Advent of Industry 4.0 to Accelerate Innovations in Bearing Market
Different types of bearings are extensively used across a host of industrial sectors, including construction, automotive, power transmission, and oil & gas. The last couple of decades have witnessed consistent advancements in technology and innovations across the bearing market wherein considerable effort has been made to improve the performance and bearing life. Due to exponential surge in the demand for durable and high-performing bearings that can operate at higher speeds, handle heavy loads and more, the bearing market is expected to grow at a steady pace during the forecast period. Several key players operating in the bearings market landscape are increasingly focusing on testing and development of their products to establish a strong brand presence and market share.
Manufacturers operating in the bearing market are increasingly inclined toward the manufacturing of novel patented products to fulfil the growing demand for optimized materials and designs. The Industry 4.0 trend is another major factor that is projected to boost the demand for bearings during the forecast period, as factory and industrial automation gains momentum. Market players are increasingly focusing on improving the internal designs of their products while simultaneously optimizing the other features such as cage design, among others. Consistent advancements in the bearing technology, particularly, for high-speed applications is another factor that is projected to boost market growth.
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At the back of these factors, along with the widening applications of bearings across an array of industrial sectors, the global bearing market is expected to attain a market value of ~US$ 206 Bn by the end of 2030.
High Demand from Automotive Sector to Boost Market Growth
The automotive components industry around the world, mainly in the Asia Pacific region has grown at a rapid pace over the past couple of decades. Consistent improvements in production techniques, along with the soaring demand from the automotive sector are some of the major drivers that have played a key role in influencing the growth of the bearing market during the assessment period. This trend is expected to continue in the upcoming years. At present, players operating in the bearing market are increasingly focusing on rolling out bearings that fulfil the consumer demand for high efficiency, reduction of unplanned downtime, and improved productivity.
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The bearing market is witnessing continual waves of technological advancements and innovations. In addition, market players operating in the automotive components industry are also increasingly aligning their operations with the evolving regulatory landscape. The growing interest in electric vehicles is another window of opportunity that has opened up for participants operating in the bearing market due to which, innovations are expected to gain considerable momentum. In addition, several market players are increasingly focusing on developing wear-resistant bearings that have a considerably high load capacity. The growing demand for smooth motion across the automotive sector over the past few years is a major trend that is expected to influence the pace of innovations across the bearing market.
Innovations on Rise Due to Stringent Environmental Guidelines
At present, key players operating across the bearing market are roping in consistent efforts to integrate new technologies to improve the quality of their bearings. At present, market players are exploring the potential of different materials, including ceramic, stainless steel, graphite, and more to improve flexibility in terms of production. In addition, the growing demand for lightweight bearings from an array of industrial sectors such as automotive, aerospace, oil & gas, among others, has compelled market players to introspect on the raw materials in use. The soaring demand for high-performance bearings have led to the integration of cutting-edge sensor units into the bearings and as technology continues to evolve, a number of ‘smart bearings’ are expected to hit the market that are likely to find applications in the defense and the aerospace sector.
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Demand to Dip amid COVID-19 Pandemic
The global bearing market was on course to witness an impressive year-on-year growth in 2020. However, as the COVID-19 pandemic situation continues to intensify around the world, the market is expected to tread through uncertain times, particularly in 2020. Due to the fast-paced transmission of the novel coronavirus, several nations around the world imposed stringent lockdown measures to curb the transmission of the virus. The shutdown of the industrial sector in China in the first quarter of 2020 is projected to have a strong impact on the growth of the global bearing market. In addition, the dwindling demand for bearings from various end-use industries amid the ongoing COVID-19 pandemic is likely to hinder the growth prospects of the market in 2020.
Bearing Market: Overview
- Bearing is a product which is used as a machine element. It has the ability to constrain relative motion to only the desired motion.
- Bearings are also used to reduce friction between moving parts
- Asia Pacific is the dominant and fastest growing bearing market. Europe accounted for second largest position at the global level. The U.S. had major market share in the North America region.
- Companies are working on development of supply chain to deliver bearings quickly.
Bearing Market: Market Trends
- Globally, the sales of electric vehicles have increased tremendously. Almost every car manufacturer now has an electric car being sold, from the BMW i3 to the Nissan Leaf. This surge in electric cars on the roads has led to increased research and innovation required by these major manufacturers.
- Bearing manufacturer SKF has been investing in the development of its bearings in order to keep up with the ever-increasing demand for new and better bearings. For instance, the company has developed a range of ball bearings that increases the mileage that an electric or hybrid car can travel. These are their energy efficient SKF e-Drive bearing that work by decreasing the levels of friction and heat, which allows the car to move more efficiently and improves the power density, to extend the battery life.
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