18-Jun-2021 | Facts and Factors
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 mechanical devices that consist of a stationary and a rotating rest with stainless steel balls embedded within them. Ball bearings offer a smooth functioning between two rotating elements by absorbing radial and axial forces that arise from the process. The primary driving forces behind the significant growth of the global ball bearing market are a rise in the demand from the machine tools and automotive sector coupled with increasing demand for precise engineering applications.
Furthermore, the factors pertaining to the dominant growth of the global ball bearing market are the increased prevalence of ball bearing in the sector of aerospace and defense, and the medical health sector to name a few. Moreover, the integration of smart bearing in applications regarding the Internet of Things (IoT) and Artificial Intelligence will further boost the growth of the global ball bearing market during the forecast. Smart bearing further contains additional features such as self-aligning bearing that attract a wider range of consumers making the growth to be a highly lucrative one.
Top Market Players
The key players 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.
Here are some noteworthy developments for the global ball bearing market during the forecast period:
The global ball bearing market can be divided into self-aligning bearings, deep grove ball bearings, angular contact ball bearings, and others (thrust ball bearings) on the basis of types. The self-aligning ball bearing is expected to witness the largest market share and the fastest growing CAGR during the forecast. Contributing factors that are responsible for the segment dominance can be attributed to factors pertaining to increased demands from the paper and textile processing industry. Additional factors include integration of advanced features such as higher operational speed and increased efficiency among others will further aid in the growth of the global ball bearing market.
The global ball bearing market can be fragmented into automotive, industrial machinery, mining and construction, medical, and others (aerospace) on the basis of application. The medical segment is expected to witness the largest market share during the forecast owing to increased prevalence of robotic surgeries. These surgeries result in decreased downtime and a faster rate of recovery when compared to its counterpart.
Asia-Pacific Is Expected To Occupy The Largest Market Share During The Forecast Period
Asia-Pacific is expected to witness the largest market share during the advent of the forecast in terms of global market contribution. Factors contributing to the dominant market position in the region can be attributed to rising public development projects and presence of key players. Increased mining activities and rise in construction activities are anticipated to propel the global ball bearing market during the forecast timeframe. Europe in the second position posts a significant market share.
Browse in full repot “Ball Bearing Market By Type (Self-Aligning Bearings, Deep Grove Ball Bearings, Angular Contact Ball Bearings, & Others), By Application (Automotive, Industrial Machinery, Mining & Construction, & Medical), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 - 2026” at https://www.fnfresearch.com/ball-bearing-market
The global ball bearing market can be segmented into:
Global Ball Bearing Market: By Type Segment Analysis
Global Ball Bearing Market: By Application Segment Analysis
Global Ball Bearing Market: By Regional Segment Analysis
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