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[197+ Pages Report] The recent findings titled “Global Ball Bearing Market” have been added to our repository of analytical and comprehensive market studies. We estimate that the global Ball Bearing Market will be valued at USD 20.50 Billion in the year 2020 and will accumulate a value of USD 23.10 Billion in the year 2026 with a CAGR of 3.1% during the forecast period 2021-2026.
Ball bearings are the structure that consists of a rolling element mechanism that uses magnetic balls in order to separate two rotating elements from crashing onto each other while in a rotational phase. The main purpose of ball bearings is to support a large amount of radial and axial forces between two intersecting and rotating elements. The following effect is achieved by a combination of one stationary element which rests on a rotating element that is attached to the rotating part of the machinery it is supposed to protect. The balls resting between these races have a lower coefficient of friction and hence support a frictionless motion between them while in action.
The governing factors behind the growth of the global ball bearing market are rising demand from various sectors such as machine tools, automotive, and evolving advanced medical sector, to name a few coupled with rising demand for precise bearing needs in specific applications. Furthermore, due to the advanced machining processes, ball bearings now support features such as self-aligned bearings. These factors further increase the consumer base for the global ball bearing market during the forecast. Increased adoption of precision engineering applications in the sectors of aerospace and defense, shipbuilding, and energy among others will further open new revenue opportunities for the market during the forecast. Use of advanced materials such as chrome steel metal for applications during precise engineering solutions will further aid the growth of the market to a larger extent.
Digitization is a major contributor to the adoption of wireless connectivity options across a wide range of industry verticals. Ball bearings are often integrated within these systems in order to measure their lubrication and vibration patterns. The integration of such bearings within a popular and rising sector of the market is expected to provide a surplus of demand for ball bearings. The development of smart bearings for a variety of industrial applications such as measurement of direction, the introduction of real-time-enabled Internet of Things (IoT), and AI will further propel the market of global ball bearings toward a positive outlook. However, volatile pricing in raw materials and complex supply chains can hamper the growth of the market over the forecast.
The global ball bearing market can be segmented into type, application, and regions.
On the basis of type, the global ball bearing market can be divided into self-aligning bearings, deep groove ball bearings, angular contact ball bearings, and others (thrust ball bearings). The self-aligning ball bearings are expected to witness the largest market share and are expected to witness the fastest growing CAGR during the forecast period. Factors contributing to the dominant position of the market are rising demand from sectors ranging from machine tools such as paper and textile processing machinery. Furthermore, operational capacities such as higher operational speed and efficiency in radial and load handling are expected to boost the market and also result in a higher consumer base. On the basis of application, the global ball bearing market can be broken down into automotive, industrial machinery, mining and construction, medical, and others (aerospace). The medical segment is expected to witness the largest market share during the advent of the forecast owing to rising health benefits in the robotic surgery subsegment such as reduced pain and discomfort post-op and lessened recovery time among others. Industrial machinery is expected to witness substantial growth during the forecast owing to a rising need for bearings in the rotating shafts of certain applications.
Asia-Pacific is expected to witness the highest market share during the forecast owing to rising demand from the sectors of construction, mining, and automotive industry. Furthermore, factors contributing to the dominant position of the global ball bearing market are intensified public development projects and a rising construction equipment market in the region. The rise in mining activities in the region is expected to impact the growth of the market in a positive manner. The region of Europe will project a strong growth during the forecast owing to the automobile sector in the region coupled with the presence of the key players.
The key participants in the global ball bearing market are NSK Ltd., Schaeffler AG, Nachi Fujikoshi Corp, Myonic GmbH, LYC Bearing Corporation, Luoyang Huigong Bearing Technology Co. Ltd., Koyo, ISB Industries, NTN Bearing Corporation, SKF, The Timken Company, THB Bearings, and GKN, plc., among others.
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