Bearings Market Size By Product (Roller Bearings [Split, Tapered, Others], Ball Bearings [Deep Groove Bearings, Others]), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
The bearings market is slated to witness remarkable growth in the coming years owing to the increasing investment towards automotive production and rising product demand from key application areas such as agriculture, railway & aerospace, automotive, and electrical among many others. Bearings are considered one of the most utilized machine components since their rolling motion makes all movements easier for other machine components, reducing friction.
These components should be able to offer high precision, durability and reliability along with the ability to rotate at rapid speeds with less noise and vibration. Transmit forces and transfer motion are the two main functions of bearings.
Additionally, the right bearing is meant to reduce power consumption, enhance the entire system performance, and increase lifetime. Whereas, placement of a wrong bearing could lead to increased downtime, premature failure, and increase in wear and fatigue among all the components of the system. In such a case, it is essential to place the right bearing for efficient functioning.
The bearings market is divided into segments in terms of product, application, and regional landscape.
With respect to product, the bearings market is classified into roller bearings, ball bearings, and others. The roller bearings segment is further categorized into tapered, split, and others. The split segment will witness more than 8.5% CAGR over the forecast time period as these incur lower operational cost and reduced downtime needed for changing bearings or moving equipment.
Additionally, split bearings are utilized in wide range of applications, they are mainly useful for bulk handling activities. For instance, chemical & food processing frequently use split bearings. Also, iron & steel manufacturing sectors, and other sectors including marine, oil , power generation, and petrochemical generally rely on split roller bearings. Other sectors where split roller bearings are utilized are sugar processing, paper, pulp, and water treatment.
In terms of application, the overall bearings market is bifurcated into automotive aftermarket, railway & aerospace, mining & construction, electrical, agriculture, automotive, and others. Among these, the automotive aftermarket segment will grow with the CAGR of around 8% over the estimated time period owing to increasing sales of pre-owned vehicles.
From a regional frame of reference, LATAM bearings market is expected to grow with the CAGR of around 8.5% through the forecast time period owing to increasing investment in automotive production.
Also, ongoing technological advancements across Latin America automotive industry is likely to drive the demand for bearings in the region. Likewise, with rapidly growing automotive manufacturing in Mexico, the bearings market will witness substantial growth opportunities over the coming years.
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