The global mounted bearing market size is projected to grow from USD 1.4 billion in 2022 to USD 1.8 billion by 2027, at a CAGR of 5.6%. The base year for the report is 2021, and the forecast period is from 2022 to 2027. The global market is driven by adoption of mounted bearings in numerous industries; increased efficiency and long life with less maintenance requirements of mounted bearing; growing demand for specialized bearings for cost optimization; and increasing development and adoption of sensor-based bearing units and IoT.
Increasing development and adoption of sensor-based bearing unit and IoT
Sensors are essential in industrial automation as well as motion control systems. They are the vital link between the data collected through physical systems and the communication link that transmits data to the monitoring facilities or cloud. Sensors are used to keep a check on the performances of bearings, as a failed bearing could lead to costly downtime. The smart sensor technology provides an early indication of any potential problem through assessing the condition of bearings such as vibrations as well as temperature information. It has application in bulk material handling conveyors that are typically found in the industries such as aggregate, mining, grain handling as well as cement along with the food and beverage as well as air handling sectors.
The IIoT (Industrial IoT) sensor is a complex combination of software and hardware. IIoT sensors could be used as acoustic and chemical sensors to liquid levels and temperature monitoring sensors. A proximity sensor is another type of sensor, which is mounted onto bearings. IoT sensors are not limited to the collection and sending of data but include processing and decision-making functions as well. This added function saves engineering time as well as cost.
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Adoption of mounted bearings in major industries
The increasing adoption of mounted bearings in major industries such as food & beverages, mining & minerals, and pulp & paper drive the mounted bearing market.
According to the US Department of Agriculture (USDA), food processing plants accounted for a share of 15% of the value of shipments from the US in 2018. Meat processing, dairy, and beverages contributed 24%, 13%, and 12%, respectively, to the total food processing shipment in the same year. Improved economic conditions and increased consumption would likely boost the demand for machinery for food processing. The USDA invested USD 500 million for the expansion of meat and poultry processing capacity. It invested USD 150 million in existing small poultry processing facilities to help them cope with their declining business due to the COVID-19 outbreak. The USDA also invested USD 100 million to develop a better food system to support small poultry and meat processing plants. The investment is to reduce the financial burden arising due to overtime inspection fees for small meat, poultry, and egg processing plants, thus enabling farmers with local alternatives as well as a greater capacity to process livestock. According to the US Department of Agriculture, the American agricultural industry witnessed a rise in export levels in 2021. The export of the US farm and food products totaled USD 177 billion, which is an 18% rise compared to 2020. China was the major exporter, with the export of agriculture products worth USD 33 billion, which is 25% more compared to 2020, followed by Mexico with USD 25.5 billion, a 39% rise from 2020. Stringent food safety standards and the adoption of new technologies drive the demand for premium mounted bearings. The achievement of efficient material handling through conveyers is also expected to increase the demand for mounted bearings in the food processing industry. Despite the COVID-19 outbreak, 20 major material handling system companies witnessed a rise in revenues in 2020. Major players such as Daifuku Co., Ltd., Dematic (KION Group), Vanderlande, and Knapp AG generated a revenue of USD 25.9 billion in 2020, which was USD 23.2 billion in 2019, representing an 11.7% increase. Mounted bearings are used in packaging and pallet wrapping applications as well.
The Asia Oceania mounted bearing market is projected to hold the largest share by 2027.
Growing focus on infrastructure developments to accommodate the growing population would represent a suitable business environment for manufacturers in the steel, cement, and metal processing sectors. Major economies are expected to outline economic packages to boost the growth of small and medium companies to combat the downward economic trend due to the COVID-19 pandemic. Countries such as China and Japan would be key growth drivers of the Asia Oceania mounted bearing market. Companies have established manufacturing bases in this region, and countries in this region act as major export hubs. Bearing manufacturers such as SKF (Sweden), JTEKT Corporation (Japan), FYH Inc.(Japan), and NTN (Japan) have a strong presence in this region. These manufacturers are rapidly expanding their presence in this region to increase their market share for industrial bearings.
The market in the region is competitive; the development of low-cost bearing solutions is likely to increase as companies in the manufacturing industry are looking for measures to reduce production costs.
Key Market Players
The global mounted bearing market is dominated by major players such as SKF (Sweden), Schaeffler (Germany), Timken (US), and NSK (Japan). These companies offer a wide variety of mounted bearing fulfilling all major functions and applications in various end-use industries. The key strategies adopted by these companies to sustain their market position are new product developments, expansions, mergers &acquisitions, and partnerships & collaboration.
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