The global bearing market size is expected to reach USD 226.60 billion by 2030, registering a CAGR of 9.5% during the forecast period, according to a new report by Grand View Research, Inc. Bearings are essential in almost every application that involves motion, and they help minimize friction between different mechanical components in several industrial machinery and equipment, resulting in reduced energy consumption. Hence, this machine element finds application in all industries, ranging from automobiles, household appliances, and aerospace to industrial machinery, using machinery or related motor-driven linkages.
The market is estimated to witness considerable growth in the forthcoming years, ascribed to the aim to achieve energy efficiency. Energy-saving and bearings go hand-in-hand. The main objective of this element is saving energy by reducing friction, be it during the rotation of shafts of a transmission or the wheel of a vehicle. Additionally, the rising demand for commercial vehicles is expected to catapult the demand from the automotive sector across the world.
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Technological advancements including smart bearings, the development of advanced materials and lubricants, and integrating sensor units, are anticipated to provide high growth potential to the market. With the objective of enhancing performance, vendors are incorporating sensor units of the product. Sensor units help with digital monitoring of rotation speed, axial movement, load-carrying capacity acceleration, and deceleration. These units are presently being used in conveyors forklifts, road rollers, and electric motors. Furthermore, the integration of IoT capabilities facilitates manufacturers to monitor operations constantly.
The market is mature with a dynamic demand closely related to the state of engineering industries and capital goods. Companies are offering integrated products that significantly decrease the number of bearings that go into an assembled product and reduce the overall cost of equipment. This in turn is also increasing the shelf-life and reliability of the product. Product manufacturers are increasingly investing in RD to address the intensifying competition by providing innovative products.
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Bearing Market Report Highlights
- The development of cost-effective wind energy-generating products has resulted in their increased espousal within wind turbine applications that aid in increasing energy production, reduce lubricant consumption, and enhancing turbine performance and reliability.
- In 2023, the roller bearings segment accounted for the largest revenue share of more than 45%. Roller bearings are ideal for applications requiring higher load-carrying capacity than speed. They are used in heavy-load settings across various industries, including equipment and machinery, aerospace, manufacturing, and power generation. The aggressive investments in infrastructure developments, which drive the demand for heavy-duty equipment and machinery, bode well for the growing demand for roller bearings.
- Railway and Aerospace application is estimated to witness the fastest CAGR during the forecast period to their growing demand in applications such as shock absorbers, gearboxes, doors, and tilting mechanisms. Further, different types of bearings are commonly used in locomotives, traction motors, wagon wheels, freight carriers, and suspension. The development of the commercial aerospace industry, in line with the growing demand for aircraft, space vehicles, space shuttles, and satellites, is expected to drive the growth of the bearing market over the forecast period.
- In 2023, the Asia Pacific market accounted for a revenue share of more than 40.0%, owing to the rapid expansion of the industrial and construction sector. Further, growing motor vehicle production coupled with the region's strong aftermarket demand for industrial equipment and motorcycle repairs augurs well for the growth in the region.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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