The Global Bearings Market is expected to reach USD 117.27
billion by 2020, according to a new study by Grand View Research, Inc. Growing
need to address energy efficiency in several application areas is expected to
drive the bearings market. Technological advancements along with investments in
R&D activities are also expected to drive market demand over the forecast
period. Development of seal technologies, light weight elements in high
performance bearings and lubrication technologies offer several market growth
opportunities. The aforementioned technologies exhibit high energy efficiency
characteristics. Bearings help reduce energy consumption by reducing friction
between several mechanical components in a wide range of industrial equipments
and machinery. For example, the new E2 bearings developed by SKF are reported
to help reduce friction significantly.
Increasing bearings demand across railway and
aerospace applications offer significant avenues for market growth. Surging
demand for bearings and other precision components used in aircraft engines is
also expected to favorably impact market growth over the next few years.
Innovative material technologies and high bearing performance play an important
role in aero-engine bearing developments.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/bearings-market
Further key findings from the study
suggest:
- Ball bearings are expected to emerge as a high growth segment over the next few years as it exhibits the capability to reduce friction owing to smaller surface contact. Furthermore, ball bearings can be used with thrust as well as radial loading owing to their ability to spin smoothly. Deep groove bearings are simple in design, non-separable and need low maintenance owing to which the segment is expected to witness considerable growth over the next few years.
- Growing demand for auto components and automobiles is expected to fuel market demand over the forecast period. The railway & aerospace sector is also expected to witness rapid growth over the next six years. Rise in the number of commuters using public transportation is expected to be the key market driver. Further, availability of improved ways to assist local as well as worldwide transportation systems also provide opportunities for market growth.
- Asia Pacific emerged as the dominant regional market in 2013; infrastructure development and rapid industrialization are expected to drive the regional market growth over the forecast period.
- Key market players include NTN Corporation, Schaeffler Group, SKF, NSK Global, Timken and JTEKT. Manufacturers focus on providing specialized bearings often tailored to customer specification or application requirements. The process of product development relies heavily on the end-market.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/automotive-and-transportation
For the purpose of this study, Grand View
Research has segmented the global bearings market on the basis of product,
application and region:
Bearings Product Outlook (Revenue, USD Million, 2012 – 2020)- Ball bearings
- Roller bearings
- Others
- Automotive
- Agriculture
- Electrical
- Mining & Construction
- Railway & Aerospace
- Others
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry
James
Corporate
Sales Specialist, U.S.A.
Grand
View Research, Inc.
United
States
Phone: 1-415-349-0058
Toll
Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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