Latest: Spherical Roller Bearings Market Size is Expected to Reach US$ 6.9 Billion by 2031, Rising at a Market Growth of 3.4% CAGR During the Forecast Period

WILMINGTON, DE / ACCESSWIRE / June 14, 2023 / Transparency Market Research Inc. - The Global Spherical Roller Bearings Market stood at US$ 5.2 billion in 2022, and the global market is projected to reach US$ 6.9 billion by 2031. The global industry is anticipated to expand at a CAGR of 3.4% between 2023 and 2031.

The value of spherical roller bearings market is increasing, owing to the expanding industrial sector. The industrial sector plays a vital role in driving the demand for spherical roller bearings. Industries such as automotive, aerospace, mining, construction, and energy are witnessing rapid expansion, as economies continue to grow. Spherical roller bearings are extensively used in these sectors to handle heavy loads, endure harsh operating conditions, and ensure reliable performance, thus driving their market growth.

Increasing demand for high-performance bearings, is another significant factor contributing to the market growth. There is a growing demand for high-performance bearings, with technological advancements and the need for efficient machinery. Spherical roller bearings offer superior load-bearing capabilities, enhanced speed, and longer service life compared to other bearing types. Industries, as a result are increasingly adopting spherical roller bearings to enhance the performance and reliability of their equipment, thereby propelling market growth.

The market prospects have been driven by factors such as rising focus on wind energy. The global shift towards renewable energy sources has led to a significant increase in the installation of wind turbines. Spherical roller bearings are extensively used in wind turbine generators to withstand extreme conditions and provide reliable performance.

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Key Findings of the Market Report

On the basis of product type, spherical plain bearings segment is likely to be most preferred, expected to expand at a significant share, attributed to the ability to handle misalignment & heavy loads, infrastructure development projects, maintenance & repair activities, and expansion of the automotive industry.

By application, mining and construction equipment segment is anticipated to hold the major share, owing to the factors such as increasing mining activities, infrastructure development, technological advancements in equipment, focus on equipment reliability & durability, and expansion of the construction industry.

By end-use industry, automotive segment is expected to boost the market growth, attributed to the factors including increasing vehicle production, emphasis on vehicle safety & comfort, and electric and hybrid vehicle adoption.

Global Spherical Roller Bearings Market: Growth Drivers

The global spherical roller bearings market is projected to expand at a steady pace from 2023 to 2031, owing to growing demand from automotive industry, and expansion of industrial infrastructure in emerging markets.

Other factors that are projected to augment the market growth include growing adoption of eCommerce, as well as increasing demand for heavy machinery & equipment.

Expansion of the railways & transportation sector, and growing emphasis on machine tool industry, are the major factors that are anticipated to fuel the market prospects in the near future.

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Global Spherical Roller Bearings Market: Regional Landscape

Asia Pacific is expected to dominate the spherical roller bearings market during the forecast period, attributed to rapid industrialization, and growing automotive production in the region.

The regional market is witnessing an increase, due to the factors such as expansion of wind power sector, as well as infrastructure development initiatives.

Infrastructure development initiatives, and increasing mining activities in the region, are also anticipated to escalate the growth of the regional market over the analysis period.

Global Spherical Roller Bearings Market: Key Players

Some of the key market players in the global spherical roller bearings market are:

ABTech Inc.

Celera Motion

Hovair Systems Inc.

IBS Precision Engineering

Leuven Spherical Roller Bearings NV

Mohawk Innovative Technology Inc.

OAV Spherical Roller Bearings

PI Nelson Air Corp

Professional Instruments Co

Seagull Solutions Inc.

SKF

Competitive Landscape

Prominent players in the spherical roller bearings industry are taking advantage of the rapidly increasing demand for spherical roller bearings. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

In 2023, NSK Ltd., a leading manufacturer of bearings and precision products, announced the development of its new EA7 series of spherical roller bearings. The EA7 series is designed to deliver higher load capacities and longer service life compared to conventional spherical roller bearings. The bearings feature advanced materials and optimized internal design, providing improved performance and reliability, particularly in high-load and severe operating conditions.

In the same year, JTEKT Corporation introduced its new high-performance spherical roller bearings in 2023. The bearings utilize advanced technologies such as optimized internal design, improved materials, and surface treatments to enhance their load-carrying capacity and resistance to wear. The high-performance spherical roller bearings are aimed at meeting the evolving demands of customers in industries such as automotive, industrial machinery, and renewable energy

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Global Spherical Roller Bearings Market: Segmentation

By Product Type

Spherical Rod End Bearings

Spherical Plain Bearings

By Application

Wind Turbines

Paper Machines

Mining and Construction Equipment

Gearboxes

Material Handling

Mechanical Fans and Blowers

Others (Shaker Screens, Pulp & Paper Processing Equipment, etc.)

By End-use Industry

Aviation/Space

Medical

Automotive

Semiconductor

Wastewater Management

Others

By Distribution Channel

Direct

Indirect

Regions

North America

Europe

Asia Pacific

Middle East & Africa

South America

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