Bearings Industry To Generate more than $110 Million in Revenue by 2024

05/giu/2018 08:30:17 susan hill Contatta l'autore

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The  Bearings Market is driven by process industries and their need to conserve energy. It is projected to generate more than USD 110 million in revenue by 2024. Technological advances and demand from oil & gas, automotive, and construction industries will lead to market growth. The fluctuating prices of steel poses to challenge for the market.

The worldwide market is segmented to products, applications, and regions. Products encompass ball bearings, roller bearings, and others. Tapered and split bearings are 2 types of roller bearings. 'Others' consists of thrust, angular contact, and self-aligning ball bearings.

The market is expected to be predicted to lead the market over the forecast period (2016-2024) due to its ability to reduce friction between different machine components. Deep groove bearings are simple in design and used in radial loads. They are estimated to be huge growth in the next six years on account of being low-maintenance. Split roller bearings are used in shafts and other hard to reach locations.

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Electronics, agriculture equipment & machinery, mining & construction equipment, railway & aerospace, and automotive industries as major market applications. Demand for automotive components will trigger market demand over the next six years. Railway & aerospace sector will experience a similar growth rate on the account of increasing dependency by the normal public to use these transportation modes to commute.

Regions covered under the market are North America, Latin America, Asia Pacific, MEA (Middle East & Africa), and Europe. Asia Pacific reigned over the market bearings in 2015, owing to infrastructural projects and rapid industrialization. The market will gain major demand from Western Europe, the US, and Japan; two to these countries adopting the latest technologies.

The market is highly competitive in nature. Timken, SKF, NTN Corporation, Schaeffler Group, and NSK Global. They are primarily targeting applications in which engineering and manufacturing processes give them an edge over their competition.

Companies are also investing in technology based on recent trends like wind energy. Bearings used in wind turbines will be developing a new avenues for the market.

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