Heavy Machinery Activities Boost the Growth of Bearings Market by 2022Posted by Swapnil Jadhav on November 8th, 2019 The adoption of bearings has increased at a significant rate. This is attributed to the upsurge in adoption of bearings in heavy machineries and automotive. Heavy industry machinery includes equipment used for mining, infrastructure development, and construction. Therefore, increased investments in heavy machinery activities have fueled the growth of the bearings industry. Heavy industry machineries use a wide range of high-performance bearings to bear heavy loads and reduce energy consumption. Bearings Market is projected to reach 0,792 million by 2022, growing at a CAGR of 7.5% from 2016 to 2022. Bearings are antifriction devices used in rotating equipment to minimize resistance and reduce wear and tear. They are used in various industries including automotive, electrical, mining & construction, and railway and aerospace. Rapid industrialization in potential regions, such as Mexico, Indonesia, Nigeria, and Russia drive the industrial bearings industry. The implementation of bearings across various applications is expected to reinforce the need for replacements and renovations, thereby accelerating market demand. Furthermore, upsurge in the production of motor vehicles in Asian economies, such as China, India, and South Korea are expected to provide opportunities to key vendors in this market. This trend is projected to continue in the future and drive the bearings market growth. Based on the geography, the bearings market is segmented into four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2014, accounting for around 37% share of the overall bearings market. The Asia-Pacific market is projected to grow at the highest CAGR of 8.6% during the forecast period due to advancements in manufacturing sector, along with strong retrieval of motor vehicle industry in economies, such as India, China, and Japan. The report features a competitive scenario of the bearings market and provides comprehensive analysis of key growth strategies adopted by major players in the bearings industry. Some of the key players operating in the bearings market include C&U Group, Federal Moghul Holding Corporation, JTEKT Corporation, NKE Austria GmbH, NSK Limited, NTN Corporation, Schaeffler Group, SKF AB, THK Company, and Timken Company. Key Findings of the Study: Like it? Share it!More by this author |