Market Size of Industrial Bearings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Industrial Bearings Market Analysis
The industrial bearings market is expected to register a CAGR of 8.5% during the forecast period. Bearings are vital machine components that reduce friction within a machine. They reduce the amount of wear and tear caused by the machine's friction, which can become a significant factor over time.
- Bearings are ascertained by elevation in the number of heavy, general, and other industries and more significant demand from infrastructure growth, driving the market ahead. Bearings are extensively used in all sectors requiring dimension precision as a key to performance.
- Demand for micro bearings in industrial robots is expected to drive the market further and be fueled by technical advancements in manufacturing processes. Construction and mining equipment are used for material hauling/handling, excavation, dumping, and road construction and are exposed to harsh terrains and operational challenges. Bearings must contend with debris, heavy loads, shocks, vibrations, misalignments, speed variations, etc., at the job sites.
- Prominent bearing manufacturers are working on adopting new raw materials such as lightweight steel alloys or ceramics. Adopting lightweight steel alloys and new technologies for forging will allow bearing manufacturers to satisfy the demand for lightweight and durable bearings in modern vehicles.
- The demand for automobiles in India is increasing the demand for bearings. The current decade will witness the emergence of electric vehicles in India, creating demand for special bearings.
- Due to the COVID-19 pandemic, the global supply chain and demand for industrial bearings were disrupted, owing to which market adoption was severely impacted. Due to the production shutdown, countries globally have observed a shortage of industrial bearings during the pandemic. However, the markets started to recover in 2021 when the restrictions eased, and manufacturing started gaining momentum. The growth of various industries such as Energy, automotive, food & beverage, among others, post-pandemic are contributing to the growth of the market.
Industrial Bearings Industry Segmentation
Bearings are a crucial component of many types of machinery. They exist in various forms and shapes. Industrial bearings are one of the most commonly used machine parts because their rolling motions make almost all movements easier and help reduce friction.
The industrial bearings market is segmented by bearing type (ball bearings, roller bearings), by end-user industry (mining, metal works, material handling, construction, energy, aerospace, automotive, and food and beverage), and by geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Bearing Type | |
| Ball Bearings | |
| Roller Bearings | |
| Other Bearings |
| By End-user Industry | |
| Mining and Metal | |
| Material handling | |
| Construction | |
| Energy | |
| Aerospace | |
| Automotive | |
| Food and Beverage | |
| Other End-user Industries |
| By Geography | ||||||
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| Latin America | ||||||
| Middle East and Africa |
Industrial Bearings Market Size Summary
The industrial bearings market is poised for significant growth, driven by the increasing demand across various sectors such as automotive, construction, and infrastructure. Bearings play a crucial role in reducing friction and wear in machinery, which is essential for maintaining efficiency and longevity. The market is experiencing a surge in demand due to the expansion of heavy and general industries, alongside the burgeoning infrastructure projects. The rise of electric vehicles, particularly in markets like India, is further propelling the demand for specialized bearings. Manufacturers are innovating by adopting new materials and technologies, such as lightweight steel alloys and digital transformation strategies, to meet the evolving needs of the industry. These advancements are aimed at producing bearings that are not only durable but also capable of withstanding the challenges posed by harsh operational environments.
The competitive landscape of the industrial bearings market is marked by strategic acquisitions and technological innovations by key players. Companies like The Timken Company and NSK Ltd are expanding their product offerings and capabilities through acquisitions and the development of advanced bearing technologies. The integration of sensors and wireless technology into bearings is enhancing condition monitoring and predictive maintenance, thereby improving operational efficiency. The market's growth is also supported by government initiatives and investments in infrastructure and electric vehicle charging infrastructure, particularly in emerging economies like India. As the demand for high-quality, lightweight, and smart bearings continues to rise, the market is expected to witness robust expansion, with major players focusing on research and development to stay ahead in this dynamic industry.
Industrial Bearings Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Impact of COVID-19 on the Industrial Bearings Market
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2. MARKET SEGMENTATION
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2.1 By Bearing Type
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2.1.1 Ball Bearings
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2.1.2 Roller Bearings
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2.1.3 Other Bearings
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2.2 By End-user Industry
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2.2.1 Mining and Metal
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2.2.2 Material handling
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2.2.3 Construction
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2.2.4 Energy
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2.2.5 Aerospace
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2.2.6 Automotive
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2.2.7 Food and Beverage
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2.2.8 Other End-user Industries
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Rest of Asia-Pacific
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2.3.4 Latin America
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2.3.5 Middle East and Africa
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Industrial Bearings Market Size FAQs
What is the current Industrial Bearings Market size?
The Industrial Bearings Market is projected to register a CAGR of 8.5% during the forecast period (2024-2029)
Who are the key players in Industrial Bearings Market?
NSK Ltd, NTN Corporation, Rexnord Corporation, The Timken Company and SKF are the major companies operating in the Industrial Bearings Market.
