North America Low Temperature Bearing Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Cryogenic Bearings, Plain Bearings, Rolling Element Bearing, Jewel Bearing, and Others), Material (Stainless Steel, Ceramic, Bearing Steel, and Others), and Application (Aerospace, Pharmaceutical, Manufacturing, and Others)
The low temperature bearing market in North America is expected to grow from US$ 152.52 million in 2021 to US$ 206.34 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028.
Pumps for receiving and discharging LNG to road tanks are LNG pumps. The bearing operating conditions of these pumps can be extremely harsh, as the temperature can reach -162°C, and the bearing must operate without external lubrication. For instance, MONTON designed new LNG Pump Bearings to meet these stringent performance standards. For the LNG market, 2020 was a watershed moment. The LNG market was already on the verge of oversupply in 2020 and 2021, even before the COVID-19 outbreak, as new projects continued to expand capacity well beyond consistent demand growth. Due to the pandemic, reduced gas consumption has added to excess supply, causing market instability. According to a poll conducted by the Gas Exporting Countries Forum, LNG bunker fuel is predicted to account for 13% of the entire bunker fuel market by 2030, up from 3–5% now. These changes in the LNG market's value chain necessitate the employment of cryogenic systems for LNG storage, handling, and transportation, generating the demand for low temperature bearings. Thus, the increasing demand for low-temperature bearings across the entire LNG value chain is bolstering the low temperature bearings market.
By introducing new features and technologies, vendors in the North America low temperature bearing market can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the market at a substantial CAGR during the forecast period.
North America Low Temperature Bearing Market Revenue and Forecast to 2028 (US$ Million)
North America Low Temperature Bearing Market Segmentation
The North America low temperature bearing market is segmented on the basis of type, application, material, and country. Based on type, the market is segmented into cryogenic bearings, plain bearings, rolling element bearing, jewel bearing, and others. In 2021, the rolling element bearing segment held the largest share of the market. However, the cryogenic bearings segment is expected to register the highest CAGR during the forecast period. Based on application, the North America low temperature bearing market is segmented into aerospace, pharmaceuatical, manufacturing, and others. The aerospace segment held the largest market share in 2021, whereas the manufacturing segment is expected to register the highest CAGR in the market during the forecast period. Based on material, the market is segmented into stainless steel, ceramic, bearing steel, and others. In 2021, the bearing steel segment held the largest market share. However, the stainless steel segment is expected to register the highest CAGR during the forecast period. Based on country, the North America low temperature bearing market is segmented into the US, Canada, and Mexico. In 2021, the US held the largest market share. The market in the country is also expected to grow at the highest CAGR during the forecast period.
SKF, Gebr. Reinfurt GmbH & Co. KG, THE TIMKEN COMPANY, NSK Europe Ltd., Carter Manufacturing LTD., RBC Bearings Incorporated, and Durofit Technologies Pvt Ltd. are among the leading companies in the North America low temperature bearing market.
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