The large scale bearing market is on track to reach a valuation of US$ 353.5 million by 2023, with a remarkable projection of an 8.0% Compound Annual Growth Rate (CAGR) anticipated through 2033, ultimately reaching an impressive US$ 760.3 million. This expansion is driven by various factors, including rapid advancements in wind power generation and a growing demand for renewable energy sources.
In the realm of power generation, large-scale bearings have emerged as a critical solution, particularly within the booming wind power sector. This surge in demand is especially prominent in key regions such as East Asia and North America.
Fueled by the rapid march of industrialization and automation across diverse sectors, the demand for robust machinery and equipment has surged. Large bearings, designed to withstand heavy loads while ensuring seamless rotation, are essential in the pursuit of enhanced efficiency and productivity. These substantial bearings play a pivotal role in meeting these demands.
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Demand for big-scale bearings has also increased as energy generation and distribution operations have increased. The development of wind turbines, hydroelectric power plants, and thermal power plants are examples of this, as they all depend on bearings for effective rotation and power production.
The need for large-scale bearings is also significantly influenced by the transportation and logistics sector. In order to maintain a smooth flow of products and commodities, reliable and long-lasting bearings are required in cars, trains, ships, and conveyor systems due to the expansion of global trade and e-commerce.
Key Takeaways:
The global market for large-scale bearings grew at 6.7% CAGR from 2018 to 2022, reaching US$ 353.5 million in terms of value in 2023.
- The United States large scale bearing industry is expected to reach a valuation of US$ 685.3 million by 2033.
- The United Kingdom’s large scale bearing industry is expected to cross a value of US$ 11.9 million by 2033.
- China’s large scale bearing industry is anticipated to top a valuation of US$ 144.7 million in 2033.
- With a CAGR of 8.6% estimated from 2023 to 2033, the gearbox bearing segment is anticipated to rule the global large scale bearing market by application.
“Ongoing construction of infrastructure projects, including power plants, bridges, and dams has increased demand for large scale bearings. These projects require strong, dependable bearings to support the operation of diverse components, assuring lifetime and trouble-free operation,”- says an analyst at Future Market Insights (FMI).
How Does Competition Look in the Large Scale Bearing Market?
The large scale bearing industry is highly consolidated with a significant number of players vying for high shares. Several significant participants in this industry comprise SKF Group, ThyssenKrupp GmbH, Schaeffler Group, Timken Company, and NTN Corporation among others.
The large scale bearing industry is characterized by intense competition among leading players, who are investing heavily in research & development to develop innovative and cost-effective products. These companies are also expanding their product offerings and strengthening their distribution channels to meet the changing demands of customers.
Collaborations and partnerships with other firms are becoming increasingly common in the market, allowing participants to leverage each other’s capabilities and expand their reach. Mergers and acquisitions are being used by key players to enhance their position and gain access to new markets, particularly in rapidly growing economies such as India and China.
In these markets, key players are expanding their presence by setting up local manufacturing facilities and improving their distribution networks. They are also focusing on providing cost-effective solutions to customers to gain a competitive edge.
For instance,
- NSK expanded their line of electrical erosion immune bearings in March 2023 for axles. These bearings have insulating polymer coatings and conductive brushes. These will strengthen NSK’s flexibility to respond to different client needs regarding electrical erosion and help to increase EV dependability and range.
- Minebea Mitsumi announced Honda Lock Mfg. Co., Ltd.’s full acquisition of all of its shares in January 2023. The company and Honda Motor Co., Ltd. had a share transfer agreement in existence prior to August 2022 for the purchase of Honda Lock Mfg. Co., Ltd. shares.
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Market Outlook by Categorization:
By Product Type:
- Plain Bearing
- Deep Groove
- Four Point Contact
- Roller Bearing
- Cylindrical
- Tapered
- Spherical
- Slew Bearings
- Electrically Insulated Bearings
By Diameter:
- 500 to 1000mm
- 1000 to 1500mm
- 1500 to 2000mm
- 2000 to 2600mm
By Application:
- Main Bearings
- Pitch Bearings
- Generator Bearings
- Gearbox Bearings
- Flange Bearing
- Yaw Bearings
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltic Countries
- East Asia
- South Asia & Pacific
- The Middle East & Africa
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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