the market size, the report considers the revenue generated through sales by vendors in the market.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Ball Bearing Market 2016-2020
Technavio recognizes the following companies as the key players in the global ball bearing market: NSK, NTN, Schaeffler, SKF, and Timken.
Other Prominent Vendors in the market are: Brammer, C&U Group, HKT, HRB, Minebea, NBI Bearings, RBC Bearings, and Rexnord.
Commenting on the report, an analyst from Technavio’s team said: “Development of integrated bearings and emergence of sensor bearing units will be a major trend leading to market growth. Changing consumer preferences have increased competition among bearing vendors to gain strong foothold in the market, and influenced them to develop additional features in their product portfolio to attract consumers. Integrated bearings are manufactured to reduce the number of bearing units required in an assembled product. These bearings lack surface, and their surrounding units can act as an internal component of the bearing design. Incorporating these units can lower equipment cost and increase reliability, ease of installation, and service life.”
According to the report, prospects from wind power market will be the key driver for market growth. The demand for power has increased constantly worldwide. The growth in population and global economy is projected to drive this demand further; this upsurge in global population would require substantial amount of power to sustain the economy growth. According to the UN, world population is expected to increase from 6.7 billion in 2011 to 8.7 billion by 2035. The world power demand is forecast to increase from 19,004 TWh in 2011 to 34,454 TWh by 2035.
Further, the report states that cartelization and competition will be a challenge to the market growth. Competition in the ball bearing industry has intensified on a global level, and the pace of change in this business has accelerated. In order to restrict entry of new competitors and to maintain market dominance, key players are colluding and fixing prices of ball bearings.
NSK, NTN, Schaeffler, SKF, Timken, Brammer, C&U Group, HKT, HRB, Minebea, NBI Bearings, RBC Bearings, Rexnord.