Bearings play an integral role in any machinery by manipulating the
relative movement in the desired direction and reducing friction between any
moving parts. Based on the type of bearing, the moving part can experience
linear motion or rotational movement. The simplest forms of bearings can be
traced back to ancient civilizations however, technology has dramatically
evolved and accordingly bearings have become more complex.
Currently, the global bearings market is estimated to have a value of $94 billion
which is expected to grow at a compound annual growth rate (CAGR) of 4.7
percent to reach a value of $113 billion by 2022. Approximately 40 percent of
bearings are sold in the market by original equipment manufacturers and 21
percent are sold by industrial distributors with raw materials accounting for
50-55 percent of costs and labor and energy for 20-30 percent of total costs.
The highest demand for bearings is from Asia, constituting more than 50 percent
of the demand and having a growth of 10 percent.
Global Bearings
Market Latest Evolving Trends
●
The global applications of bearings are evolving at a rapid pace, with
technology-based industries such as robotics, medicine, defense and aerospace
witnessing a growing demand for effective, strong, durable and smart bearings.
Effective bearings perform an important role in supporting the technical
functionalities of hi-tech applications.
●
Across the world, the renewable energy sector is growing at a steady
pace as people and countries seek alternatives for non-renewable energy
sources. The generation of wind energy is a popular alternative, and in the wind
turbines, the bearings are the most important component. The bearings used for
wind energy generation need to be reliable and economically efficient for wind
energy production to be viable. Demands for wind energy are growing in the Asia
Pacific region, especially in China and India.
●
Digitization has made a major impact on modern-day life, and the influence
of digitalization has reached into bearings as well. Bearings are now also
incorporating sensors, control elements, actuators and software components
making them capable of flexible digitization in factory settings. The Internet
of Things (IoT) is also expanding with the concept of Industry 4.0 and is
expected to impact bearings as well.
The presence of counterfeit products in the bearings market has
emerged as a challenging trend for major manufacturers, especially because the
counterfeit products pose a security risk. More manufacturers are making
efforts to tackle the issue of counterfeit products.
Global Bearings
Market Insights
●
High market maturity regions for global bearings are the U.S., the
U.K., Canada, France, Germany, Italy, Japan, and China while low market
maturity regions consist of India, Australia, and the MEA. Although the U.S.,
Germany, and Japan are the top bearing manufacturing countries, China is
increasing its production capabilities.
●
The demand for bearings at a global level is dependent on the
industrial activities of the respective countries, which in turn is influenced
by GDP trends. This is because of the extensive applications of bearings in the
engineering and production industries.
●
Although there are currently no major disruptive technologies in the
bearings industry, demands for energy efficiency and longer life span are
presenting new avenues for bearing manufacturers.
●
The key demand driving the growth of the bearings market in the
automotive industry, with the growing production of vehicles across the world
increasing the demand for effective bearings. The demands from the automotive
industry are estimated to rise further in the Asia Pacific, Europe, the
Americas, and Africa.
● The entry of new players in the global
bearings market with aggressively lower pricing structures poses a challenge to
existing suppliers as the competition has grown considerably, especially
between new manufacturers and global suppliers.
Conclusion
The global bearings market is one of the oldest markets in the world,
yet the demand has only increased over the centuries as technology advances.
Bearings play a vital role in any kind of moving mechanical structure and as
digitization further permeates the market, the applications of bearings are
sure to grow further.
