The global market for bearings is anticipated to expand to CAGR by 7.3 per cent from 2016 to 2023, exceeding US$ 141.3 billion by 2023. The bearing is a machine element that is used to allow linear or rotational movement while handling stress and reducing friction. Bearings enable machines / devices to roll, reducing friction with the surface. Bearings reduce friction by replacing sliding friction with rolling friction. As a result, they are widely used to provide superior linear motion or rotation around a fixed axis. The global market for bearings is highly mature and is set to grow steadily during the 2016-2023 forecast period. The global market for bearings is mature and concentrated.
The top four bearing manufacturers have a lion’s share of the global market. Group GE SKF, NSK Ltd., Timken Company, Schaeffler Technologies GmbH & Co. KG and NTN Corporation are the leading manufacturers of bearings worldwide. Other producers, including Minebea Co. Ltd., Spyraflo, Inc., JTKET Corporation, Federal Mogul Corp., Brammer Plc, HKT Bearings Ltd., C&U Group Limited, and NBI Bearings Europe, S.A. Among others, it has been identified as promising and emerging players in the global bearings market. The global market for bearings is a competitive price.
This has resulted in price wars and is therefore leading to a profit crunch. The market innovations are primarily aimed at the development of new materials (ex-silicon nitride ceramics). In addition, the primary strategy adopted by manufacturers on the market is to focus on the development of efficient and application-specific bearings.
• Revival of the
construction industry post economic slowdown
• Increased Industrial Production and Agricultural Mechanization
• Increasing use of high-performance raw materials such as silicon nitride ceramics
• Growing use of light weight bearings in automotive applications
• Growing use of hybrid bearings in aerospace applications
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Key research study highlights comprise:
- Exhaustive research and analysis of the global BEARINGS industry
- The key market segments along have been explained in the report thoroughly along with their existing and estimated market size
- Major elements of market dynamics such as drivers, challenges and opportunities and their effect on BEARINGS market is also covered in the report
- Key players operating in the market are profiled and accompanied with the competitive landscape evaluated on the basis of product offering & business strength
- Cross sectional analysis of each region covering individual segments for the forecast period 2016 – 2016 in terms of value (US$Mn)
Research methodology applied for this study:
Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global BEARINGS market specific to key segments, and regional segmentation.
- Secondary Research
Secondary research was initiated with data collected through sources such as press releases, company annual reports, and relevant documents focusing on the current developments in the global BEARINGS market. Authentic sources such as university research papers, scientific journals, and government websites were similarly screened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in BEARINGS market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of BEARINGS market study.
- Primary Research
The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help of e-mail interactions, telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.
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