The global mounted bearing market is expected to grow from USD 1.4 billion in 2022 to USD 1.8 billion by 2027, with a CAGR of 5.6%. Leading players in the market are conducting extensive research and development activities, resulting in the launch of innovative products such as sensor-based bearings, self-aligning bearings, connected bearings, and self-lubricating bearings. The adoption of sensors in industrial automation and motion control systems has been increasing, as they play a crucial role in collecting data from physical systems and transmitting it to monitoring facilities or the cloud. Sensors are used to monitor bearing performance to prevent costly downtime. Smart sensor technology provides early indications of potential problems by assessing factors such as vibrations and temperature. It finds applications in industries like aggregate, mining, grain handling, cement, food and beverage, and air handling, particularly in bulk material handling conveyors.
The COVID-19 pandemic has had a slight impact on the mounted bearing market, with larger bearings being more affected than smaller ones due to the slowdown in production and sales in industries like cement and mining. However, mounted bearings remain crucial in industries such as process, paper, and furniture for material transfer and handling.
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The food and beverage industry is expected to be the largest market for mounted bearings, driven by sustainable growth, increased adoption of equipment, and automation in food processing and packaging. Equipment like gearboxes, fans, blowers, conveyors, and mixer drives are used in this industry, and there is a growing demand for such equipment to improve efficiency and reduce errors. Customized mounted bearings are widely used in the food and beverage industry.
Among the different types of mounted bearings, the ball bearing segment is projected to be the fastest-growing market. Ball bearings enable smooth operation, high-speed motion, and reduced friction, and they can withstand both radial and axial loads. They are developed for various applications, load types, and speeds. The Asia Oceania region is expected to be the largest and fastest-growing market for mounted bearings, driven by sustainable growth in the food and beverage and agriculture industries.
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Asia Oceania, particularly China, is the largest automobile market globally, with major OEMs having production bases in the region. The focus on innovation by OEMs has led to addressing diverse consumer preferences. Infrastructure development in the region to accommodate the growing population presents business opportunities for manufacturers in the steel, cement, and metal processing sectors. Post-2020, as the economy recovers, industrial machinery producers are expected to experience significant growth opportunities. Major players in the mounted bearing market include SKF, Schaeffler, Timken, NSK, and NTN.
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