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 mounted bearing 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.
Mounted bearings enable machinery to move at extremely high speeds and carry remarkable loads with ease and efficiency. They offer high precision, reliability, and durability, as well as the ability to rotate at high speeds with minimal noise and vibration. These components find application in various parts of equipment used across industries. The mounted bearings have application in Agriculture, Food & Beverage, Farm & Fish, Automotive, Construction & Mining, Chemical & Pharmaceutical, Automotive, Energy, Other Transportation, General Industrial & Machinery, Pulp & Paper, Transportation, and Others. The increasing adoption of mounted bearings in major industries such as food & beverages, mining & minerals, and pulp & paper drive the mounted bearing market. Furthermore short-term life and high maintenance requirements are major concerns related to mounted bearings. Thus, several companies have begun incorporating advanced technologies to overcome these concerns. For example, ABB incorporated smart sensors in mounted bearings to monitor the health of the bearings and also predict the time of their maintenance. These sensors are mounted to the bearings that communicate wirelessly via smartphones.
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The COVID-19 pandemic had a slight impact on the mounted bearing market. Mounted bearings have significant potential in the industries such agriculture, automotive, aerospace, chemical & pharmaceutical, energy, and food & beverage, energy, and construction. The impact of COVID-19 was higher on the market for larger mounted bearings and lower for smaller mounted bearings since production and sales in discrete industries such as cement, mining, etc. were slow largely due to lockdowns around the world. Smaller mounted bearings are used in the agriculture and food & beverage industries which are less affected by the pandemic. A decline in demand of 8-10% in volume was seen in 2020, which picked up in 2021 when automobile production sites, construction projects, food & beverages production, and maintenance cycles resumed.
Asia Oceania is projected to lead the global mounted bearing market which is due to increasing investments of mounted bearing manufacturers in the region, growth in various end-use industries, and rising adoption of equipment in various end-use industries. Companies such as NSK, NTN, SKF, Asahi Seiko Co., Ltd., FYH Inc., and JTEKT Corporation have a dominant presence in the region.
The conveyors segment is estimated to be the largest during the forecast period, by equipment type. The growth of this segment can be attributed to the extensive use of conveyors in the construction, manufacturing, paper, automotive, mining, and minerals industries. Conveyors can be used to transport lightweight as well as heavy or bulky materials efficiently. Some large conveyor applications also require multiple bearings. The mounted bearing market for conveyors is estimated to be USD 354 million in 2022 and is projected to reach USD 472 million by 2027.
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By end-use industry, the food & beverage segment is estimated to lead the mounted bearing market in 2022 with market size of USD 283 million. This industry segment’s market dominance is attributed to its sustainable growth, the increasing adoption of equipment, and growing automation in food processing and packaging. Equipment such as gearboxes & transmissions, fans & blowers, conveyors, and mixer drives are used in the food processing & packing industry. Along with food & beverage, the mining & construction and agriculture, farming, & fishery industries are estimated to have a healthy share in the mounted bearing market. The agriculture, farming, & fishery segment is projected to be the fastest-growing end-use industry segment of the market during the forecast period.
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