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 |
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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.
