Mounted Bearing Market To Generate $2,122.1 Million Revenue by 2030
- Published: January 2024
The mounted bearing market size is expected to advance at a CAGR of 5.8% during 2024–2030, to reach USD 2,122.1 million by 2030. The market is mainly driven by the increasing adoption of high-performance mounted bearings in grinding spindles, high-speed CNC lathes, industrial robots, aircraft engines, turboprop engines, helicopter rotor systems, racing cars, electric vehicles, wind and hydroelectric turbines, pumps, drilling rigs, and compressors. Hence, the demand for specialized bearings from various sectors, such as aerospace, food & beverages, and automotive, is providing growth opportunities in the market.
Moreover, the use of lightweight materials in high-performance products and the advancements in the lubrication and sealing technologies have resulted in the rising popularity of such machinery components in major sectors. Additionally, manufacturers are incorporating electromechanical components into these devices to enhance their performance, lower their costs, and decrease their size. In addition, the integration of novel technologies, such as sensors and IoT capabilities, is expected to create opportunities for the players in the market.
Increasing Usage of Mounted Bearings in Automotive Industry
The rise in the use of mounted bearings in numerous automobile systems and parts, including suspensions, powertrains, steering, and braking systems, drives the market. They offer responsive and smooth braking and are useful in increasing power transmission and efficiency, by reducing friction and enabling smooth operation of the powertrain. In addition to that, mounted bearings for automobiles are designed to last long and stay sealed and lubricated, to reduce the risk of failure and need for maintenance.
Moreover, these components are available in various types as well as designs, including roller, tapered, and ball. Further, they are made from various materials, such as steel, chrome steel, cast iron, and alloys, as per the requirement of the equipment or machine they are for. Among these, cast iron and steel are the most-commonly used material for manufacturing automotive bearings, as they are used in demanding applications characterized by high temperatures and heavy loads.
On a geographical basis, Europe is expected to register the significant growth rate, of around 5.6%, during the forecast period, owing to the increasing focus on economic growth in the region. The demand for mounted bearings is essentially driven by the rebounding production of vehicles, aided by the good investment environment for OEMs in Western Europe. Moreover, in Germany and the U.K., there is a high demand for mounted bearings in major industries, including automotive, packaging, and farming, for high efficiency and long life, along with maintenance requirement reduction.
Further, the rise in the sale of high-performance mounted bearings, such as the large-diameter, custom-built variants used in heavy machinery and wind turbines, is driving the market in North America. Additionally, various global leaders of the market operate in the region, who are launching new products to augment their earnings. For instance, in May 2021, NSK Ltd. launched a new ECA spherical roller bearing series with a patented cage design, which boasts higher productivity, load capacity, and reliability in general industrial applications. The optimized cage also reduces the need for a guide ring and decreases internal stress. This series is designed for conveyors, steelmaking machinery, gearboxes, mining machinery, and presses.
Moreover, the rise in the number of construction projects in emerging economies, such as India and China, is opening new growth opportunities for the companies operating in APAC. this is because these components are utilized in most pieces of construction equipment, including bulldozers, excavators, and cranes.
Some of the major companies manufacturing mounted bearings are ABB Ltd., AB SKF, The Timken Company, NSK Ltd., Schaeffler AG, NTN Corporation, Regal Rexnord Corporation, P.T. International, Jones Bearing Company, and FYH Co. Ltd.