The 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%.Owing to extensive research & development activities by leading players in the market, products such as sensor-based bearings, self-aligning bearings, connected bearings, and self-lubricating bearings are being launched. Furthermore, increasing adoption of sensors 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 COVID-19 pandemic is expected to have slight impact on the mounted bearing market. Mounted bearings have huge potential in the process industry, paper industry, and furniture industries. Companies such as Greenply, Action Tesa and Asahi Glass are immensely reliant upon mounted bearing for material transfer and handling. Impact of COVID-19 will be higher on bigger bearings and lower on smaller bearings since the production and sales in discrete industries like cement, mining, etc have been slow lately due to lockdowns all around the world.
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Food & beverage segment is expected to have the largest market during the forecast
Food & beverage industry is estimated to be the largest market of mounted bearing by end-use industry type owing to the sustainable growth of the industry, the increasing adoption of equipment, and growing automation in food processing and packaging. Equipment such as gearbox & transmission, fans & blowers, conveyors, and mixer drives are used in the food processing & packing industry. The demand for such equipment is expected to grow owing to the increasing automation, development of advanced equipment, and efforts to increase production efficiency and reduce errors in the food & beverage industry. Customized or specific mounted bearings are widely used in the food & beverage industry.
Ball bearing segment is expected to be the fastest-growing market during the forecast period
Mounted ball bearings are composed of rolling elements that separate the inner and outer rings of a bearing. These bearings enable smooth operation, high-speed motion, and reduced friction and can sustain both, radial and axial loads. Mounted ball bearings are developed for varying applications, load types, and speeds. The mounted ball bearings segment is projected to grow at a significant rate in the coming years. Asia Oceania is projected to be the largest and fastest-growing regional market during the forecast period. The growth of the market here is driven by sustainable growth in the food & beverage and agriculture industries.
Asia Oceania is expected to be the largest market during the forecast
China is the largest automobile market in the world. OEMs such as Toyota, Honda, Volkswagen, Daimler, and Nissan have large-scale production bases in the country. Increasing focus on innovation has encouraged OEMs to address a wide array of consumer preferences in the region.
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. As a result, industrial machinery producers would witness major growth opportunities post 2020 as the economy in the region rebounds. 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.
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Key Market Players:
Major players in the mounted bearing market are SKF (Sweden), Schaeffler (Germany), Timken (US), NSK (Japan), and NTN (Japan).
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